CFPB’s Deputy Assistant Offers Insights Into Examinations [VIDEO]

Consumer Financial Protection Bureau exams are typically dreaded across the industry, but Calvin Hagins, the Bureau’s deputy assistant director for originations, said lenders “should look forward to them,” during a panel discussion at the 2017 Auto Finance Risk & Compliance Summit. The exams are an opportunity for the CFPB to learn about the industry, and lenders […]
  • Huixin Deng
  • June 29, 2017
  • 0

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
  • 0

FTC Attorney Discusses Civil Investigative Demand [VIDEO]

Communication is key with respect to the compulsory process, said Colin Hector, an attorney at the Federal Trade Commission (FTC), during a panel at the Auto Finance Risk & Compliance Summit last month. When the FTC was created in 1914, its purpose was to prevent unfair methods of competition in commerce as part of the battle to “bust the […]
  • Huixin Deng
  • June 21, 2017
  • 0

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

Coping with CFPB Exams, The Importance of Interviews [VIDEO]

Identify who are your subject matter experts are, engage them early, and start working on all the first day presentations – that’s the advice Richard Miller, director of compliance at Hyundai Capital America, gave on how to prepare for Consumer Financial Protection Bureau exams. Miller, along with Toyota Financial Services’ Chief Compliance Officer Linda Iannone, […]
  • Larissa Padden
  • June 24, 2016
  • 1

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
  • 0
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