Nevada regulators signal enforcement delay of spousal credit rule, lawyer says

Nevada regulators have suggested they may delay enforcement of legislation that went into effect Oct. 1 until they address concerns raised in a lawsuit filed by three financial services trade groups, Candy Burnette, an attorney in McGlinchey Stafford’s Cleveland office, told Auto Finance News. The law in question is an amendment to the state’s Equal […]
  • Marcie Belles
  • November 13, 2019
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Taking advantage of telematics responsibility

Portable technology — mobile phones, laptops, vehicles and aftermarket navigation devices — travel with us nearly everywhere we go, constantly exchanging data with unseen satellites above. This data is rich with potential applications, and telematics systems allow a number of industries to harness this data to accurately pinpoint the location of collateral, plan efficient routes, […]
  • Emily Honsa-Hicks
  • November 5, 2019
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A lenders guide to refund fees and charges of ancillary products

Ancillary products are under scrutiny by attorneys general, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. These regulators are evaluating creditors’ policies and practices related to refunds of ancillary products upon early termination of the underlying contracts. Many ancillary products are statutorily governed as insurance, and there are legal […]
  • Jean-Paul Perrault and Kristi W. Richard
  • October 25, 2019
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Veros Credit outlines steps to prepare for CFPB’s revised debt collection rule

While the Consumer Financial Protection Bureau mulls industry feedback on its proposed amendments to the Fair Debt Collection Practices Act, lenders should be proactive in their compliance strategies to prepare for the bureau’s final ruling. In this episode of The Roadmap, Veros Credit’s Chief Legal Officer Robert Tennant chats with Auto Finance Excellence to discuss […]
  • Nicole Casperson
  • October 1, 2019
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Stiffer regs hamper skiptracing efforts

DALLAS – Advancements in skiptracing technology have prompted state and federal regulators to step up oversight, and new and proposed legislation are top of mind for recovery and repossession executives, panelists said at the ALS Resolvion Innovations in Recovery conference Thursday. On a federal level, recent developments include the Consumer Financial Protection Bureau’s proposed Rule […]
  • Bianca Chan
  • September 27, 2019
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Unpacking California’s new privacy reg: 2 issues lenders need to know

Starting January 2020, financial institutions will need to keep their data security procedures in check as California’s new consumer protection act goes into effect. The legislation gives California consumers the “private right of action,” or the ability to sue companies, if their personal information is the subject of a data breach resulting from a business’s […]
  • Bianca Chan
  • September 20, 2019
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3 strategies for lenders to mitigate internal threats to consumer data security

With the enactment of the California Consumer Privacy Act of 2018 and the barrage of copycat legislation in other states, there has been significant focus on consumer data and privacy issues from the vantagepoint of the consumer: what information is collected and how consumers can direct companies what to do — or not do — with that information. While the discussion has largely […]
  • Susan Chylik
  • September 4, 2019
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What a new Nevada spousal credit law means for lenders

Nevada recently amended its Equal Opportunity for Credit statute to give special rights to credit applicants who do not have individual credit histories because their accounts were established in their spouses’ names. (See Nevada SB311, effective October 1, 2019). The Nevada law applies to a creditor offering any credit product in Nevada, including a finance […]
  • Candy Burnette
  • August 28, 2019
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Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance Excellence. “[The decision] is throwing a fly in the CFPB’s ointment for […]
  • Joey Pizzolato
  • August 16, 2019
  • 0
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