CFPB - Tagged Posts - Auto Dealer Today

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

A Final Message From the Chairman

Jeff Carlson reflects on his term as the NADA’s 2016 chairman, highlighting the association’s victories as well as the challenges ahead.

Physician, Heal Thyself

The CFPB’s inability to master the basic vocabulary of automotive finance does a disservice to the consumers whose interests it is charged with protecting.

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.

Paranoia or Real Danger?

The CFPB really is following you, and every mistake you make in the showroom and in your advertising can lead to an enforcement action.

NADA Economist: Trump Needs to Clarify Economic Policy Goals

NADA Chief Economist Steven Szakaly says a clear set of economic policy goals delivered before the New Year would go a long way to ensuring that any immediate uncertainties are smoothed over.

CFPB’s Project Catalyst Opens Door to Innovation

Automotive retailing isn’t the only segment exploring the risks and opportunities of the Digital Age. On Monday, the CFPB issued its first-ever Project Catalyst report highlighting its efforts so far to facilitate consumer-friendly innovation.

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.

Here Comes the Fuzz

The CFPB has elected to forgo the rulemaking process and rely on enforcement to hammer businesses in the name of consumer protection.