Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution payments consumers received due to nonpublic supervisory activities during this period-plus the approximately $1.15 million in consumer remediation and $1.75 million in civil monetary penalties resulting from public enforcement actions that grew out of or were bolstered by CFPB examinations.… Continue Reading

The CFPB, together with the Federal Reserve Board and the Department of Justice, will hold a  webinar on Tuesday, August 6 on ” Indirect Auto Lending – Fair Lending Considerations.”  

This webinar is part of an ongoing series focused on consumer compliance issues. Topics to be covered include: 

  • CFPB Bulletin 2013-02: “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act (ECOA)”
  • Definition of a “Creditor” under ECOA
  • Supervisory Guidance
  • Examination Procedures
  • Public Settlements
  • Emerging Issues 

There is no charge to attend the webinar, which will take place from 8:30 am – 9:30 am Pacific time (11:30 am – 12:30 pm Eastern).… Continue Reading

It seems two major auto dealer trade groups share my doubts about whether the CFPB’s position on dealer rate participation will really help car buyers.  In a statement responding to CFPB Bulletin 2013-02,  the National Automobile Dealers Association and the National Association of Minority Automobile Dealers assert that the CFPB guidance “attempts to force auto finance sources into changing the way they compensate dealers without any indication that the Bureau has examined the effect this change could have on the cost of credit for consumers.” … Continue Reading

As we reported, apparently unbeknownst to Director Cordray, the CFPB began taking complaints about student loans and vehicle and other consumer loans on March 1. While announcing the opening of its student loan system on the home page of its website, the CFPB’s first mention of the launch of its complaint system for vehicle and other consumer loans appears to be an item posted on March 12 on the CFPB’s blog.… Continue Reading

It’s clear from the recent testimony to Congress of Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemembers Affairs, that the CFPB is looking closely at various kinds of loans made to military personnel and their family members. One category of loans on the CFPB’s hit list are private student loans to finance tuition at for-profit schools.… Continue Reading