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Consumer Financial Protection Bureau (CFPB) Automotive Loans

Wiley Rein LLP

Wiley Consumer Protection Download (October 15, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

McGlinchey Stafford

CFPB Issues Auto Finance Supervisory Highlights Sharing Marketing, Servicing, and Add-on Findings

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A new “Auto Finance Special Edition” of the Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights was released on October 7, 2024, and it is important for those overseeing compliance in their auto...more

Cooley LLP

CFPB Reveals Auto Financing and Servicing Concerns in Latest Report

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On October 7, 2024, the Consumer Financial Protection Bureau (CFPB) released its most recent Supervisory Highlights report, which largely focuses on auto finance issues identified in examinations completed by the CFPB between...more

Ballard Spahr LLP

CFPB focuses on auto finance practices in latest Supervisory Highlights

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On October 7, the CFPB released the Fall edition of its Supervisory Highlights, “Special Edition Auto Finance,” focusing on the auto finance market. The report highlights various supervisory observations and enforcement...more

Sheppard Mullin Richter & Hampton LLP

CFPB Supervisory Highlights Target Auto Finance Missteps

On October 7, the CFPB announced the release of a special edition of its Supervisory Highlights, focused on the agency’s most recent findings in auto financing. The CFPB’s Supervisory Highlights cover select examinations...more

Troutman Pepper

CFPB’s Fall Edition of Supervisory Highlights Focuses on Auto-Finance Market

Troutman Pepper on

On October 7, the Consumer Financial Protection Bureau (CFPB or Bureau) published the Fall edition of its Supervisory Highlights, focusing on examinations of the auto-finance market completed between November 1, 2023, and...more

Orrick, Herrington & Sutcliffe LLP

CFPB granted default judgment against auto loan servicer

On August 28, the U.S. District Court for the Northern District of Georgia entered an order and opinion granting the CFPB a default judgment in a case against an auto loan servicer (the defendant)....more

Hudson Cook, LLP

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

Hudson Cook, LLP on

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Sheppard Mullin Richter & Hampton LLP

New Hampshire Updates Motor Vehicle Retail Installment Act: What Lenders Need to Know

On August 2, New Hampshire passed House Bill 1243 (the “Bill”), which substantially amends its Motor Vehicle Retail Installment Sales Act (the “Act”). The Bill is effective as of August 2....more

Troutman Pepper

Loans, Retail Installment Contracts, and Refinancing Programs — Moving the Metal: The Auto Finance Podcast

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In this episode, Brooke Conkle and Chris Capurso delve into the topic of refinancing and its impacts on the auto finance industry. They are joined by special guest Jason Cover, who provides insights and education on retail...more

Troutman Pepper

The CFPB’s Report on Negative Equity in Auto Lending - Moving the Metal: The Auto Finance Podcast

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In this episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Consumer Financial Protection Bureau’s (CFPB) new report on negative equity in auto lending. This report, the first of...more

Goodwin

CFPB Enters Into Consent Order with Bank Resolving Allegations of Force-Placed-Insurance

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On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national bank, resolving allegations related to the bank’s auto lending practices....more

Sheppard Mullin Richter & Hampton LLP

Latest CFPB Supervisory Highlights Focus on Transparency in Debt Collection Practices

On July 2, the CFPB released its Summer 2024 Supervisory Highlights, which focused on the servicing and collection of consumer debt. The report shared key findings from recent supervisory examinations of auto and student loan...more

Ballard Spahr LLP

CFPB issues report on negative equity in auto financing

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A new CFPB report, “Negative Equity in Auto Lending,” contains an analysis of data relating to the financing of negative equity in vehicle trade-ins. The report uses data collected by the CFPB in response to nine market...more

Troutman Pepper

CFPB Report Foreshadows Increased Scrutiny of Negative Equity in Auto Lending

Troutman Pepper on

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report on the state of negative equity in auto lending. The CFPB says it found that financing negative equity creates increased risks for...more

Troutman Pepper

Auto Finance – CFPB Circular Release — The Consumer Finance Podcast

Troutman Pepper on

In this special episode, Brooke Conkle and Chris Capurso discuss a recently released circular from the Consumer Financial Protection Bureau (CFPB) on consumer contracts. They are joined by special guest Caleb Rosenberg, who...more

Troutman Pepper

CFPB Announces “Payday Loan” Rule to Take Effect Next Year

Troutman Pepper on

Last Week, the Consumer Financial Protection Bureau (CFPB) announced that its so-called “Payday, Vehicle Title and Certain High-Cost Installment Loans” rule (Rule) will go into effect on March 30, 2025. While ostensibly aimed...more

Troutman Pepper

FTC Issues 2023 Staff Report on Actions Related to Credit, Leases, and Electronic Fund Transfers

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On May 28, the Federal Trade Commission (FTC) released its annual report to the Consumer Financial Protection Bureau (CFPB) detailing enforcement and educational activities undertaken in 2023. The report pertains to actions...more

Troutman Pepper

Auto Finance – The CFPB Complaints Report — The Consumer Finance Podcast

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Troutman Pepper attorneys Brooke Conkle and Chris Capurso helm this episode to discuss the Consumer Financial Protection Bureau's (CFPB) recent annual report on consumer complaints for 2023. Although the report primarily...more

Ballard Spahr LLP

Update on Petition to Review FTC’s CARS Rule

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Petitioners in the challenge to the Federal Trade Commission’s (“FTC”) Combating Auto Retail Scams Rule (“CARS Rule”) filed their Petitioners’ Brief on March 15, 2004 in support of their petition for review, and a who’s who...more

Troutman Pepper

CFPB Annual Report Sees Continued Increase in Consumer Reporting Complaints and Complaints Involving Fraudulent Activity, Student...

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On March 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Consumer Response Annual Report, providing a high-level overview of the 1,657,600 consumer complaints received by the Bureau from January 1...more

Troutman Pepper

Comment Period on CFPB’s Auto Finance Data Project Closing Soon

Troutman Pepper on

Comments on the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposal to collect data from auto finance businesses that acquire or originate as few as 500 financing transactions a year are due by March 25, 2024....more

Ballard Spahr LLP

Military Lending Act violations alleged against title lender in Georgia class action

Ballard Spahr LLP on

A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more

Sheppard Mullin Richter & Hampton LLP

CFPB Ramps Up Auto Finance Scrutiny: A Look at the New Data Collection Initiative

In a move to bridge significant data gaps identified through its February 2023 Auto Finance Data Pilot where it sent information requests to nine large auto lenders about their lending portfolios, the Consumer Financial...more

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