Eric Johnson, Patty Covington, and Nikki Munro located the old crystal ball, dusted it off, and looked intently at it to come up with auto sales, finance, and lease predictions for this year. Here's what they...more
HANOVER, Md. — After recent events in Kabul and the continued loss of life due to terrorism, many are left wondering what they can do and how they can help. Many have given money and other support to organizations helping the...more
10/7/2021
/ Auto Lease ,
Automotive Industry ,
Automotive Loans ,
Blocked Entities ,
Blocked Person ,
Car Dealerships ,
Economic Sanctions ,
Financial Institutions ,
Foreign Policy ,
Office of Foreign Assets Control (OFAC) ,
SDN List
Players in the auto finance industry have been watching the Consumer Financial Protection Bureau ping-pong over the last several years regarding disparate impact theories under the Equal Credit Opportunity Act. The disparate...more
Over the past year, our focus as a country and around the world has made a seismic shift toward equality, diversity, and inclusion. In some ways, the financial services industry (at least big banks) had already moved...more
Crazy times, right? Chances are you've heard this refrain numerous times over the last seven months, most notably on Zoom calls during the crushing silence of someone on the call forgetting to unmute his or her microphone....more
Of the state law defenses, unconscionability is the most often used and most effective legal justification for invalidating arbitration agreements. As a creature of state common law and state versions of the Uniform...more
2/6/2020
/ Arbitration ,
Arbitration Agreements ,
Contract Terms ,
Financing ,
Motion to Compel ,
Sales Contracts ,
Signatures ,
State Law Claims ,
Unconscionable Contracts ,
Uniform Commercial Code (UCC) ,
Validity
The Servicemembers Civil Relief Act offers servicemembers financial protections, including the ability to have interest rates reduced to 6%, when a servicemember is called to active duty after entering into a credit...more
9/6/2019
/ Active Duty ,
Borrowers ,
Community Property ,
Credit ,
Creditors ,
ECOA ,
Interest Rate Caps ,
Interest Rates ,
Loans ,
Military Service Members ,
Non-Borrower Spouse ,
Servicemembers Civil Relief Act (SCRA) ,
Spouses ,
State Regulators
In mid-April, CFPB Director Kathleen Kraninger announced a symposia series aimed at facilitating a dialogue between the Bureau, consumers, and industry on CFPB policymaking. On June 25, 2019, the Bureau held its first...more
Life under a rock has its benefits - you probably don't get many houseguests, and you're never sunburned. But there are some drawbacks, too. The main one is that you definitely don't know what's been going on out here in the...more
6/3/2019
/ Board of Directors ,
Chief Compliance Officers ,
Compliance ,
Compliance Management Systems ,
Consumer Complaint System ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Customer Information ,
Due Diligence ,
FACTA ,
Federal Trade Commission (FTC) ,
FTC Disposal Rule ,
Gramm-Leach-Blilely Act ,
Identity Theft ,
Internal Audit Functions ,
Policies and Procedures ,
Red Flags Rule ,
Safeguards Rule ,
Senior Managers ,
Vendors
In February, the U.S. PIRG Education Fund and Frontier Group, two public interest groups, published a paper entitled "Driving Into Debt: The Hidden Costs of Risky Auto Loans to Consumers and Our Communities." The paper...more
5/21/2019
/ Ability-to-Repay ,
Automotive Loans ,
Car Dealerships ,
Credit ,
E-SIGN ,
ECOA ,
High Risk Financial Products ,
Interest Rates ,
Public Interest Entities ,
Public Transportation ,
Subprime Loans ,
Truth in Lending Act (TILA) ,
Unfair Contract Terms ,
Unfair or Deceptive Trade Practices