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Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Hudson Cook, LLP

CFPB Bites of the Month - December 2023 - I'm Dreaming of a Winter Solstice and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the December 2023 webinar....more

Troutman Pepper

9 Consumer Finance Issues to Note From CFPB Report

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In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to...more

Goodwin

CFPB Reports Troubling Trends in Auto Loan Servicing

Goodwin on

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued a new Supervisory Highlights report (Report) that sheds light on the CFPB’s observations and findings of unfair, deceptive, and abusive practices in...more

Troutman Pepper

CFPB Issues Data Requests to Major Auto Lenders

Troutman Pepper on

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the...more

McGlinchey Stafford

An Auto Repossession Avalanche Is Coming: Are You ready?

McGlinchey Stafford on

The impact of the COVID-19 pandemic on the U.S. economy is momentous. As businesses across the country shut down to comply with stay-at-home orders, workers have been laid off at a record pace. With unprecedented unemployment...more

Ballard Spahr LLP

DoD to propose amendment to MLA regulations on auto financing

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The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more

McGuireWoods LLP

Auto Lender Pays $11.8 Million to Resolve UDAAP Allegations

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The CFPB also recently announced an $11.8 million settlement of a UDAAP (Unfair, Deceptive and Abusive Acts & Practices) enforcement action in the auto finance space. This action, where the CFPB made no allegations that a...more

BakerHostetler

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

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

BakerHostetler

CFPB Auto Lending Rule May Be on the Way Out

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

Foley & Lardner LLP

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

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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

McGuireWoods LLP

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

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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

Goodwin

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

Goodwin on

On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

McGuireWoods LLP

CFPB’s Supervisory Highlights Regarding Auto Lending

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The Consumer Financial Protection Bureau (“CFPB”) recently issued its Supervisory Highlights – Issue 12, Summer 2016 report, addressing, among other industries, automobile origination. The report reflects supervisory...more

Carlton Fields

CFPB Continues to Target Add-On Credit Products

Carlton Fields on

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Ballard Spahr LLP

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

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The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

Burr & Forman

CFPB Begins Supervising Nonbank Auto Finance Companies

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Beginning August 31, 2015, the CFPB will begin supervising nonbank auto finance companies pursuant to 12 C.F.R. 1090.108. The Final Rule provides that auto finance companies that qualify as “larger participants of a market...more

Ballard Spahr LLP

Defense Department dramatically expands scope of Military Lending Act

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The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more

Ballard Spahr LLP

Defense Department Dramatically Expands Scope of Military Lending Act

Ballard Spahr LLP on

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Ballard Spahr LLP

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

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To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

Bilzin Sumberg

Fighting Back Against CFPB Demands

Bilzin Sumberg on

An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more

Carlton Fields

DOJ And CFPB Team Up To Take On Auto And Mortgage Lenders

Carlton Fields on

The CFPB and the Department of Justice (DOJ) are joining forces to pursue damages and penalties against consumer lenders for violation of the Equal Credit Opportunity Act (ECOA) in pricing consumer loans....more

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