Articles

Compliance Insider: Another Step Too Far

Compliance Insider: Another Step Too Far

The Consumer Financial Protection Bureau recently issued a proposed rule to regulate “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” It purports to cover two categories of loans: Among other things, the proposed rule looks to treat both categories of loans as illegal to the extent the lender does notRead More

CFPB Appears Poised to Increase Its Focus on Auto Lending

CFPB Appears Poised to Increase Its Focus on Auto Lending

By Blair B. Evans and Craig Nazzaro, Baker Donelson The Consumer Financial Protection Bureau utilizes a risk-based analysis in its approach to its supervisory and enforcement efforts. The Bureau’s risk-based approach includes factors such as the potential risk to a consumer from products offered in the market and complaints generatedRead More

Coping with CFPB Exams: How to Handle the Findings [VIDEO]

Coping with CFPB Exams: How to Handle the Findings [VIDEO]

First comes the exam, then come the findings. And one sign of a good exam is no surprises, according to Linda Iannone, chief compliance officer at Toyota Financial Services. “By the time you get to the closing meeting, you should already know what the findings are going to be, andRead More

In Decline in Auto ABS Volume, Evidence of a Shifting Landscape

In Decline in Auto ABS Volume, Evidence of a Shifting Landscape

The volume of automotive asset-backed securitization — a key source of auto finance liquidity — through May this year is off 12% compared with the same period in 2015, according to Deutsche Bank. That’s not to say auto ABS has turned in consistent volumes in recent years. Last year, totalRead More

Lenders Seek Balance When Investing in Innovation

Lenders Seek Balance When Investing in Innovation

It’s no secret that being first to market when investing in innovation can offer a competitive edge, but lenders must be prepared for the complications that come with investing in unproven technology. However, those that don’t lead the charge, risk being too late to the punch — so where isRead More

3 Actions Lenders Can Take to Improve the CMS

3 Actions Lenders Can Take to Improve the CMS

There are many “tangible activities” that can be done to maintain the compliance management system and improve the framework, said Mike Lavin, executive vice president and chief legal officer at Consumer Portfolio Services Inc. Lenders preparing for regulation and eventual exams by the Consumer Financial Protection Bureau need to make maintaining their CMS a top priority,Read More

Business Process Outsourcing: An Auto Lender’s Road Side Assistance

Business Process Outsourcing: An Auto Lender’s Road Side Assistance

Most cars carry a spare tire in the trunk. Tucked away under the mat, it is there to get you up and running and back on the road should you need it. If a tire were to go flat, drivers have two options to get the car moving: perform theRead More