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The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
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For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.
Read More →Jeff Wyler Clarksville will repay more than 4,000 customers who paid a document fee the state attorney general said violated Indiana’s Motor Vehicle Dealer Unfair Practices Act.
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In response to the state dealer association’s claims that Tesla Motors is in violation of state and federal advertising laws, the state DMV issued a warning to electric vehicle makers about adhering to such laws.
Read More →Under the approved consent order, BMW is barred from telling MINI owners that routine maintenance must be done by franchised dealers in order to ensure a vehicle’s safe operation or to maintain its value.
Read More →Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.
Read More →The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
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The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
Read More →The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.
Read More →CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
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Internal CFPB documents obtained by American Banker show bureau officials repeatedly acknowledging that the method used for detecting discrimination by indirect auto lenders may overestimate disparities.
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