Kathleen Kraninger Selected to Be Next BCFP Director

PRESS RELEASE — President Donald Trump this week nominated Kathleen “Kathy” Kraninger as the new director of the Bureau of Consumer Financial Protection. Once confirmed by the Senate, Kraninger will replace the bureau’s Acting Director Mick Mulvaney, who also serves as director of the Office of Management and Budget (OMB). Trump named Mulvaney as acting […]
  • American Financial Services Association
  • June 22, 2018
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Will Disparate Impact Auto Finance Claims Disappear?

As of this writing, the Senate has passed a joint resolution under its Congressional Review Act authority disapproving of the Consumer Financial Protection Bureau’s March 2013 auto lending bulletin that addressed discrimination in indirect auto finance transactions. The House is slated to follow suit, and the president is expected to sign it. The joint resolution, […]
  • Michael Benoit & Rick Hackett
  • June 15, 2018
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How E-Signature Technology Can Benefit Lenders

Improving customer satisfaction, mitigating security risks, and lowering costs are important factors for lenders to improve their practices — and in this era of digital distribution, adapting to e-signature technology may be the answer to obtaining these benefits. Greater customer satisfaction serves as a top advantage because it means there’s a higher chance of repeat […]
  • Nicole Casperson
  • June 13, 2018
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How Smaller Lenders Can Improve Their Fraud Teams

DALLAS — As fraudsters continue to grow smarter and increase in activity, auto lenders have to be extra vigilant in keeping a close eye on their operations. From synthetic to impound fraud, the avenues in which lenders can be taken advantage of is growing. And while bigger lenders and banks have the resources to devote […]
  • Matthew Wood
  • May 30, 2018
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The Next TCPA Battle

The Telephone Consumer Protection Act of 1991 (TCPA) was a well-intentioned and early attempt to limit the number of telemarketing calls consumers receive. Among other things, it restricts telephone solicitations (i.e., telemarketing) and the use of so-called “autodialers.” Over the years, it’s been a challenge to determine what equipment is an autodialer and what isn’t. […]
  • Michael Benoit & Michael Goodman
  • May 25, 2018
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FTC’s Top 10 Tips for Stronger Data Security Practices

Establishing a reliable online presence for businesses is critical in today’s digital-savvy world, and when it comes to lenders building trust in the online marketplace — it remains a challenging yet crucial component. Data breaches do not necessarily show that a company failed to have reasonable security measures, as there is no such thing as […]
  • Nicole Casperson
  • May 23, 2018
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Industry Awaits Clarification on Military Lending Act

As Memorial Day approaches and the nation remembers those who have died in active service, lenders continue to grapple with how to finance ancillary products for active-duty servicemembers. Earlier this year, the Department of Defense issued a bulletin announcing that the Military Lending Act now applies to the financing of ancillary products, which requires originators to […]
  • Emma Sandler
  • May 16, 2018
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Marketing Add-on Warranty Products Draw FTC Scrutiny

In April, the Federal Trade Commission (FTC) sent warning letters to six major companies – including ASUS, HTC, Hyundai, Microsoft, Nintendo, and Sony – that market and sell motor vehicles, cellular devices, and video game systems.  According to the FTC, the six companies have potentially violated the FTC Act and the Magnuson-Moss Warranty Act (Warranty […]
  • Chad Fuller
  • May 16, 2018
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A Renewed Call for an FHA for Auto Financing

Last year was a record low year for deep-subprime lending. This, despite the fact that overall auto finance originations climbed more than 5%. In other words, even though auto finance expanded overall, auto finance for the deep-subprime sector did not. To put it another way, the lending expansion stopped short at Ficos of 500 or […]
  • JJ Hornblass
  • April 27, 2018
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