Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance Excellence. “[The decision] is throwing a fly in the CFPB’s ointment for […]
  • Joey Pizzolato
  • August 16, 2019
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House Financial Services Committee urges oversight of alt-data

The use of alternative data by lenders could expand access to credit to more than 40 million consumers. Likewise, banks and credit unions are using alternative data to fight fraud and provide faster access to funds. However, regulatory uncertainty surrounds the use of alternative data in making lending decisions, according to the U.S. House Committee on Financial Services’ Task Force on Financial Technology. […]
  • Nicole Casperson
  • July 25, 2019
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CFPB outlines auto finance plans

While the Consumer Financial Protection Bureau focused supervisory and enforcement activity last year on mortgage lending, small business lending and student loan servicing, it hasn’t forgotten about the auto finance industry, according to the agency’s 2018 Fair Lending Report to Congress. The CFPB intends to zero in on “whether there is discrimination in policies and […]
  • Joey Pizzolato
  • July 10, 2019
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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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‘Back-Loaded’ Auto Loans Threaten Small Lenders

PLANO, Texas — A form of fraud where dealer finance departments or banks “back-load” auto loans with disguised personal loans is gaining traction in the subprime auto space, Edward Kramer, senior advisor at Asurity Technologies, said at the Nonprime Auto Finance Conference last week. Smaller subprime lending operations might be ill-equipped to deal with this […]
  • Joey Pizzolato
  • June 11, 2019
  • 0

Collectors, Consumer Advocates Face Off on Debt Collection Rules at Town Hall Meeting

PHILADELPHIA — Subject matter experts representing debt collection agencies and consumer advocacy groups had split reactions on changes to the Fair Debt Collection Practices Act proposed by the Consumer Financial Protection Bureau on May 7. “Back [in 1977], phone booths were on almost every corner, and the ubiquity of cell phones was not even imaginable,” CFPB Director […]
  • Joey Pizzolato
  • May 9, 2019
  • 0

Consumer Advocates Call on Regulators to Clamp Down on Discriminatory Auto Lending

Consumer advocates proposed prohibiting dealer markups and increasing federal oversight to combat alleged discriminatory indirect lending practices, in a U.S. House Committee on Financial Services hearing Wednesday. “Many of the disparities we will discuss here today are only possible because the market for cars — especially car finance for used cars — is opaque and inconsistent,” said witness […]
  • Bianca Chan
  • May 2, 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 […]
  • American Financial Services Association
  • April 26, 2019
  • 0
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