NADA Files Second Request for Internal CFPB Documents
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WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released a report Tuesday highlighting trends in consumer complaints through August 1, with credit reporting complaints seeing the sharpest increase compared to both the prior month and prior year. The bureau has handled approximately 105,000 credit reporting complaints since it began accepting them in October 2012. ... Read More »
GREENSBORO, N.C. — BB&T Bank’s dealership finance arm, BB&T Dealer Finance, announced today that it will be switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, reports F&I and Showroom. Some of the bank’s dealer clients believe the move was motivated by the Consumer Financial Protection Bureau (CFPB)’s ... Read More »
WASHINGTON D.C. — The Consumer Financial Protection Bureau (CFPB) has sued auto finance source Security National Automotive Acceptance Company (SNAAC) for aggressive debt collection tactics against military service members, reports F&I and Showroom. The CFPB charged the company with using illegal threats and deceptive claims in order to collect debts. It is seeking compensation for ... Read More »
CRYSTAL LAKE, Ill. – Contrary to news reports, the U.S. House of Representatives’ vote to eliminate the Department of Justice’s use of disparate impact does not negate the Consumer Financial Protection Bureau’s (CFPB) use of the legal theory in auto finance cases even if the bill passes the Senate and is not vetoed by the ... Read More »
MINNEAPOLIS — Dealers signed up with U.S. Bank received a notice this week containing the bank’s policy in regards to fair and responsible lending. Also detailed was the bank’s dealer monitoring program, which, according to the notice, isn’t just focused on how dealers mark up interest rates on finance contracts. Obtained by F&I and Showroom, the ... Read More »
SAINT PAUL, Minn. — More than 50 members of Congress, led by U.S. Sen. Al Franken (D-Minn.) and Rep. Hank Johnson (D-Ga.), signed a letter asking the Consumer Financial Protection Bureau (CFPB) to issue new rules that would eliminate the use of forced arbitration clauses in consumer financial service contracts. The letter, submitted to CFPB ... Read More »
SAN FRANCISCO – The fate of the country rests on moving government out of the way of business so “the promise of fair and free opportunity returns to America,” former Florida Gov. Jeb Bush told a capacity crowd at the National Automobile Dealers Association Convention & Expo on January 23. And while the audience of ... Read More »
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