This past Wednesday the House Committee on Financial Services’ Subcommittee on Oversight and Investigations held a hearing titled “Examining Discrimination in the Automobile Loan and Insurance Industries.” As the Majority Staff’s Hearing Memo noted, auto loan debt is the third largest category of household debt, after mortgages and student loans, and Americans now owe $1.26

This week, two House Financial Services Subcommittees will hold hearings.

Tomorrow afternoon at 2:00PM ET, the Consumer Protection and Financial Institutions Subcommittee will convene a hearing entitled, “Ending the Debt Traps in the Payday and Small Dollar Credit Industry.”

On Wednesday, May 1 at 10:00AM ET, the Oversight and Investigations subcommittee will convene a

In this podcast, we take a close look at the CFPB’s findings on ancillary product refunds by auto loan servicers in the event of total loss or repossession, consider such findings’ implications for early payoffs and a servicer’s duty to request refunds, and share observations on how the CPPB’s use of its UDAAP authority has

On March 7, New Jersey Attorney General Gurbir S. Grewal and the Division of Consumer Affairs announced the filing of a lawsuit against two “Buy Here-Pay Here” auto dealerships and their owner for allegedly unconscionable and deceptive lending practices.

The complaint alleges that defendants sold high-mileage, used autos at grossly inflated prices with excessive down

Yesterday, the CFPB released the Winter 2019 edition of its Supervisory Highlights.  The report discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances.  In this blog post, we focus on the Bureau’s findings relating to auto loan servicing.  (We will discuss the Bureau’s other findings

Early last year, several trade groups, including the National Automotive Dealers Association (NADA), sent letters petitioning the Department of Defense (DoD) to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act (MLA) final rule and its December 2017 amendments.  Q&A 2 has generated much uncertainty

New York has enacted legislation that requires creditors to provide new disclosures when using devices to remotely disable vehicles, commonly referred to as “kill switches.”  The new law took effect immediately upon its signing by Governor Cuomo on October 2, 2018.

First, the law amended New York’s Uniform Commercial Code to add a definition for

In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018.  In our blog post, we highlighted a new requirement (which appeared to be unprecedented), for sales finance companies to acquire and maintain information about the ethnicity, race, and sex

If you’ve followed the status of the CFPB’s enforcement actions under the Equal Credit Opportunity Act related to auto dealer finance charge participation, you probably would have concluded that those cases are unlikely to resurface.  Not only did Congress override the CFPB’s Bulletin describing the underlying legal theory, but then the Bureau’s new leadership made

The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership.  The Bureau’s most recent prior Supervisory Highlights report was its Summer 2017 edition, which was issued in September 2017.

On October 10, 2018, from 12 p.m. to 1 p.m.