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

Examining the Defense Department’s Revised Military Lending Act

If you are in the auto finance business, you cannot possibly have missed the drama percolating around the Department of Defense’s (DoD’s) new interpretation of its own regulation’s purchase-money vehicle finance exclusion, which says transactions with GAP, credit insurance, or other credit-related ancillary products are not within said exclusion. Rather, those products are “consumer credit” […]
  • Michael Benoit
  • February 19, 2018
  • 3

Richard Cordray’s Legacy and the Future of the CFPB

Richard Cordray stepped down as head of the Consumer Financial Protection Bureau at the end of November, leaving behind a legacy of enforcement. I worked with Rich to establish the bureau, serving as a deputy enforcement director. In the summer of 2014, after four years at the bureau, I decided to leave the agency. I […]
  • Lucy Morris
  • January 2, 2018
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How Does Congress’s Action Impact the CFPB’s Ability to Prohibit Arbitration Clauses?

In a nail-biter of a session, the Senate voted late in the evening on Oct. 24, to invalidate the Consumer Financial Protection Bureau’s recently finalized arbitration rule. The vote on the joint resolution — which had passed the House earlier this year — was 51 to 50 with Vice President Mike Pence assuming the gavel […]
  • Michael Benoit
  • December 18, 2017
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CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will be a pause and a slowdown,” […]
  • Natalie Mattila
  • November 29, 2017
  • 0

4 Tips for Setting Up Your CMS for Compliance Success

LAS VEGAS — Compliance is a necessary but logy topic that all lenders and dealers must comply with, and having a proficient compliance management system (CMS) has — by virtue of its association with compliance — also become a de facto necessity. For Veros Credit, it took two years of building out its in-house CMS […]
  • Emma Sandler
  • November 9, 2017
  • 2

Why Regulators Are Keeping a Close Watch on Dealers

Dealers are faced with an assortment of issues today when it comes to the red-tape of compliance. From the Consumer Financial Protection Bureau to the Department of Justice and state attorneys general, they are all keeping a close watch on dealer business practices. But some issues, more than others, are worrying both independent and franchise […]
  • Emma Sandler
  • September 13, 2017
  • 0

The Cynic’s View on the CFPB Arbitration Rule

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in March 2018 — does not prohibit […]
  • Michael Benoit
  • September 5, 2017
  • 0
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