CFPB - Tagged Posts - Auto Dealer Today

Bill Aimed at Repealing CFPB Auto Finance Guidance Passes House

The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.

House to Vote on CFPB-Altering Bill This Week

Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

FTC Announces Multiagency Crackdown on Abusive Debt Collectors

Operation Collection Protection has resulted in 115 total actions against debt collectors this year, 30 of which were announced during the FTC’s press conference to announce the multiagency initiative.

CFPB Orders SNAAC to Pay $3.28 Million for Illegal Debt Collection Practices

Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.

Defeating Class Actions the Old-Fashioned Way

If the CFPB has its way, pre-dispute arbitration agreements will no longer protect dealers from class-action lawsuits.

Attention All Data Furnishers

Any entity that feeds a consumer reporting agency is considered a ‘data furnisher’ by the CFPB and must be aware of three credit reporting factors that can’t be overlooked.

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

BMO Harris Bank’s Auto Business Exiting 12 States

The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.

CFPB Takes Action Against Westlake and Its Title-Lending Subsidiary

The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.