News & Analysis as of

Automotive Loans Enforcement Actions UDAAP

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?...more

Goodwin

CFPB Settles with Auto Lender for Alleged UDAAP Violations

Goodwin on

On November 2, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had entered into a consent order with a Texas-based auto lender. The CFPB alleged that the auto lender engaged in deceptive acts and...more

Goodwin

CFPB Settles with Auto Finance Company for Alleged UDAAP Violations

Goodwin on

On October 13, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an auto finance company, alleging that the company’s repossession practices from 2013 through...more

White & Case LLP

Consumer financial services: The road ahead: Auto finance

White & Case LLP on

In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more

Ballard Spahr LLP

CFPB enters into consent order with small-dollar lender to settle alleged TILA and UDAAP violations arising from finance charge...

Ballard Spahr LLP on

The CFPB announced last week that it has entered into a consent order with Triton Management Group, Inc., a small-dollar lender, to settle the CFPB’s allegations that Triton had violated the Truth in Lending Act and the...more

Goodwin

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

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

Dorsey & Whitney LLP

CFPB Supervisory Highlights – January 2016 to April 2016

Dorsey & Whitney LLP on

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

WilmerHale

CFPB Examinations and Investigations: Defense Strategies and Best Practices

WilmerHale on

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

Morrison & Foerster LLP

The CFPB & UDAAP: A "Know It When You See It" Standard? 2015 Year-End Update

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

MoFo Reenforcement

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

MoFo Reenforcement on

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

MoFo Reenforcement

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

MoFo Reenforcement on

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial...more

Ballard Spahr LLP

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Ballard Spahr LLP on

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

Carlton Fields

Consumer Financial Protection Bureau Attempts to Regulate Telecom

Carlton Fields on

Since it opened in 2011, the Consumer Financial Protection Bureau ("the Bureau" or "CFPB") has issued thousands of pages of regulations, mostly directed at the home mortgage industry, and aggressively exercised its authority...more

Goodwin

New York Department of Financial Services Takes Action Against Auto Lender for UDAAP Violations

Goodwin on

Following an “unscheduled special examination” into the practices of a licensed auto lender, the New York Department of Financial Services filed a complaint in the United States District Court for the Southern District of New...more

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