News & Analysis as of

Automotive Loans

OCC small-dollar lending bulletin: one step forward but one step back?

by Ballard Spahr LLP on

The OCC has issued a bulletin (2018-14) setting forth core lending principles and policies and practices for short-term, small-dollar installment lending by national banks, federal savings banks, and federal branches and...more

President Trump signs joint resolution disapproving CFPB Bulletin concerning discretionary pricing by auto dealers

by Ballard Spahr LLP on

Yesterday afternoon, President Trump signed into law S.J. Res. 57, the joint resolution under the Congressional Review Act (CRA) that disapproves the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with...more

Deadline expires for CRA resolution to override CFPB payday lending rule

by Ballard Spahr LLP on

The 60-day period during which the Senate could pass a resolution under the Congressional Review Act disapproving the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) with only a simple majority...more

Congress Passes Repeal of CFPB Guidance on Indirect Auto Lender Liability for Discriminatory Lending

by BakerHostetler on

The U.S. House of Representatives voted last Tuesday to reject a 2013 Consumer Financial Protection Bureau (CFPB) bulletin that provided guidance regarding liability for discrimination in indirect auto lending. The same...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The long-standing unease between CBS and the Redstone family bubbled over into a “corporate declaration of war” yesterday, with CBS suing controlling shareholder Shari Redstone and her family’s holding company to prevent (or...more

Congress disapproves CFPB Bulletin concerning discretionary pricing by auto dealers

by Ballard Spahr LLP on

We previously reported that Congress might have the opportunity to disapprove the CFPB’s disparate impact theory of assignee liability for so-called auto dealer “markup” disparities because the CFPB Bulletin describing its...more

CFPB Fines Large National Bank $1 Billion for Alleged Dodd-Frank Violations Relating to Mortgage Interest Rate-Lock Extension Fees...

by Weiner Brodsky Kider PC on

The CFPB, in a coordinated action with the OCC, recently announced a settlement with a large national bank that assessed a $1 billion penalty for alleged violations of the Dodd-Frank Consumer Financial Protection Act relating...more

Consumer financial services at a crossroads: Auto finance

by White & Case LLP on

Supervision - The CFPB has previously targeted the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices. Notably, the CFPB issued rules...more

DOJ Steers Toward Auto Lender in SCRA Action

Servicemembers Civil Relief Act (SCRA) actions against auto lenders remain popular with the Department of Justice (DOJ), with the agency filing a new complaint in California federal court....more

CFPB Auto Lending Rule May Be on the Way Out

by BakerHostetler on

An Obama-era regulation intended to restrain discriminatory lending practices by automobile lenders appears to be on its way out. On April 18, under the Congressional Review Act (CRA), the Senate voted to repeal the...more

Novel use of the Congressional Review Act to repeal CFPB Indirect Auto Lending Guidance

by Hogan Lovells on

On April 18, the Senate voted to repeal the Consumer Financial Protection Bureau's (CFPB) 2013 Guidance on Fair Lending Practices to Indirect Auto Lenders (2013 Guidance) using the Congressional Review Act (CRA). The vote was...more

Guidance v. Rule: Congressional Review Act Invalidation of Auto Lending Bulletin Shows this Distinction Makes a Big Difference

by Clark Hill PLC on

On April 18, 2018, the United States Senate exercised its authority under the Congressional Review Act (CRA) by repealing a longstanding “rule” issued as a guidance on March 21, 2013 (see CFPB Bulletin titled Indirect Auto...more

Senate Takes Steps to Repeal CFPB Indirect Auto Lending Guidance

by Goodwin on

On April 17, 2018, U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate would seek to repeal the Consumer Financial Protection Bureau’s (CFPB’s) indirect auto lending guidance. The Senate passed a...more

Senate Votes to Roll Back Auto Industry Lending Guidance from Consumer Financial Protection Bureau

by Foley & Lardner LLP on

On April 18, the Senate narrowly passed a resolution to roll back certain guidance issued by the Consumer Financial Protection Bureau in 2013 pertaining to auto lending. As previously written about on a Foley & Lardner LLP...more

CFPB and OCC Settle with National Bank for $1 Billion Over Auto and Mortgage Lending Practices

by Goodwin on

On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)? and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it...more

Senate Votes to Strike Down Key CFPB Bulletin on Lending Discrimination in the Indirect Auto Market

by McGuireWoods LLP on

On Wednesday, the U.S. Senate voted almost entirely along party lines to invalidate, under the Congressional Review Act, the Consumer Financial Protection Bureau’s (CFPB) (in)famous 2013 Bulletin on lending discrimination in...more

A third bite at the apple: trade groups file lawsuit challenging CFPB payday loan rule

by Ballard Spahr LLP on

Two trade groups, the Consumer Financial Service Association of America, Ltd. and the Consumer Service Alliance of Texas, have filed a lawsuit against the CFPB in a Texas federal district court challenging the CFPB’s final...more

DOJ brings suit against indirect auto lender alleging its repossession practices violated the SCRA

by Ballard Spahr LLP on

On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers...more

DOJ Brings Suit Against California Auto Lender Under SCRA

by Goodwin on

?On March 28, 2018, the Department of Justice (“DOJ”) announced it had filed a lawsuit in the Central District of California against an auto lender for allegedly repossessing??? the vehicles of members of the armed forces...more

Senators urge CFPB not to reconsider payday loan rule

by Ballard Spahr LLP on

A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Senator Graham introduces CRA resolution to overturn CFPB payday loan rule; Mulvaney to testify on April 11 to House Financial...

by Ballard Spahr LLP on

The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more

CRA resolution introduced to overturn CFPB auto finance guidance

by Ballard Spahr LLP on

Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance....more

Auto Company Pays $2 Million to Settle SCRA Claims Over Military Leasing Practices

by Weiner Brodsky Kider PC on

The financial arm of a national automobile company has agreed to settle claims brought by the U.S. Department of Justice (DOJ) for failing to refund up-front auto lease payments to service members who terminated their leases...more

DOJ Settles $2 Million SCRA Action with Auto Lender

by Goodwin on

?On February 22, 2018, the Department of Justice (“DOJ”) announced that it had entered into a settlement with an auto financial services company for alleged violations of the Servicemembers Civil Relief Act (“SCRA”), 50...more

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