Last week, the Federal Trade Commission (FTC) and the State of Arizona announced a joint action against Coulter Motor Company, an Arizona-based motor vehicle dealership, and its former general manager, for allegedly engaging...more
8/19/2024
/ Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
CARS Rule ,
Consumer Fraud ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Race Discrimination ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
On October 24, the Federal Trade Commission (FTC) and the Wisconsin Department of Justice announced a settlement with Wisconsin auto dealer group Rhinelander Auto Center, Inc. (Rhinelander), its current and former owners, and...more
10/27/2023
/ Add-ons ,
Auto Lease ,
Car Dealerships ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Contracts ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Native American Issues ,
Race Discrimination ,
Settlement ,
Unfair or Deceptive Trade Practices
When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more
9/21/2023
/ Algorithms ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Creditors ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Lack of Specificity ,
Lenders ,
Machine Learning ,
Regulation B
As discussed here and here, in October 2022, the Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group...more
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule updating, among other things, the model form for the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights and information that must be...more
The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose...more
On September 1, the Consumer Financial Protection Bureau (CFPB) issued a 900+ page notice of proposed rulemaking (NPRM) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank...more