Consumer Financial Protection Bureau

JIM HENRY

Credit union ads highlight misperceptions of dealer reserve

12:01 am U.S. ET | July 16, 2014
A Florida credit union's ad campaign beating up dealers and auto lenders for “rate markups” is hard to look at, but dealers and lenders should check it out to see what they're up against in terms of public perception and in case the approach catches on in other states....
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JIM HENRY

U.S. House action on CFPB is symbolic

12:01 am U.S. ET | June 11, 2014
The auto finance industry, auto dealers, and their mostly Republican allies in Congress continue to make it clear they don’t like the Consumer Financial Protection Bureau or how it was set up in 2010....
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JIM HENRY

Lender consent order grants insight into FTC

12:01 am U.S. ET | June 4, 2014
Dealers and their legal counsels should check out last week's consent order between subprime auto lender Consumer Portfolio Services and the Federal Trade Commission, even though the case isn't about dealerships....
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JIM HENRY

NADA's take on 'The Fallacy of Flats'

12:01 am U.S. ET | May 28, 2014
The National Automobile Dealers Association has tried for months to impress upon the Consumer Financial Protection Bureau that switching from dealer reserve to flat fees will not eliminate dealerships' ability to set their compensation for auto loans....
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GABE NELSON

Numbers add to NADA's arsenal against Tesla, CFPB

5:04 pm U.S. ET | May 22, 2014
The National Automobile Dealers Association has put out its annual NADA Data report, a statistical smorgasbord that explains where America's franchised car dealers are, how much money they make and how they make it....
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JIM HENRY

Tax refund as down payment? Why not?

12:01 am U.S. ET | April 30, 2014
The first quarter is typically the strongest quarter of the year for subprime financing and used-car auto loans due to the timing of tax refunds, say industry experts such as Asbury Automotive COO Michael Kearney, who noted the trend last week....
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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....
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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....
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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....
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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....
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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....
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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....
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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....
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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...
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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....
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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....
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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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Special Report
Fewer bosses, Disney savvy, $2 idea lift stores

Fewer bosses, Disney savvy, $2 idea lift stores

A Chrysler Group dealership chain is stripping away layers of management to sell cars faster. A Chevrolet-Cadillac store is enchanting customers through Disney training. Mon., July 21
» Watch the Video
     
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