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Categories: Auto Finance, Compliance, Dealer Ops, F&I
Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

https://www.fi-magazine.com/323854/reuters-u-s-senate-panel-plans-to-scrap-cfpbs-dealer-participation-guidance
Categories: Auto Finance, Compliance, Dealer Ops, F&I

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

https://www.fi-magazine.com/323851/wells-fargo-reviewing-fi-products-as-regulatory-pressure-builds

The editor wonders how regulators, including two new mini-CFPBs in Pennsylvania and Maryland, view a consumer advocacy group’s highly critical report on how...

https://www.fi-magazine.com/324496/it-is-unwise-to-lower-your-defenses
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back...

https://www.fi-magazine.com/323544/bloomberg-senate-banking-chair-closing-in-on-bipartisan-dodd-frank-rollback
Categories: Auto Finance, Dealer Ops, F&I, Showroom, Training
CFPB: Longer-Term Loans Not Having Desired Effect for Borrowers, Finance Sources

The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable....

https://www.fi-magazine.com/323532/cfpb-longer-term-loans-not-having-desired-effect-for-borrowers-finance-sources
Categories: Compliance, Dealer Ops, F&I
Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that...

https://www.fi-magazine.com/323486/ally-takes-control-of-gap-refunds

One F&I insider says there’s more to the subprime pullback than the recent uptick in delinquencies. He says regulators are the real reason finance sources...

https://www.fi-magazine.com/324491/whats-really-behind-the-subprime-pullback
Categories: Auto Finance, Compliance, Dealer Ops, F&I
House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the...

https://www.fi-magazine.com/323231/house-approves-dodd-frank-replacement-bill
Categories: Compliance, Dealer Ops
Poll: Most Voters in Battleground States Support Structural Reforms to CFPB

By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.

https://www.fi-magazine.com/323178/poll-most-voters-in-battleground-states-support-structural-reforms-to-cfpb
Categories: Compliance
Playing With Fire

Two attorneys issue a warning about a new sales trick circulating through the industry. Their advice: If it’s too good to be true, it probably is.

https://www.fi-magazine.com/310995/playing-with-fire


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