CFPB Suspends Military Supervision

Recent pronouncements from the Bureau of Consumer Financial Protection’s Acting Director Mick Mulvaney have consumer advocates up in arms over how lenders will be regulated for military compliance. Ironically, the military itself seems a little less concerned, at least with respect to the BCFP, though there are plenty of military consumer advocates wringing their hands […]
  • Michael Benoit
  • September 17, 2018
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FTC Conducts First Compliance Sweep Since Amendment to Used Car Rule

The Federal Trade Commission (FTC) announced in mid-July that it conducted the first compliance sweep of car dealerships since the effective date of its revised Used Car Rule requiring the use of a new Buyer’s Guide sticker. The sweep occurred between April and June 2018 in 20 cities nationwide. The FTC partnered with 12 agencies […]
  • Chad Fuller
  • September 7, 2018
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Kathy Kraninger: CFPB Nominee or Smoke Screen?

The White House nominated Kathleen Kraninger to be the new director of the Consumer Financial Protection Bureau. Currently associate director for general government in the Office of Management and Budget (i.e., deputy to OMB and interim CFPB Director Mick Mulvaney), Kraninger was not among the names rumored to have been on the shortlist for the job […]
  • Michael Benoit
  • August 22, 2018
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Defining the Job of BCFP Director

Since I last wrote for Auto Finance Excellence, the Senate held a hearing for Kathleen Kraninger, the White House’s nominee to be the new director of the Bureau of Consumer Financial Protection. For someone as unknown as she is in the financial services community, the consensus seems to be that she held her own in […]
  • Michael Benoit
  • August 9, 2018
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Auto Finance Excellence Relaunches as a New Community for Industry Professionals

Auto Finance Excellence today relaunched as a comprehensive online community and industry resource for best practices and advice for auto lending and leasing professionals. At the new Auto Finance Excellence (www.autofinanceexcellence.org), formerly known as the Center for Auto Finance Excellence industry executives will find insights, ideas, and innovation on the practice of auto finance. The […]
  • Nicole Casperson
  • August 6, 2018
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Ten Years Later: CFPB, the Financial Crisis, What Have We Learned?

I know it’s hard to put an exact date at the beginning of the financial crisis but think most “scholars” would agree things started going south rapidly in the Fall of 2008. A celebratory feeling at this approximately 10-year anniversary mark is likely a stretch, but it’s worth acknowledging what happened, how to prevent or […]
  • Samuel Ellis
  • July 30, 2018
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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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