ECOA, Automotive Industry | JD Supra Law News

CFPB Targets Auto Financing For Enforcement

by Michael Volkov on 5/14/2013

The Consumer Finance Protection Bureau continues to spread its wings in the enforcement arena. It is an agency born and confined in political controversy. ...more

CFPB Announces Plans to Hold Auto Lenders Liable for Discriminatory Loans

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 4/3/2013

The Consumer Financial Protection Bureau issued a guidance bulletin announcing that it will treat indirect auto lenders as creditors subject to the Equal Credit Opportunity Act (ECOA). The March 21 bulletin follows the CFPB's...more

Auto finance: can we really call disparate impact “discrimination”?

by Christopher J. Willis | Ballard Spahr LLP on 4/1/2013

I want to thank Jeff Sovern over at the Public Citizen Consumer Law & Policy Blog for having an interesting back-and-forth with me over the last week about the application of the disparate impact theory of liability to dealer...more

CFPB Issues Guidance On Indirect Auto Lending

by BuckleySandler LLP on 4/1/2013

On March 21, the CFPB issued Bulletin 2013-02, which provides guidance to bank and nonbank indirect auto lenders about compliance with federal fair lending requirements, and specifically addresses the practice by which auto...more

How the CFPB’s stance on ECOA in auto finance will raise consumer prices

by Christopher J. Willis | Ballard Spahr LLP on 3/28/2013

Ever since the CFPB’s release of its bulletin relating to disparate impact analysis of dealer rate participation last week, the press and consumer advocacy groups have been buzzing about the Bureau’s stance and its potential...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 22, 2013

by BuckleySandler LLP on 3/25/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE -...more

CFPB Issues Guidance on Indirect Auto Lending ECOA Compliance

by John L. Culhane, Jr., Alan S. Kaplinsky, Christopher J. Willis | Ballard Spahr LLP on 3/22/2013

The Consumer Financial Protection Bureau has issued guidance on fair lending compliance for indirect auto lenders. The guidance targets the practice of “dealer markups.” This practice involves an auto dealer charging the...more

The CFPB previews its coming auto finance fair lending enforcement actions

by Christopher J. Willis | Ballard Spahr LLP on 3/22/2013

Earlier today, the CFPB released its guidance bulletin with respect to automobile indirect finance fair lending issues. The bulletin’s intent is unmistakably clear from the accompanying press release’s tag line: “CONSUMER...more

So this is what the CFPB means about leveling the playing field?

by Alan S. Kaplinsky | Ballard Spahr LLP on 3/22/2013

My colleague, Chris Willis, posted his reaction to CFPB Bulletin 2013-02, which provides guidance as to how the CFPB will apply ECOA and Reg B to dealer rate participation in the auto finance business. Except for Chris’...more

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

by Christopher J. Willis | Ballard Spahr LLP on 2/22/2013

In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

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ECOA › Automotive Industry