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Tag: cfpb
CFPB in chaos as chief refuses to step aside for Trump's man
2017-11-27 16:35:38| BBC News | Business | UK Edition
President Trump's pick and a director who refuses to step aside send duelling emails to employees.
Everyone is Approved: Sub Prime Auto Loan Strategy Under Siege by John Oliver, CFPB, Wall Street, and Growing Diligence of BHPH Dealers
2016-12-07 23:26:19| AutomotiveDigest.com - Automotive Industry News
Situation with Sub Prime Auto Lending: 86% of people get to work by car: A Must to hold down job; Over 25% of auto loans are high risk hence high interest rate 19% is average sub prime interest rate for up to 7 years 30% of subprime auto loans default so repo & re-loan cycle Significance of Where the Industry is & is going: Tired & aged used cars are sold & financed multiple times Industry has a Scam-Extraction Economy Image/Reputation Sub Prime Finance Bubble may be coming; Repeat of home loans BHPH dealers seize opportunity with less down & longer terms CFBP is seeking to police the sub prime market Reputable Sub Prime auto lenders & dealers seek to do it right Sit back & standby to watch a very entertaining, engaging, & timely video.
House Votes to Protect Indirect Auto Lending Against CFPB
2016-01-27 07:00:45| Auto Dealers - Topix.net
On November 18, 2015, the House of Representatives passed the Reforming CFPB Indirect Auto Financing Guidance Act by a vote of 332 to 96. Although the Act has not received much fanfare, its aim is significant: proponents hope the Act will limit the CFPB's broad authority regarding indirect auto financing. Specifically, the legislation directs the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to: Make available to the public, including on the website of the Bureau, all studies, data, methodologies, analyses and other information relied on by the Bureau in preparing such guidance.
Tags: house
auto
protect
votes
CFPB announces consent order with buy-here pay-here used car dealer
2016-01-27 02:17:53| Auto Dealers - Topix.net
The CFPB has announced that it has entered into a consent order with a Colorado buy-here pay-here used car dealer to settle charges that the dealer's sales and advertising practices violated the Truth in Lending Act and the Consumer Financial Protection Act prohibition of unfair, deceptive, or abusive acts or practices. The consent order requires the dealer to pay $700,000 in restitution and imposes a civil penalty of $100,000 which is suspended based on the dealer's inability to pay.
Tags: order
car
consent
dealer
One-Two Punch: CFPB Indirect Auto and Add-On Product Orders
2015-09-30 07:07:38| Auto Dealers - Topix.net
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices. Indirect Auto Settlement: The joint CFPB and DOJ auto-lending enforcement action continues the Bureau's campaign to regulate auto dealer markups via lender enforcement actions.
Tags: product
auto
orders
indirect