The Charles River Associates study commissioned by the American Financial Services Association was cited in the committee’s critical report on the CFPB’s methodology for alleging discrimination in auto finance.
The FTC announced this week that it has reached an agreement with two Ohio dealers to settle charges that their lease advertisements violated the FTC Act and the Consumer Leasing Act’s Regulation M.
The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.
The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.
The legislation was passed by a 332-96 vote yesterday, with the bill receiving approval from 88 House Democrats.
Aside from rescinding the CFPB’s guidance on dealer participation, the legislation would add a few steps to the bureau’s guidance-writing activities.
For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.
Jeff Wyler Clarksville will repay more than 4,000 customers who paid a document fee the state attorney general said violated Indiana’s Motor Vehicle Dealer Unfair Practices Act.
In response to the state dealer association’s claims that Tesla Motors is in violation of state and federal advertising laws, the state DMV issued a warning to electric vehicle makers about adhering to such laws.
Under the approved consent order, BMW is barred from telling MINI owners that routine maintenance must be done by franchised dealers in order to ensure a vehicle’s safe operation or to maintain its value.
Four months after suing SNAAC for employing illegal debt collection practices, the CFPB has ordered the finance company to pay $3.28 million in refunds and fines to resolve the regulator's claims.
The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.
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.
Dealers and F&I professionals from across the nation gathered at the Caribe Royale Orlando on Monday, Oct. 8, for Compliance Summit 2018. Attendees enjoyed a full day of advanced training, keynotes, and networking sessions, followed by Automotive Compliance Education (ACE) certification on Tuesday.
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