House to Vote on CFPB-Altering Bill This Week

WASHINGTON, D.C. — The U.S. House of Representatives is expected to vote this week on a bill that would rescind the Consumers Financial Protection Bureau’s guidance on dealer participation and add a few more steps in to its guidance-writing activities. The House is expected to vote on H.R. 1737, which the House Financial Services Committee ... Read More »

Reynolds Expands Into Mortgage Banking With IDS Acquisition

NADA Files Second Request for Internal CFPB Documents

CFPB Considering Ban on Arbitration Clauses

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban arbitration clauses in consumer financial services contracts, less than five months after 50 members of Congress urged the bureau to eliminate such clauses. Describing arbitration clauses as a “free pass” to block consumers from suing in groups to ... Read More »

CFPB Accused of Using ‘Junk Science’ to Regulate Auto Lending

NADA Expands Effort to Protect Dealer-Assisted Financing

EFG Companies and Northwood University Announce F&I Innovator of the Year Competition

DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced an F&I competition designed to jolt the automotive industry into a higher standard of innovation. The F&I Innovator of the Year Award, to be held annually, will pit six teams of Northwood’s junior and senior undergraduate automotive ... Read More »

Consumer Complaints Hit 677,000, CFPB Reports

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released a report Tuesday highlighting trends in consumer complaints through August 1, with credit reporting complaints seeing the sharpest increase compared to both the prior month and prior year. The bureau has handled approximately 105,000 credit reporting complaints since it began accepting them in October 2012. ... Read More »

Asbury ‘Comfortable With’ CFPB Limits on Dealer Markup

DULUTH, Ga. — Asbury Automotive executives were confident during a quarterly earnings call Tuesday that the group’s internal cap on dealer markups, as well as its fixed F&I product prices, will keep it out of trouble with regulators like the Consumer Financial Protection Bureau (CFPB). Craig Monaghan, Asbury’s president and CEO, said he didn’t know ... Read More »

House Committee Passes Bill to Repeal CFPB’s Auto Lending Guidance

WASHINGTON, D.C. — On Wednesday, a U.S. House committee passed H.R. 1737, a bipartisan bill to repeal the Consumer Financial Protection Bureau (CFPB)’s 2013 guidance, which warned finance sources that they would be held liable for discrimination that was the result of policies allowing dealers to mark up the interest rate on retail installment sales contracts. ... Read More »