Second Bill Aimed at Reining in the CFPB Passes House by 401-2 Vote

WASHINGTON, D.C. — On the same day Sen. Elizabeth Warren (D-Mass.) called on Congress to impose further reforms on the financial sector that go beyond the Dodd-Frank Act, the House of Representatives passed a bill that aims to bring greater transparency to the Dodd-Frank-created Consumer Financial Protection Bureau (CFPB). Speaking at the Levy Economics Institute’s ... Read More »

CFPB Faces Mounting Criticism, New Bipartisan Bill

WASHINTON, D.C. — The Consumer Financial Protection Bureau’s targeting of the indirect auto financing channel is taking fire once again. On Monday, the The Wall Street Journal published its second op-ed piece questioning the bureau’s tactics. Later that evening, Congressional lawmakers introduced a new bipartisan House bill that aims to rescind the CFPB’s March 2013 ... Read More »

Bipartisan House Bill Seeks to Thwart CFPB’s Attack on Auto Financing

WASHINGTON – The National Automobile Dealers Association today applauded the continued bipartisan efforts in Congress to rescind a flawed guidance from the Consumer Financial Protection Bureau that would harm consumers by limiting their ability to obtain discounted auto financing. On Monday evening, April 13, Reps. Frank Guinta (R-N.H.) and Ed Perlmutter (D-Colo.) introduced H.R. 1737, ... Read More »

Forecasting the Future Direction of the CFPB

Senator Proposes Amendment to Reign In ‘Rogue’ CFPB

WASHINGTON, D.C. — U.S. Senator David Perdue (R-Ga.) introduced an amendment to the Senate’s 2015 Budget Resolution last week that would give Congress oversight of the Consumer Financial Protection Bureau (CFPB). Currently, the CFPB operates under the Federal Reserve, but the amendment proposed by Perdue on March 19 would ensure that the bureau is subject ... Read More »

Five Trade Groups Urge CFPB to Fix ‘Flaws’ in Fair Lending Enforcement

WASHINGTON — Five trade groups representing the nation’s largest auto finance sources issued a letter yesterday to the Consumer Financial Protection Bureau’s Richard Cordray, urging the director to review and respond publicly to a study that questions the bureau’s methodology for measuring disparities in dealer reserve. The letter, which even lists out three areas the ... Read More »

Auto Dealer Associations Back Call for the CFPB to Correct Bias Found in Auto Lending Enforcement

WASHINGTON – The National Automobile Dealers Association (NADA), the American International Automobile Dealers Association (AIADA), and the National Association of Minority Automobile Dealers (NAMAD) today applauded the efforts of five financial services organizations to fix the serious flaws in the Consumer Financial Protection Bureau’s approach to regulating auto financing. The groups, which include the American ... Read More »

The Consumer Financial Protection Bureau’s Encroachment Into the F&I World

Gov. Jeb Bush Slams CFPB’s ‘Unelected Bureaucrats’ Over Dealer-Assisted Financing Regulations

SAN FRANCISCO – The fate of the country rests on moving government out of the way of business so “the promise of fair and free opportunity returns to America,” former Florida Gov. Jeb Bush told a capacity crowd at the National Automobile Dealers Association Convention & Expo on January 23. And while the audience of ... Read More »

RoadVantage Announces Turnkey Solution to Help Dealers Ensure CFPB Compliance

Austin, Texas – RoadVantage, a leading provider of progressive F&I programs for the automotive industry, today unveiled a web-based Compliance Management System (CMS) that helps dealers ensure their practices are compliant with standards set by the Consumer Financial Protection Bureau. “The CFPB has stated that it expects to see a Compliance Management System in place ... Read More »