The CFPB recently provided directions to the CEEA that will ensure consumer voices are heard throughout, and at every level, of the Bureau – from rule-making to COVID education to increasing racial equities to punishing bad actors.
On June 29, the United States Supreme Court ruled that the structure of the Consumer Financial Protection Bureau was unconstitutional. A compliance expert shares why this matters, and why it matters to dealers in particular.
The U.S. Senate Banking Committee narrowly approved the nomination of Kathy Kraninger to head the Bureau of Consumer Financial Protection. The vote sends her nomination to the full Senate for consideration.
The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.
Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.
U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.
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.
Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.
The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.
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