Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]
  • Kelly Lipinski
  • April 10, 2019
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Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]
  • Brian Fink
  • April 8, 2019
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How Staying Compliant Improves Customer Experience

There are many good reasons for a financial institution to comply with current lending regulations. Nobody wants to pay hundreds of thousands of dollars in fines or earn a reputation as someone who takes advantage of consumers. Not least of all, good lenders feel an ethical obligation to follow the law and treat customers fairly, […]
  • Lynn Hess
  • March 18, 2019
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FTC Proposes Amendments to Safeguards and Privacy Rules

Last week, the Federal Trade Commission issued proposed amendments to its Safeguards Rule and Privacy Rule, both promulgated under the Gramm-Leach-Bliley Act (GLBA). The Safeguards Rule, which originally went into effect in 2003, requires that financial institutions develop, implement, and maintain a comprehensive information security program. The Privacy Rule, which originally went into effect in […]
  • Peter Cockrell
  • March 14, 2019
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5 Features of Lending Technology to Measure Compliance

“We expect that the next five years will bring more change to auto finance than the past 50 years combined.” That statement from PricewaterhouseCoopers, made in the consultancy’s Auto Finance Risk and Compliance Highlights 2017 report, was based on research into the numerous factors affecting auto lending. With urbanization, evolving models of vehicle ownership, changing […]
  • Lana Johnson
  • March 13, 2019
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McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

Auto Finance Excellence, a sister service of Auto Finance News, is proud to announce McGlinchey Stafford as the official Compliance partner. McGlinchey Stafford’s National Consumer Financial Services Group works with clients providing advice on federal and state compliance and litigation. The firm handles a range of vehicle finance legal needs, from documentation, licensing, and transactional advice to resolution […]
  • Nicole Casperson
  • February 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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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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