Automotive Loans

News & Analysis as of

CFPB Takes Action Against ‘Buy-Here, Pay-Here’ Auto Dealer

The CFPB took its first action against a “buy-here, pay-here” car dealer. The CFPB alleged that the dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information...more

Special Alert: CFPB Takes Enforcement Action Against "Buy-Here, Pay-Here" Auto Dealer for Alleged Unfair Collection and Credit...

On November 19, the CFPB announced an enforcement action against a ‘buy-here, pay-here’ auto dealer alleging unfair debt collection practices and the furnishing of inaccurate information about customers to credit reporting...more

Non-Direct Auto Lending: Is the CFPB Asserting Jurisdiction over the Capital Markets?

The capital markets should look closely at the proposed rule of the Consumer Financial Protection Bureau (the “CFPB”) to supervise certain larger non-bank automobile finance companies because of the CFPB’s assertion of broad...more

A Hard Rain Has Started to Fall, A Product-by-Product Review of the CFPB’s First 60 Enforcement Actions

Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more

CFPB Proposes Federal Oversight of Auto Financing Companies

On September 17, 2014, noting the auto lending discrimination it has uncovered at banks, the Consumer Financial Protection Bureau (Bureau or CFPB) announced its plan to further extend its reach under the Dodd-Frank Act by...more

Webinar Recap: The CFPB’s Expanding Oversight of Auto Finance, Part I

On October 1, 2014, BuckleySandler hosted a webinar, The CFPB’s Expanding Oversight of Auto Finance, Part One. Through an examination of the Consumer Financial Protection Bureau’s (CFPB) authority, recent enforcement...more

Federal Register Publishes Proposed Rule On CFPB Oversight Of Nonbank Auto Finance Companies

On October 8, the CFPB published a rule proposing oversight of larger nonbank auto finance companies for the first time at the federal level. The proposed rule will “amend the regulation defining larger participants of...more

CFPB Proposes Expanded Auto Lenders Regulation

The Consumer Financial Protection Bureau’s (CFPB) recent proposal to exercise its authority under the Dodd-Frank Act to supervise large nonbank automobile lenders may have finance companies working to enforce...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

Start Your Compliance Engines: CFPB Proposes Rule to Supervise Larger Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a proposed rule on September 17, 2014, that would empower the Bureau to supervise certain larger nonbank automobile finance companies. The CFPB proposed the...more

CFPB Releases Report on Fair Credit Exams and White Paper on Proxy Methodology

Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more

CFPB to Regulate Larger Nonbank Auto Lenders

The CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. Currently, the Bureau supervises large banks making auto loans, but not nonbank auto finance companies. ...more

Legal Alert: CFPB Proposes to Examine and Directly Supervise Nonbank Auto Lenders

On September 17, the Consumer Financial Protection Bureau (CFPB) proposed to make nonbank automobile lenders subject to the examination and direct supervision of the Bureau. The proposed rule can be found here. Under the...more

CFPB Offers More Details On Plans To Supervise Auto Finance Market

On September 17, the CFPB released new information about its plans to supervise and enforce auto finance companies’ compliance with consumer financial laws, including fair lending laws. As it indicated it would earlier this...more

CFPB Proposes Rule To Supervise Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more

CFPB may provide details on auto finance disparate impact methodology at tomorrow’s field hearing

Since the CFPB issued its guidance on indirect auto finance in March 2013, lawmakers and industry have been asking the CFPB to provide details concerning its methodology and proxies for analyzing potential fair lending...more

Pa. Banking Secretary Issues Letter on Amendments to Motor Vehicle Sales Finance Act

Significant changes to Pennsylvania law governing retail installment sales will take effect before the end of this year as a result of Act No. 2013-98 (Act 98). The Act 98 changes to the state’s Motor Vehicle Sales Finance...more

Auto Finance Company to Pay CFPB $2.75M for Inaccurate Credit Report Info

The Bureau of Consumer Financial Protection (CFPB) took action against an automotive finance company for allegedly knowingly providing inaccurate information to credit reporting agencies about consumers for years, fining the...more

House members propose bill to nullify CFPB indirect auto finance guidance

A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period...more

CFPB Announces Field Hearing On Vehicle Finance

On August 28, the CFPB announced that it will hold a field hearing on vehicle finance on September 18, 2014 in Indianapolis. Consistent with its past field hearing announcements, the CFPB did not reveal the specific topics to...more

Credit Crunch Digest -- August 2014

This issue of the Credit Crunch Digest focuses on Libor yen manipulation; Bank of America’s nearly $17 billion settlement with regulators; ongoing investigations into “dark pool” trading; a $1.3 billion fine imposed on Bank...more

CFPB announces September 18 auto finance field hearing

The CFPB has announced that it will be holding a field hearing on auto finance on September 18 in Indianapolis. The announcement indicates that the hearing will feature remarks from Director Richard Cordray, as well as...more

Banking & Financial Services E-Note - August 2014

In This Issue: - Lawmakers Urge Fed to Clarify Emergency Lending Rules - CFPB Pushing Colleges to Be More Transparent in Bank Deals - Report Finds Reversal in Trend Toward Subprime Auto Loans - CFPB Concerned...more

CFPB Enforcement Action Targets Auto Finance Company’s Credit Reporting Practices

On August 20, the CFPB announced a consent order with a Texas-based auto finance company to address alleged deficiencies in the finance company’s credit reporting practices. The company offers both direct and indirect...more

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

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