What the FTC Says Should Be on the Auto Industry’s Radar [PODCAST]

With lingering uncertainty over what will become of the CFPB and unconfirmed appointees to the Federal Trade Commission, lenders’ compliance obligations are in flux. In this episode of The Roadmap, Dama Brown, Southwest regional director of the FTC, clears up confusion about collection practices and the Fair Debt Collection Practices Act, as well as valuable […]
  • Emma Sandler
  • March 29, 2018
  • 0

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
  • 0

Indirect Auto Lending: GAO Opinion Provides Clarity, But Will It Be Enforced?

A recent finding by the U.S. Government Accountability Office (GAO) could have a significant impact on the indirect auto lending industry. In December, the GAO issued an opinion declaring that a Consumer Financial Protection Bureau bulletin issued on March 21, 2013, titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act was a […]
  • Alexander Koskey
  • March 6, 2018
  • 0

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
  • 3

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
  • 0

Richard Cordray’s Legacy and the Future of the CFPB

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 decided to leave the agency. I […]
  • Lucy Morris
  • January 2, 2018
  • 0

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
  • 0

3 Tips for Complaint Management

Complaining is an age-old habit of customers, but too many complaints about lending can lead to oversight from regulators. As such, there are some key ways to mitigate customer complaints — such as introducing some dedicated internal policies that show tangible examples of what a lender is doing to address complaints, for instance. To address […]
  • Emma Sandler
  • December 5, 2017
  • 0

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

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 be a pause and a slowdown,” […]
  • Natalie Mattila
  • November 29, 2017
  • 0
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