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There is much to dislike about the CFPB’s 728-page report on pre-dispute arbitration clauses.
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In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.
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The current regulatory environment demands that dealers take a good hard look at their processes and policies. F&I pro offers some recommendations.
Read More →Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
Read More →The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
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