Consumer Financial Protection Bureau

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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.”...
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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...
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

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....
Read More »

 

JIM HENRY

The silver lining in tiff with CFPB

12:01 am U.S. ET | Oct. 16, 2013
Amid the industry’s current flap with the Consumer Financial Protection Bureau over dealer reserve, there remains a bright spot: The auto finance business is profitable and volumes are growing....
Read More »

 

JIM HENRY

Are lenders knuckling under CFPB pressure?

12:01 am U.S. ET | Oct. 2, 2013
They may not like it and they may have no choice, but auto lenders appear to be knuckling under to pressure from the Consumer Financial Protection Bureau to micromanage loans originated at dealerships to eliminate any unexplained variation in dealer reserve....
Read More »

 

Lenders warn dealers about bias

12:01 am U.S. ET | Sept. 30, 2013
Auto lenders are peppering dealerships with letters that say analyses of the dealerships' practices indicate a pattern of discrimination against minorities, women or the elderly in the loans they arrange for those customers. Many dealers say they think the letters were prompted by pressure on the lenders by the federal Consumer Financial Protection Bureau....
Read More »

 

Automakers' lending practices probed by U.S. agencies for bias

10:35 am U.S. ET | Sept. 23, 2013
The Consumer Financial Protection Bureau and the Department of Justice are examining the lending operations of major auto manufacturers for possible discrimination in lending, according to regulatory filings and three people briefed on the inquiry....
Read More »

 

Latest digital edition
Digital Edition Archive
Table of Contents
 Automotive News
Special Report
Defying Dad, by building on his legacy

Defying Dad, by building on his legacy

At Courtesy Auto Group in Illinois, Ray and Rik Fregia are seeing sales boom after million-dollar overhauls at their three stores. Mon., September 15
» Watch the Video
     
News by Brand


Rocket Fuel