The CFPB’s imposition of its auto lending guidelines, and use of its admittedly flawed proxy-methodology to determine discriminatory lending in auto finance, may come to an end under the GOP controlled White House and Senate. The CFPB’s current guidance, published in a March 2013 Bulletin, has been largely criticized as limiting competition and increasing interest… Continue Reading
The Consumer Financial Protection Bureau (“CFPB”) recently issued its Supervisory Highlights – Issue 12, Summer 2016 report, addressing, among other industries, automobile origination. The report reflects supervisory activity generally completed between January 2016 and April 2016 and makes it clear that there is increased scrutiny and consumer complaint activity in the auto lending industry. The… Continue Reading
Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the Department of Justice (DOJ) against Toyota Motor Credit Corporation (TMCC), an indirect auto lender, which, among other things, requires TMCC to pay $21.9 million in restitution to affected borrowers. Indirect auto lending is the most common type of auto… Continue Reading
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