FTC Proposes Bans to F&I and Add Ons That 'Provide No Benefit'
The FTC hopes the proposed rule will save consumers time and money and ensure a level playing field for honest dealers.
The FTC hopes the proposed rule will save consumers time and money and ensure a level playing field for honest dealers.
Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.
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.
Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.
President Donald Trump took his first step toward making good on his promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, signing on Friday an executive order directing the secretary of the Treasury to review the 2010 financial oversight law.
Senate Republicans have reintroduced legislation aimed at replacing the CFPB’s single-director structure with a five-member bipartisan board. The bill was unveiled as Congressional Democrats and state regulators pledged to defend Director Richard Cordray and his agency.
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.
Regulatory insiders say there are two ways the Trump administration can deliver on its promise to dismantle the Dodd-Frank. But neither scenario has a high probability of success, they say.
Last week, the U.S. House Financial Services Committee passed the Financial CHOICE Act, which supporters describe as an alternative to the Dodd-Frank Act. It contains language aimed at repealing the CFPB’s guidance on dealer participation, among other things.
The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.
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