Automotive Loans

News & Analysis as of

DOJ Settles SCRA Violations with Auto Financing Company for $400K

On August 8, the Department of Justice (DOJ) announced that an auto financing company agreed to pay $434,500 to settle alleged violations of the Servicemembers Civil Relief Act (SCRA). The DOJ alleged in its complaint that...more

Your daily dose of financial news - The Brief – 8.15.16

More details have emerged from the February cyberheist that resulted in the theft of more than $81 million from Bangladesh’s account at the NY Fed, including a pretty significant lack of critical concern from the bank itself....more

CFPB Supervisory Highlights – January 2016 to April 2016

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

CFPB’s Supervisory Highlights Regarding Auto Lending

The Consumer Financial Protection Bureau (“CFPB”) recently issued its Supervisory Highlights – Issue 12, Summer 2016 report, addressing, among other industries, automobile origination. The report reflects supervisory...more

CFPB Appears Poised to Increase Its Focus on Auto Lending

The CFPB utilizes a risk-based analysis in its approach to its supervisory and enforcement efforts. The Bureau's risk-based approach includes factors such as the potential risk to a consumer from products offered in the...more

CFPB issues Summer 2016 Supervisory Highlights

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

Gordon: CRA May Not Fetter Discretion on Interest Relief Application

In Gordon v Canada (Attorney General) (2016 FC 643), the Federal Court granted the taxpayer’s application for judicial review and reminded the CRA that it may not fetter its discretion when considering applications for...more

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more

CFPB Report Crashes Into Auto Title Loans

Analogizing to payday loans, a new report from the Consumer Financial Protection Bureau (CFPB) said research revealed that auto title loans reflect high rates of reborrowing that can lead to long-term "debt traps" where a...more

High-Cost Lending at Risk Under CFPB Proposed Rules

The proposed rule raises troubling issues regarding the impact on some traditional bank products as well as some marketplace lending products. The Consumer Financial Protection Bureau (CFPB or Bureau) released its...more

Michigan Attorney General Announces Default Judgment Against Automobile Title Loan Company Over Alleged Usurious Loans

On June 8, 2016, the Michigan Attorney General announced that a Michigan court entered a default judgment and permanent injunction against an automobile title loan company over alleged usurious loans that violated the...more

CFPB Files Lawsuit Against Payment Processor Over Alleged Unauthorized Withdrawals from Consumer Accounts

On June 6, 2016, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against a third-party payment processor and two of the company’s executives over allegations the company permitted unauthorized...more

CFPB unveils Know Before You Owe auto loan initiative; issues report on consumer auto financing experiences

The CFPB has unveiled its latest “Know Before You Owe” initiative aimed at consumers shopping for an auto loan.  The new initiative was accompanied by the CFPB’s release of a report entitled “Consumer Voices on Automobile...more

FTC Provides 2015 Enforcement Report to CFPB

The Federal Trade Commission (FTC) has provided its annual report to the Consumer Financial Protection Bureau (CFPB) covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in...more

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more

Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee Chairman, released a summary of a bill to replace the Dodd-Frank Act.  The bill is entitled “The Financial CHOICE Act,” with “CHOICE”...more

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements

The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more

The New CFPB Payday Lending Rules: An Early Analysis

Last week the Consumer Finance Protection Bureau ("CFPB") released its long-awaited proposed rulemaking to regulate payday, auto title and certain high-cost installment loans ("covered loans"). The stated purpose of the...more

Why Banks Should Pay Attention to the Payday Rule

Last week, the Consumer Financial Protection Bureau proposed regulations that, if implemented, will reshape the small-dollar lending environment. At the same time, bankers and purchase-money lenders exhaled a collective sigh...more

FTC provides 2015 enforcement report to CFPB

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

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