Compliance considerations when buying and selling customer leads

As an auto lender, you’re likely aware of the due diligence required when purchasing consumer leads. Lenders must exercise the same diligence when referring — or selling — declined leads downstream. Purchasing customer leads via referral programs has adapted as technology has allowed online lenders to communicate instantaneously with potential customers. Due to the nature […]
  • Dustin Alonzo
  • July 19, 2019
  • 0

CFPB outlines auto finance plans

While the Consumer Financial Protection Bureau focused supervisory and enforcement activity last year on mortgage lending, small business lending and student loan servicing, it hasn’t forgotten about the auto finance industry, according to the agency’s 2018 Fair Lending Report to Congress. The CFPB intends to zero in on “whether there is discrimination in policies and […]
  • Joey Pizzolato
  • July 10, 2019
  • 0

How lenders can maximize loan deferral and extension compliance

In February, the Federal Reserve Bank of New York issued its Quarterly Report on Household Credit and Debt, which showed a record seven million Americans were 90 days past due on their auto loan payments at the end of 2018. “That is more than a million more troubled borrowers than there had been at the […]
  • Adair Kingsmill
  • June 25, 2019
  • 0

CFPB Supervisory Highlights Provide Guidance on Deficiency Balances and Rebates

Under Richard Cordray’s Consumer Finance Protection Bureau (CFPB), it was “compliance malpractice” not to take heed of the Bureau’s enforcement actions when determining how to comply with federal consumer finance laws. Both Acting Director Mick Mulvaney and current CFPB Director Kathy Kraninger have stated that the Bureau will no longer engage in such “regulation by […]
  • Peter Cockrell
  • June 18, 2019
  • 0

‘Back-Loaded’ Auto Loans Threaten Small Lenders

PLANO, Texas — A form of fraud where dealer finance departments or banks “back-load” auto loans with disguised personal loans is gaining traction in the subprime auto space, Edward Kramer, senior advisor at Asurity Technologies, said at the Nonprime Auto Finance Conference last week. Smaller subprime lending operations might be ill-equipped to deal with this […]
  • Joey Pizzolato
  • June 11, 2019
  • 0

Arkansas Enacts Guaranteed Asset Protection Waiver Act

Last month, the Arkansas legislature passed House Bill 1672 to enact a statutory framework within which guaranteed asset protection (GAP) waivers may be offered in the state. Previously, GAP waivers were largely unregulated in Arkansas. As a result, creditors will need to familiarize themselves with the new law and ensure they take the necessary steps […]
  • Dustin Godenswager
  • June 10, 2019
  • 0

What Creditors Should Know About Co-Debtors in Chapter 13 Consumer Bankruptcies

Auto lenders must have a basic familiarity with the consumer bankruptcy process. An essential component of any consumer bankruptcy is the automatic stay. The “automatic stay” is the name of the injunction that arises automatically upon the filing of any bankruptcy. The stay prevents lenders from, among other things, seeking to collect on a debt […]
  • Sarah Edwards
  • May 29, 2019
  • 0

4 Things Lenders Should Know to Mitigate TCPA Risk

SAN DIEGO – One question Buckley LLP Partner John Redding often hears from his auto lender clients is: What is the status the Telephone Consumer Protection Act? “The state of TCPA is a complete mess, let’s not kid ourselves,” was his answer last week at the Auto Finance Risk Summit during a presentation titled “TCPA Compliance […]
  • Bianca Chan
  • May 22, 2019
  • 0

Compliance Complexities Lenders Should Know About E-Contracting

Recently, the auto finance sector has seen traditional paper consumer sales and financing documents replaced with electronic documents. Greater familiarity with electronic transactions, accessibility of simple, secure technology, and acceptance by capital markets may have each contributed to this trend. However, these transactions are still relatively new. What does this mean to lenders? Essentially, lenders […]
  • Arthur Rotatori
  • May 21, 2019
  • 0
Page 1 of 1612345 » 10...Last »
X