Post Tagged with: "CFPB"

© Can Stock Photo / PetarPaunchev

It’s a New Day for the CFPB

Best Practices, Compliance, Opinion March 22, 2018 at 10:00 am

What a difference a day — or a couple of months — makes! The Consumer Financial Protection Bureau issued its five-year strategic plan in February, and boy does it paint a picture of a kinder, gentler CFPB. Well, maybe neither kind nor gentle, but I’ll settle for an agency interestedRead More

Can Stock Photo / ruskpp

Examining the Defense Department’s Revised Military Lending Act

Compliance, Opinion February 19, 2018 at 10:30 am

If you are in the auto finance business, you cannot possibly have missed the drama percolating around the Department of Defense’s (DoD’s) new interpretation of its own regulation’s purchase-money vehicle finance exclusion, which says transactions with GAP, credit insurance, or other credit-related ancillary products are not within said exclusion. Rather,Read More

Richard Cordray’s Legacy and the Future of the CFPB

Richard Cordray’s Legacy and the Future of the CFPB

Best Practices, Compliance, Opinion January 2, 2018 at 9:30 am

Richard Cordray stepped down as head of the Consumer Financial Protection Bureau at the end of November, leaving behind a legacy of enforcement. I worked with Rich to establish the bureau, serving as a deputy enforcement director. In the summer of 2014, after four years at the bureau, I decidedRead More

© Can Stock Photo / zolnierek

How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

Compliance, Opinion December 18, 2017 at 10:00 am

In a nail-biter of a session, the Senate voted late in the evening on Oct. 24, to invalidate the Consumer Financial Protection Bureau’s recently finalized arbitration rule. The vote on the joint resolution — which had passed the House earlier this year — was 51 to 50 with Vice PresidentRead More

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

Best Practices, Compliance, Podcast November 29, 2017 at 11:45 am

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will beRead More

Mike Lavin, EVP and chief legal O=officer at Consumer Portfolio Services, joins
Robert Tennant, VP and general counsel at Veros Credit, for a panel discussion at the 2017 Auto Finance Summit.

4 Tips for Setting Up Your CMS for Compliance Success

Best Practices, Compliance, Guides November 9, 2017 at 10:30 am

LAS VEGAS — Compliance is a necessary but logy topic that all lenders and dealers must comply with, and having a proficient compliance management system (CMS) has — by virtue of its association with compliance — also become a de facto necessity. For Veros Credit, it took two years ofRead More

Why Regulators Are Keeping a Close Watch on Dealers

Why Regulators Are Keeping a Close Watch on Dealers

Best Practices, Compliance September 13, 2017 at 11:42 am

Dealers are faced with an assortment of issues today when it comes to the red-tape of compliance. From the Consumer Financial Protection Bureau to the Department of Justice and state attorneys general, they are all keeping a close watch on dealer business practices. But some issues, more than others, areRead More

The Cynic’s View on the CFPB Arbitration Rule

The Cynic’s View on the CFPB Arbitration Rule

Compliance, Opinion September 5, 2017 at 10:30 am

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in MarchRead More

Not All Compliance Management Systems Are Created Equal

Not All Compliance Management Systems Are Created Equal

Best Practices, Compliance August 8, 2017 at 10:15 am

While the Consumer Financial Protection Bureau continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED, and various state regulators have all incorporated the CFPB’s hyper focus on consumer risk into their supervision duties. As such, regulatoryRead More