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DALLAS – F&I Express today announced it has launched CompliPrice, a cloud-based tool to help automotive retailers ensure its profits on aftermarket insurance products are compliant with dealer compliance policies, lenders and potential guidelines from the Consumer Financial Protection Board (CFPB). While it is well documented that the CFPB is closely scrutinizing dealer and lender ... Read More »
Read More →WASHINGTON D.C. — The Consumer Financial Protection Bureau (CFPB) has sued auto finance source Security National Automotive Acceptance Company (SNAAC) for aggressive debt collection tactics against military service members, reports F&I and Showroom. The CFPB charged the company with using illegal threats and deceptive claims in order to collect debts. It is seeking compensation for ... Read More »
Read More →LAS VEGAS — The organizers of the annual P&A Leadership Summit have announced that The Warranty Group’s Aaron Lunt has agreed to brief attendees on the actions undertaken by the Consumer Financial Protection Bureau (CFPB) at the 2015 event, which is scheduled for Sept. 9–10 at Paris Las Vegas. “We wanted to invite Aaron as ... Read More »
Read More →WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB)’s proposal to extend its supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loan or leases in a year has cleared its last hurdle, with the bureau publishing this week its finalized rule and the examination procedures it will follow ... Read More »
Read More →CRYSTAL LAKE, Ill. – Contrary to news reports, the U.S. House of Representatives’ vote to eliminate the Department of Justice’s use of disparate impact does not negate the Consumer Financial Protection Bureau’s (CFPB) use of the legal theory in auto finance cases even if the bill passes the Senate and is not vetoed by the ... Read More »
Read More →MINNEAPOLIS — Dealers signed up with U.S. Bank received a notice this week containing the bank’s policy in regards to fair and responsible lending. Also detailed was the bank’s dealer monitoring program, which, according to the notice, isn’t just focused on how dealers mark up interest rates on finance contracts. Obtained by F&I and Showroom, the ... Read More »
Read More →SAINT PAUL, Minn. — More than 50 members of Congress, led by U.S. Sen. Al Franken (D-Minn.) and Rep. Hank Johnson (D-Ga.), signed a letter asking the Consumer Financial Protection Bureau (CFPB) to issue new rules that would eliminate the use of forced arbitration clauses in consumer financial service contracts. The letter, submitted to CFPB ... Read More »
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