News & Analysis as of

Automotive Loans

Perfection of security interests when assets move jurisdictions

by DLA Piper on

When a financing statement is registered to perfect a security interest in collateral, it is the responsibility of the secured party to monitor the registration to ensure that a new financing statement is filed if the goods...more

NC AG Obtains Judgment Against Auto Title Lender For Illegal Loans

by Goodwin on

?On May 8, 2017, the North Carolina Attorney General (“NC AG”) announced that it had obtained a final judgment against an auto title lender and two of its employees in North Carolina State Court. The NC AG alleged that the...more

Trying Times for Secondary Market for Consumer Debts

by Pierce Atwood LLP on

Those engaged in the business of selling consumer debt or of purchasing delinquent consumer debt for collection purposes are well-advised to take heed of the recent developments on the judicial and legislative fronts that...more

CFPB Fines Auto Lender $1.25 Million for Violations of Consent Order

by Goodwin on

?On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

by Ballard Spahr LLP on

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

FCA publishes its mission and annual business plan

by DLA Piper on

The Financial Conduct Authority has this week published its mission, which will give firms and consumers greater clarity about how it prioritises its interventions in financial markets. It has simultaneously published its...more

OCC Publishes New “Retail Lending” Booklet

by Ballard Spahr LLP on

Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks...more

Have the Good Times Ceased to Roll?

by Foley & Lardner LLP on

Ahhh, the heady days of 2016. Remember that? 17.6 million vehicles sold in the United States. As reported by Automotive News (and others), Deutsche Bank says those good times may very well be over and the Auto Industry may be...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Foreclosure stats are a far cry from their heights in the aftermath of the 2008 economic crisis. But the big news in the industry is the rise of party players that were barely a blip on the scene (if around at all) 10 years...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Greenlight Capital’s David Einhorn is pushing GM to split its common stock into two classes—one for dividends and the other for all additional earnings—in an effort to boost the carmaker’s market cap. GM’s not on board....more

PLI’s “The CFPB Speaks” panel discussion

by Ballard Spahr LLP on

Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more

Michigan Department of Insurance and Financial Services Announces New Online Complaint Form

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services (DIFS) has announced the launch of a finalized version of its online portal to assist Michigan consumers with the filing of electronic complaints. DIFS' Office of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Activist investor Carl Icahn has taken a sizeable stake in Bristol-Myers Squibb, a move that reportedly caught execs at the drugmaker unawares and sets the stage for a potential sale....more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

by Polsinelli on

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Judge John Bates of the US District Court for DC has blocked a proposed $37 billion mega-health-care-merger between Aetna and Humana, one of 2 major deals before the courts opposed by the Obama-era DOJ over antitrust...more

Republican members of House Financial Services Committee release new report on CFPB’s auto finance actions

by Ballard Spahr LLP on

Republican members of the House Financial Services Committee recently released a report, prepared by the Republican Staff of the Committee, titled “Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against...more

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

by Ballard Spahr LLP on

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

New Jersey Senate Passes Law Requiring Notice Prior To Installation Of Remote Car Disabling “Payment Assurance Devices”

by King & Spalding on

On December 19, 2016, the New Jersey Senate passed a bill requiring auto lenders to provide notice prior to installing “payment assurance devices” that can remotely disable an owner’s vehicle for failure to make a payment. ...more

CFPB unveils Consumer Credit Trends web-based tool

by Ballard Spahr LLP on

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

How to Avoid Repossession in Arizona

by John Skiba on

Delinquent car loans are becoming a big problem in Arizona. There are several reasons why, however a big problem I see in my bankruptcy practice are subprime car loans that charge very high interest rates on used...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As anticipated, the Fed raised its benchmark interest yesterday (for only the second time since the 2008 financial crisis) to somewhere between .5 and .75 percent and, perhaps more critically, revealed its expectation for...more

CFPB Examination of Auto Repossession Firms: An Unpleasant Surprise!

by Arnall Golden Gregory LLP on

Tim owns a small company that handles auto repossessions in the local area. He knows very well the state and local statutes and regulations that apply to his business. Tim has a vague notion that the Consumer Financial...more

CFPB Fall 2016 rulemaking agenda published

by Ballard Spahr LLP on

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

Repo Man Pays Off Elderly Couple’s Car

by John Skiba on

Having worked with family struggling with debt problems for over 14 years I have had more than a few interactions with repo men (and women). And more often then not these interaction’s don’t end well. It was just a few...more

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