On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more
On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit)...more
On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed...more
On January 21, 2016, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against Y King S Corp., d/b/a Herbies Auto Sales (Herbies), a buy-here pay-here used car dealer located in...more
On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more
CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company -
On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more
10/30/2015
/ Automotive Industry ,
Automotive Loans ,
Colleges ,
Commercial Bankruptcy ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Default Judgment ,
Delinquency Status ,
Delinquent Borrowers ,
Educational Institutions ,
Final Judgment ,
Financial Institutions ,
Illegal Conduct ,
Military Service Members ,
Private Student Loans ,
Tuition ,
Wage Garnishment
On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more
10/9/2015
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Financial Institutions ,
Loans ,
Money Transfer ,
Payday Loans ,
Prepaid Payment Products ,
Private Student Loans
On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more
10/2/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
FDCPA ,
Financial Institutions ,
Loans ,
Truth in Lending Act (TILA)
On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more
9/29/2015
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Restitution ,
Telemarketing