Defining the Job of BCFP Director

Since I last wrote for Auto Finance Excellence, the Senate held a hearing for Kathleen Kraninger, the White House’s nominee to be the new director of the Bureau of Consumer Financial Protection. For someone as unknown as she is in the financial services community, the consensus seems to be that she held her own in […]
  • Michael Benoit
  • August 9, 2018
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It’s a New Day for the CFPB

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 interested in all of its stakeholders. […]
  • Michael Benoit
  • March 22, 2018
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Examining the Defense Department’s Revised Military Lending Act

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, those products are “consumer credit” […]
  • Michael Benoit
  • February 19, 2018
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3 Possible Resolutions CFPB’s Mulvaney Has for 2018

As I was thinking about the things I want to accomplish personally in the new year, I pondered what the Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney might be thinking about for the direction of bureau’s activities in 2018. As such, I am suggesting three resolutions Mulvaney might consider this year. I RESOLVE THAT […]
  • Michael Benoit
  • January 10, 2018
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How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

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 President Mike Pence assuming the gavel […]
  • Michael Benoit
  • December 18, 2017
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Is an Effort Afoot to Improve Repo Communications?

In the September issue of the Consumer Financial Protection Bureau’s Supervisory Highlights — in which CFPB supervision staff reports on issues they are seeing in the context of examinations — the staff addresses one of the more axiomatic and frustrating realities facing creditors — trying to retract a repossession order. The difficulty stems from managing […]
  • Michael Benoit
  • October 25, 2017
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Compliance Insider: The Cynic Returns

You may recall that last month I wrote about how a cynic might view the Consumer Financial Protection Bureau’s arbitration rule and its corresponding ban on class-action waivers in predispute arbitration agreements. My cynic held the view that the rule, while purporting to be only a ban on waivers, was really just a back-door attempt […]
  • Michael Benoit
  • September 15, 2017
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The Cynic’s View on the CFPB Arbitration Rule

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 March 2018 — does not prohibit […]
  • Michael Benoit
  • September 5, 2017
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How the Supreme Court Turned Debt Collection Into a Grammar Lesson

On June 12, the Supreme Court settled a question about the status of debt buyers under the Fair Debt Collection Practices Act (FDCPA) that has been the subject of uncertainty for years: “Is a person who purchases debt for his own account a debt collector if he tries to collect that debt?” Writing for a […]
  • Michael Benoit
  • July 10, 2017
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