At the beginning of 2024, Nevada began to require companies that service student loans to obtain a license and comply with numerous operational requirements. The law also regulates companies that make or hold private...more
12/11/2024
/ Consent ,
Department of Financial Services ,
Electronic Communications ,
Financial Services Industry ,
Financial Statements ,
License Applications ,
Licenses ,
Nevada ,
Private Lenders ,
Student Loan Servicers Regulation ,
Student Loans
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
10/16/2024
/ Add-ons ,
Advertising ,
Annual Percentage Rate (APR) ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Financial Services Industry ,
Financing ,
Repossess
On August 2, 2024, the Illinois governor signed SB 86 into law to amend the Illinois Know Before You Owe Private Education Loan Act and the Illinois Student Loan Servicing Rights Act. Establishing new requirements that will...more
In this installment of the More with McGlinchey #WhyMcGlinchey podcast series, Member Kelly Lipinski talks with Director of Talent Acquisition Margeaux Roush about why she has chosen to grow her career here at McGlinchey....more
While it is not novel to see administrator registration requirements for vehicle service contracts or other vehicle protection products, Oklahoma recently enacted SB 541 which now requires the registration of debt waiver...more
On May 6, 2024, Florida enacted SB 902, clearing the way for dealers to sell excess wear and use waivers on leases and vehicle value protection agreements. The bill, which will take effect on October 1, 2024, makes Florida...more
An issue that continues to captivate the electric vehicle manufacturing and financing industry is state law that prevents vehicle manufacturers from directly selling vehicles to buyers.
In many states, a vehicle must be...more
On April 3, the Consumer Financial Protection Bureau published a policy statement on abusive practices. As readers know, the bureau has authority to supervise and enforce acts and practices that are unfair, deceptive or...more
Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more
Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more
5/27/2022
/ Abusive Acts ,
Banking Sector ,
Borrowers ,
False Statements ,
Financial Institutions ,
Intent to Defraud ,
Licenses ,
Loan Servicer ,
Predatory Lending ,
Savings and Loan Companies ,
Student Loans
Members of the auto finance industry continue to have a strong appetite for developing their digital origination and servicing platforms. Much of the industry also has a desire to use data in novel and creative ways to...more
On January 18, 2022, the Federal Trade Commission (FTC) issued an advisory opinion (the FTC Opinion) to clarify that the FTC’s Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses (the Holder Rule),...more
The Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) direct supervisory authority over any institution that engages in private education lending, regardless of whether the lender is a depository institution...more
On April 21, 2021, the Eleventh Circuit Court of Appeals held that: i) a violation of the Fair Debt Collection Practice Act’s (FDCPA) prohibition against communicating with a third-party in connection with the collection of a...more
Auto finance companies, like all businesses, love the opportunity to partner with other companies to obtain new customers. A popular tool to do so is through lead generation websites and companies that offer to help find...more
3/25/2021
/ Advertising ,
Automotive Loans ,
Digital Marketplace ,
Facebook ,
Federal Trade Commission (FTC) ,
Google ,
Lead Generators ,
Lenders ,
Online Advertisements ,
Pay-To-Play ,
Targeted Digital Advertising ,
Triggering Event
On January 14, 2021, the governor of Massachusetts signed H 5250 into law, which includes a licensing requirement applicable to student loan servicers, and other requirements related to the regulation and supervision of...more
The COVID-19 pandemic and its economic consequences have dramatically affected the auto finance industry. The pandemic has presented challenges and opportunities for auto finance lenders that will require accommodation in...more
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Rule) amending Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The Rule modernizes requirements...more
11/17/2020
/ Cease and Desist ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Default ,
Dodd-Frank ,
Email ,
FDCPA ,
Federal Register ,
Safe Harbors ,
Social Media ,
Student Loans ,
Text Messages ,
UDAAP
On July 30, 2020, the Federal Trade Commission (FTC) issued a Bureau of Consumer Protection Staff report titled Buckle Up: Navigating Auto Sales and Financing. The report includes findings from the FTC’s April 2017 study and...more
8/4/2020
/ Advertising ,
Automotive Industry ,
Bureau of Consumer Protection ,
Car Dealerships ,
Cars ,
Contract Terms ,
False Advertising ,
Federal Trade Commission (FTC) ,
Incentives ,
Motor Vehicles ,
Payment Terms ,
Salespersons ,
Unfair or Deceptive Trade Practices
Regulatory uncertainty remains one of the most significant challenges to finance companies that want to develop creative and innovative products and services. Federal and state agencies have implemented policies to facilitate...more