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Is Different Pricing for Non-Credit Products and Services Illegal Discrimination? Yes, Says the CFPB, Massachusetts, and the FTC

The Consumer Financial Protection Bureau made news this year when it announced that it considered discrimination to be illegal as an "unfair" practice, including in situations where fair lending laws do not apply. In March,...more

Refunds of GAP and Other Voluntary Protection Products—a Federal UDAAP Issue?

If you thought that a finance company's obligation to automatically credit a consumer's account for prorated fees for GAP or any other voluntary protection product depended on the product's contract or even the applicable...more

CFPB Data Point Studies Subprime Financing Rates and Default Risks Across Creditor Types

Every creditor with subprime customers has experienced—on one occasion or another, we expect—someone judging it unfavorably for allegedly taking advantage of consumers by charging higher interest rates. That "tsk-tsk"...more

Navigating the Minefields When Offering a Credit Customer the "Lowest Rate"

Every day, financing providers offer financing to customers. Sometimes they encourage a customer to apply for credit with the dealer by saying that they can offer the customer the best financing deal. Such a claim got a Ford...more

CFPB Taskforce Report on Federal Consumer Financial Law: How Might It Affect Auto Finance Regulation?

Just a little over a year ago, I was sworn in as a member of the newly created Taskforce on Federal Consumer Financial Law, along with my four fellow taskforce members. The taskforce was the brainchild of Consumer Financial...more

CFPB, The Roadmap Forward - Part Two

This article is the second of an exclusive three-part series interview with Jean Noonan, member of the CFPB Taskforce on Federal Consumer Law. Part One can be found in the March issue of Texas Dealer. We resume our...more

CFPB, The Roadmap Forward - Part One

This article is the first of an exclusive three-part series interview with Jean Noonan, member of the CFPB Taskforce on Federal Consumer Law. In January 2020, the Consumer Financial Protection Bureau (CFPB) appointed a...more

Fair Lending Developments in the Wake of City of Miami

[co-author: John L. Ropiequet] The fair lending cases filed by Miami against large mortgage lenders in 2013, in which the city sought to recover lost property tax revenues and increased municipal expenses allegedly caused...more

Assessing Disparate Impact in the Days of COVID-19

The novel coronavirus upended American lives, changing how we work, how we socialize, how we shop, and - for millions of us - whether we are still employed. For many creditors, it also changed patterns of consumer default. In...more

CFPB Taskforce on National Consumer Financial Law Issues RFI

The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) to assist the Taskforce on Federal Consumer Financial Law with recommendations on harmonizing, modernizing, and generally improving...more

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