How lenders can maximize loan deferral and extension compliance

In February, the Federal Reserve Bank of New York issued its Quarterly Report on Household Credit and Debt, which showed a record seven million Americans were 90 days past due on their auto loan payments at the end of 2018. “That is more than a million more troubled borrowers than there had been at the […]
  • Adair Kingsmill
  • June 25, 2019
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CFPB Supervisory Highlights Provide Guidance on Deficiency Balances and Rebates

Under Richard Cordray’s Consumer Finance Protection Bureau (CFPB), it was “compliance malpractice” not to take heed of the Bureau’s enforcement actions when determining how to comply with federal consumer finance laws. Both Acting Director Mick Mulvaney and current CFPB Director Kathy Kraninger have stated that the Bureau will no longer engage in such “regulation by […]
  • Peter Cockrell
  • June 18, 2019
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Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID.AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for information, […]
  • American Financial Services Association
  • April 26, 2019
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State Regulators Step Up to Post-Cordray Era Challenge

Much has been reported on changes at the Consumer Financial Protection Bureau after new leadership took the helm a little over a year ago. We have watched the evolution of the agency’s enforcement posture, the repeal of its 2013 indirect auto fair lending bulletin, and an overhaul to its rulemaking agenda. The auto finance industry […]
  • Kelly Lipinski
  • March 19, 2019
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Veros Credit’s Legal Chief Urges Lenders to Stay the Course on Compliance

Nonprime lender Veros Credit LLC is seeing lenders pull back compliance initiatives amid the current deregulatory environment, Chief Legal Officer Robert Tennant told Auto Finance News. “Lenders may think, ‘Can we relax a little bit? Can we focus on other areas of business?’ I think the answer is no,” he said. “I don’t see the […]
  • Nicole Casperson
  • December 20, 2018
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Compliance Insider: Post-Election Musing

They say elections have consequences, and by all accounts, the 2018 midterms were definitely consequential. As of this writing, the Democrats have flipped 33 seats to take control of the House, effectively quashing President Donald Trump’s hopes of pushing through his legislative agenda. Republicans appear to have increased their Senate majority by two seats but […]
  • Michael Benoit
  • December 17, 2018
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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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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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It’s a New Day for the CFPB

What a difference a day — or a couple of months — makes! The Consumer Financial Protection Bureau issued its five-year strategic plan in February, and boy does it paint a picture of a kinder, gentler CFPB. Well, maybe neither kind nor gentle, but I’ll settle for an agency interested in all of its stakeholders. […]
  • Michael Benoit
  • March 22, 2018
  • 0
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