Consumer Financial Protection Bureau

JIM HENRY

The flat fee misconnect

12:01 am U.S. ET | Jan. 29, 2014
The Consumer Financial Protection Bureau and dealers are talking past each other about flat fees. The CFPB keeps going out of its way to tell auto lenders and dealers that the CFPB isn't insisting on flat fees....
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No sure OK for reserve guidelines

12:01 am U.S. ET | Jan. 27, 2014
The National Automobile Dealers Association is going out on a limb by recommending ways for dealerships to ward off discrimination charges from the Consumer Financial Protection Bureau....
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McConnell will focus on CFPB

7:28 pm U.S. ET | Jan. 26, 2014
During his first speech as NADA chairman, Forrest McConnell plans to outline the group's plan for protecting its members from red tape and overreaching factory requirements....
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Hudson Cook law firm hires former CFPB official

7:16 pm U.S. ET | Jan. 25, 2014
Hudson Cook, a law firm that specializes in consumer finance law for auto dealers and auto lenders, has hired Rick Hackett, a former assistant director of the Consumer Financial Protection Bureau who was the bureau's liaison with the auto finance industry....
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NADA endorses percentage ceiling on dealer reserve

1:00 pm U.S. ET | Jan. 24, 2014
The National Automobile Dealers Association today endorsed a plan under which each auto dealership would establish a percentage ceiling for its dealer reserve -- the money paid to the dealership for its role in arranging car loans for retail customers -- and then, if it dips below that fee level on a transaction, document why....
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JIM HENRY

Biggest F&I buzzword at NADA? Compliance

12:01 am U.S. ET | Jan. 22, 2014
It looks like compliance will be the No. 1 topic at the National Automobile Dealers Association convention in New Orleans this weekend, judging from the many F&I workshops, trade show displays, and all manner of sales pitches scheduled to take place....
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JIM HENRY

For Ally, a sting but no big bite

12:01 am U.S. ET | Jan. 15, 2014
Ally Financial’s $98 million consent order with the Consumer Financial Protection Bureau and U.S. Justice Department in December had to sting. But the payment is likely to amount to less than three months’ worth of the company’s 2013 earnings....
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JIM HENRY

Think the CFPB’s tough? It’s not the only one

12:01 am U.S. ET | Jan. 8, 2014
Dealers ought to take a look at a proposal from a consumer advocate group in California that would prohibit “dealer markup.”...
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JIM HENRY

Enjoy the carve-out, dealers, while it's on the table

12:01 am U.S. ET | Nov. 27, 2013
While carving their turkeys this Thanksgiving, dealers can be thankful franchised new-car dealerships were carved out of the Consumer Financial Protection Bureau's jurisdiction after intense lobbying by the National Automobile Dealers Association....
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JIM HENRY

‘Disparate impact’ theory must wait for day in court

12:01 am U.S. ET | Nov. 20, 2013
Opponents of the “disparate impact” theory, which the Consumer Financial Protection Bureau is employing to prove discrimination in auto finance, were hoping the theory would get its day in court next month before the U.S. Supreme Court -- and lose....
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CFPB tells auto lenders flat fees are just one option

2:55 pm U.S. ET | Nov. 14, 2013
Flat fees aren’t the only way auto lenders can pay dealers for arranging car loans without a risk of racial bias, top officials at the Consumer Financial Protection Bureau said today....
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JIM HENRY

For industry, more alarms from CFPB

12:01 am U.S. ET | Nov. 13, 2013
The auto finance industry had better start worrying about the Consumer Financial Protection Bureau a lot more than it is. At a Senate Banking Committee hearing on Tuesday, CFPB Director Richard Cordray made it sound as if dealers routinely double or triple the consumer's buy rate...
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CFPB chief concedes need for balance in auto-loan oversight

4:24 pm U.S. ET | Nov. 12, 2013
Richard Cordray, director of the Consumer Financial Protection Bureau, said he wants more “openness and transparency” for the agency's oversight of auto lending, but added that the agency still has strong concerns about how dealerships arrange loans....
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JIM HENRY

CFPB's roster of lender probes grows

12:01 am U.S. ET | Nov. 6, 2013
Ally Financial is just the latest auto lender to acknowledge the Consumer Financial Protection Bureau is investigating it with an eye toward enforcing the CFPB's interpretation of anti-discrimination laws....
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CFPB responds to lawmaker letters

6:19 pm U.S. ET | Nov. 4, 2013
The Consumer Financial Protection Bureau on Monday gave more clues about the methods underpinning its claims that auto dealers engaged in bias in setting interest rates for car loans. But the National Automobile Dealers Association says the agency didn't provide the answers that its members were looking for....
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JIM HENRY

CFPB sheds light but still scary

12:01 am U.S. ET | Oct. 30, 2013
A year ago, I noted that while the Consumer Financial Protection Bureau had made some ominous noises, it had studiously avoided talking about auto loans. Dealers and lenders were worried. This year we know a lot more about how the CFPB thinks the indirect auto lending model should change. But that knowledge hasn't made the CFPB less frightening to the industry....
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JIM HENRY

Are dealers, lenders at odds on CFPB?

12:01 am U.S. ET | Oct. 23, 2013
Dealers and lenders have said they are united in opposing the Consumer Financial Protection Bureau's proposed changes to the indirect lending model, but they could be moving out of sync....
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