It appears that the Consumer Financial Protection Bureau’s (CFPB) controversial indirect auto initiative may be over. Before the holidays, the CFPB issued a blog post setting forth its fair lending priorities for 2017. It identified those priorities as Redlining, Mortgage and Student Loan Servicing, and Small Business Lending. Not only was indirect auto lending not listed, but the CFPB appeared to go out of its way to indicate it was moving away from this issue.
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Auto Lending
Happy Birthday CFPB
By Ori Lev & Stephanie C. Robinson on
Posted in Arbitration, Auto Lending, Consumer Financial Protection Bureau (CFPB), Enforcement, Fair Credit Reporting Act, Fair Lending, Mortgage Loan Origination, Mortgage Loan Servicing, Payment Systems, Real Estate Settlement Procedures Act (RESPA)/Regulation X, Student Loans, Truth in Lending Act/Regulation Z, UDAAP
The Consumer Financial Protection Bureau (CFPB) marks its fifth birthday having made a substantial mark on the consumer financial services marketplace. To mark this event, we have compiled a retrospective of the CFPB’s first five years. The retrospective provides an overview of the CFPB’s actions in the realms of rulemaking, supervision, and enforcement. While it …
Auto Lenders Take Note: Key Takeaways from the CFPB’s Recent Auto Financing Publications
By Ori Lev & Anjali Garg on
It has been a busy June for the Consumer Financial Protection Bureau (CFPB) in the auto lending space. On June 9, the CFPB released a “Know Before You Owe” shopping sheet for auto loans. On June 27, the CFPB published a report entitled “Consumer Voices on Automobile Financing” (the “Auto Financing Report”). This report contains information on consumers’ challenges in obtaining and understanding auto financing based on focus groups with consumers and narrative consumer complaints. On June 28, the CFPB released its monthly complaint snapshot highlighting consumers’ complaints on auto lending. In the midst of this, the CFPB also published a series of blog posts directed at consumers on how to shop for auto loans.
Although the majority of the CFPB’s documents and articles are focused on consumers, direct and indirect auto lenders can learn from the CFPB’s guidance. Before you drive away for the long weekend, here are some key highlights from the CFPB’s recent slew of auto financing information:
Continue Reading Auto Lenders Take Note: Key Takeaways from the CFPB’s Recent Auto Financing Publications