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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Warning Signs on the Road for Auto Lenders

The warning signs are evident: a growing reliance on new, unproven loan products; a sharp spike in early delinquencies; and the collapse of a few smaller subprime lenders. Is auto lending in 2018 beginning to resemble the housing market circa 2008? Perhaps, but there are important differences. The economy is stronger than it was 10 […]
  • Matt Isaacson
  • November 28, 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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Best Practices in Loan Servicing Detailed by Ally, Hyundai Capital, First Associates

The administrative aspects of servicing the life cycle of a loan from origination until pay off has become an industry in and of itself. Banks, captives, and primary loan servicers, all must pay special attention to how they are collecting principal and interest on the loan well after the borrower leaves the dealership. It is also […]
  • Nicole Casperson
  • August 15, 2018
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If Vehicle Subscriptions Are the Next Big Wave, What Happens When Subscribers Stop Paying?

The rise of vehicle subscription services is being hailed as a boon for commitment-phobic Americans — millennials in particular — who want a vehicle without the burden of ownership. Yet for “thin” credit bureau files — near prime and subprime consumers — the subscription model offers more than a lifestyle upgrade, it can provide a […]
  • Brandy Bissett and Jeff Hanna
  • August 13, 2018
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Regulatory Attention Points to Challenges Ahead [VIDEO]

The auto finance market needs to focus on “generating positive messages as it endures a flurry of negative publicity” and growing attention from regulators. That is the key takeaway from a video posted this week by White Clarke Group on a panel debate at the International Auto Finance Conference, which took place in May in […]
  • Natalie Mattila
  • August 24, 2017
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3 Best Practices for Training Debt Collectors

Auto loan delinquency rates are at the highest level since the 2007 financial crisis, which is why auto lenders are investing more time in debt collection best practices. As such, refining and bolstering training for debt collectors has become increasingly important. Auto Finance News spoke with a few experts in the field about tips for […]
  • Huixin Deng
  • August 21, 2017
  • 1

Not All Compliance Management Systems Are Created Equal

While the Consumer Financial Protection Bureau continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED, and various state regulators have all incorporated the CFPB’s hyper focus on consumer risk into their supervision duties. As such, regulatory focus continues to remain concentrated […]
  • Craig Nazzaro
  • August 8, 2017
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