Consumer Financial Protection Bureau

JIM HENRY

CFPB, FTC Web sites differ in tone

12:01 am U.S. ET | March 26, 2014
While the Federal Trade commission and Consumer Financial Protection Bureau share a commitment to ensure consumers get a fair shake on auto finance, they gather and impart consumer information differently.... Read More »

 

JIM HENRY

House committee presses CFPB for answers

12:01 am U.S. ET | March 19, 2014
The Consumer Financial Protection Bureau has ignored a congressional deadline to specify how it determines discrimination in auto lending.... Read More »

 

EDITORIAL

Honesty's a good policy

12:01 am U.S. ET | March 17, 2014
The industry has come a long way on eliminating lax standards, but it must remain vigilant.... Read More »

 

JIM HENRY

Why the CFPB is being accused of discrimination

3:55 pm U.S. ET | March 7, 2014
Critics of the Consumer Financial Protection Bureau are enjoying a private moment of glee over accusations in a published report that the CFPB itself could be guilty of discrimination against its employees in personnel evaluations.... Read More »

 

JIM HENRY

Auto loans and mortgages? Apples and oranges

12:01 am U.S. ET | March 3, 2014
The auto finance industry and the Consumer Financial Protection Bureau have a fundamental disconnect.... Read More »

 

JIM HENRY

The disconnect lingers between auto finance and the CFPB

12:01 am U.S. ET | Feb. 26, 2014
The auto finance industry and the Consumer Financial Protection Bureau have a fundamental disconnect. The auto finance industry sees itself as unique while the CFPB sees it as just one more consumer finance sector, essentially not that different from mortgages, credit cards or student loans.... Read More »

 

JIM HENRY

No need to panic as big banks pare dealers

12:01 am U.S. ET | Feb. 12, 2014
Recent news that Chase Auto Finance and TD Auto Finance are looking to trim their dealership networks brought swift reactions of “Here we go again” from some members of the dealership F&I community.... Read More »

 

JIM HENRY

Long loans are a necessary evil, dealers say

12:01 am U.S. ET | Feb. 5, 2014
Everyone agrees that superlong loan terms are bad for the industry, but it seems no one wants to give them up firs... Read More »

 

Ally, CFPB poles apart on discrimination breadth, evidence

12:01 am U.S. ET | Feb. 3, 2014
Ally Financial and the Consumer Financial Protection Bureau are miles apart on core issues, such as how to measure discrimination and how widespread it is, says Ally CEO Michael Carpenter.... Read More »

 

EDITORIAL

Just the facts: Dealers, CFPB must share data

12:01 am U.S. ET | Feb. 3, 2014
Show me yours, and I'll show you mine. That's part of the impasse between the Consumer Financial Protection Bureau and auto dealers.... Read More »

 

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.... Read More »

 

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 »

 

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