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.
October 1, 2015
The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
September 29, 2015
A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.
September 28, 2015
The California New Car Dealers Association has called on the California Department of Motor Vehicles to investigate Tesla Motors’ referral program, which the trade groups said constitutes “bird-dogging.”
September 1, 2015
The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
August 11, 2015
Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.
July 21, 2015
Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.
July 14, 2015
In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.
June 25, 2015
A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.
June 23, 2015
After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena issued by the AG’s office in March. The dealer group is accused of “jamming” credit repair contracts into vehicle sales and leases.
June 9, 2015
The enforcement division of the Texas DMV has closed its case against CarGurus after the vehicle-shopping site made revisions to its used-car advertisements. In April, the department threatened enforcement actions because of the way the site listed used vehicles for sale.
May 12, 2015
The Texas Department of Motor Vehicles Enforcement Division has pulled back on its plan to fine dealers with listings on CarGurus.com after the department and the shopping site discussed revisions to CarGurus’ advertising practices in a call yesterday.
May 1, 2015
Last week, the Texas Department of Motor Vehicles Enforcement Division issued a cease-and-desist letter to CarGurus and the state’s dealer association, threatening dealers with fines up to $10,000 a day if the shopping site does not revise its advertising practices.
April 30, 2015
The NIADA, its newly-formed BHPH Commission and Oregon’s independent dealer association are tackling legislation the industry believes could damage the ability of high-risk consumers to purchase cars in the state.
April 8, 2015
CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.
March 17, 2015
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