Top questions lenders should ask fintech partners

The number of fintechs seeking lending partnerships is growing, and lenders are coming to terms with the risks and rewards of such alliances. Fintechs offer great opportunities, including reaching new customers, improving customer service, automating manual processes, reducing costs and improving service in the way consumers obtain financing. These opportunities also bring risks associated with […]
  • Robert Savoie
  • November 6, 2019
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Taking advantage of telematics responsibility

Portable technology — mobile phones, laptops, vehicles and aftermarket navigation devices — travel with us nearly everywhere we go, constantly exchanging data with unseen satellites above. This data is rich with potential applications, and telematics systems allow a number of industries to harness this data to accurately pinpoint the location of collateral, plan efficient routes, […]
  • Emily Honsa-Hicks
  • November 5, 2019
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A lenders guide to refund fees and charges of ancillary products

Ancillary products are under scrutiny by attorneys general, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. These regulators are evaluating creditors’ policies and practices related to refunds of ancillary products upon early termination of the underlying contracts. Many ancillary products are statutorily governed as insurance, and there are legal […]
  • Jean-Paul Perrault and Kristi W. Richard
  • October 25, 2019
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3 strategies for lenders to mitigate internal threats to consumer data security

With the enactment of the California Consumer Privacy Act of 2018 and the barrage of copycat legislation in other states, there has been significant focus on consumer data and privacy issues from the vantagepoint of the consumer: what information is collected and how consumers can direct companies what to do — or not do — with that information. While the discussion has largely […]
  • Susan Chylik
  • September 4, 2019
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What a new Nevada spousal credit law means for lenders

Nevada recently amended its Equal Opportunity for Credit statute to give special rights to credit applicants who do not have individual credit histories because their accounts were established in their spouses’ names. (See Nevada SB311, effective October 1, 2019). The Nevada law applies to a creditor offering any credit product in Nevada, including a finance […]
  • Candy Burnette
  • August 28, 2019
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Compliance considerations when buying and selling customer leads

As an auto lender, you’re likely aware of the due diligence required when purchasing consumer leads. Lenders must exercise the same diligence when referring — or selling — declined leads downstream. Purchasing customer leads via referral programs has adapted as technology has allowed online lenders to communicate instantaneously with potential customers. Due to the nature […]
  • Dustin Alonzo
  • July 19, 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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Arkansas Enacts Guaranteed Asset Protection Waiver Act

Last month, the Arkansas legislature passed House Bill 1672 to enact a statutory framework within which guaranteed asset protection (GAP) waivers may be offered in the state. Previously, GAP waivers were largely unregulated in Arkansas. As a result, creditors will need to familiarize themselves with the new law and ensure they take the necessary steps […]
  • Dustin Godenswager
  • June 10, 2019
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