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

CFPB Continues Focus on UDAAP

There is a continued focus by the Consumer Financial Protection Bureau on acts or practices deemed unfair, deceptive, or abusive — commonly called “UDAAP.” Following is a summary overview of UDAAP and an analysis of a recent argument made by the CFPB in this area: Unfair acts or practices are divided into three prongs. An […]
  • Courtney Gilmer
  • November 20, 2017
  • 0

4 Tips for Setting Up Your CMS for Compliance Success

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 of building out its in-house CMS […]
  • Emma Sandler
  • November 9, 2017
  • 2

Approvals Rise as Funding Rates Worsen, Exclusive Survey Reveals

Although overall approval rates are higher this year, application funding rates for subprime credit have fallen, according to a recent best practices survey conducted by The Center for Auto Finance Excellence. Meanwhile, delinquency and loss rates have worsened — particularly on subprime — and lenders are still spending more, specifically on technology and compliance. The […]
  • Natalie Mattila
  • November 1, 2017
  • 1

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
  • 0

Best Practices Survey: We Want to Hear From You

Today is the last day to participate in the Center for Auto Finance Excellence’s best practices survey — and to be entered into a drawing to win a a $50 Amazon gift card. The Center is constantly working to enhance its relevance and service to you and the industry. As an important part of the auto finance community, we are […]
  • Natalie Mattila
  • October 3, 2017
  • 0
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