Dropping Used-Vehicle Prices Is ‘Barely’ a Positive Sign [VIDEO]

Used-vehicle prices have been on a wild ride lately, but will dropping prices be a positive sign for the economy? The answer is “barely yes,” according to William Strauss, senior economist and advisor for the Federal Reserve Bank of Chicago. “In fact, I would get nervous if we started to see more severe discounting,” Strauss said […]
  • Huixin Deng
  • June 23, 2017
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Coping with CFPB Exams: How to Handle the Findings [VIDEO]

First comes the exam, then come the findings. And one sign of a good exam is no surprises, according to Linda Iannone, chief compliance officer at Toyota Financial Services. “By the time you get to the closing meeting, you should already know what the findings are going to be, and what you’re going to talk […]
  • Larissa Padden
  • August 5, 2016
  • 0

Coping with CFPB Exams: The Importance of First Impressions [VIDEO]

Building relationships with the Consumer Financial Protection Bureau and other regulators is “so important,” said Linda Iannone, chief compliance officer at Toyota Financial Services. “We haven’t been examined by the CFPB yet, but we took a very proactive approach,” Iannone told attendees at the Auto Finance Risk & Compliance Summit in May. “As soon as the larger participant […]
  • Larissa Padden
  • July 13, 2016
  • 0

Coping with CFPB Exams: The Top ‘Dos and Don’ts’ [VIDEO]

A company’s legal representation should not be present during an exam from the Consumer Financial Protection Bureau, according to Richard Miller, director of compliance at Hyundai Capital America. “There’s a different level of animosity that comes with having a separate legal counsel in that role as a participant in the exam. It definitely doesn’t run […]
  • Larissa Padden
  • July 1, 2016
  • 0

3 Do’s and Don’ts to Tackle Compliance Exams [VIDEO]

It’s no secret that auto lenders are living in a more regulated space as a result of increased speculation from the Consumer Financial Protection Bureau, and when regulators come knocking it’s essential to be prepared. Rich Miller, head of compliance at Hyundai Capital America, shared some of his top do’s and don’ts to help lenders tackle compliance […]
  • Natalie Mattila
  • June 3, 2016
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Strategies to Combat Extra-Institutional Compliance Woes

Compliance management systems encapsulate every departmental sector within an auto finance institution, but they also affect the way auto finance firms integrate into different markets, both in terms of oversight compliance and more localized geographic regulatory standards. Attendees at the Auto Finance Compliance Risk & Compliance Summit got a sneak peak of what’s coming in terms of future […]
  • Brad Bergan
  • May 20, 2016
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