Gregory Arroyo
Editorial Director
ADT Magazine
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As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
Read More →The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.
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New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its provisions specifically addresses the disclosure policy General Motors issued last summer regarding the sale of non-GM service contracts.
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Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.
Read More →The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.
Read More →According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.
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Originations continued to fall at a faster rate than previous years, as finance sources continued to tighten underwriting standards during 2017’s end-of-year quarter. TransUnion officials, however, say the sector is performing well as the economy remains relatively strong.
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A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
Read More →Credit scores in the fourth quarter of 2017 were only a half a point higher than the median score recorded during the first quarter of 2009. And according to the Federal Reserve Bank of New York, 2017 auto loan origination volume reached the highest level it has ever observed.
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BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.
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