News & Analysis as of

Financing Automotive Industry

FTC sends 2016 ECOA report to CFPB

by Ballard Spahr LLP on

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg B as to...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

Private Equity Quarterly Report - Q2, 2015: Benesch Aerospace and Automotive Market Intelligence

by Benesch on

Aerospace Market Overview - A record-setting year for aircraft orders has created a huge production backlog, which is good news for commercial aircraft manufacturers and tier suppliers. Elsewhere, machine vision,...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

by Ballard Spahr LLP on

Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

Supreme Court Slams The Brakes On Challenge To Disparate Act

As of now, the Equal Credit Opportunity Act (ECOA) prohibits dealers from unintentional, or “disparate impact,” discrimination in setting dealer reserves in auto financing. This disparate impact can result from policies or...more

CFPB Finalizes Rules to Regulate Nonbank Auto Lenders

The CFPB adopted a final that allows the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that its examiners will use. Currently, the Bureau...more

House Democrats request auto fair lending information from the CFPB

by Ballard Spahr LLP on

We have previously blogged about the CFPB’s laser-like focus on the fair lending practices of banks and non-banks purchasing auto finance consumer contracts from auto dealers....more

CFPB Targets Auto Financing For Enforcement

by Michael Volkov on

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

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

by Ballard Spahr LLP on

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

CFPB Issues Guidance on Indirect Auto Lending ECOA Compliance

by Ballard Spahr LLP on

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 Ballard Spahr LLP on

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 Ballard Spahr LLP on

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 Ballard Spahr LLP on

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

CFPB lawyer discusses disparate impact in auto financing and says important development to happen soon

by Ballard Spahr LLP on

At the ABA Consumer Financial Services Committee meeting earlier this week, Rick Hackett, Assistant Director of the Research, Markets and Regulations Division of the CFPB, spoke about “Discretionary Pricing in Indirect Auto...more

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