The Consumer Financial Protection Bureau dominated much of the headlines in auto finance in 2016, and several lawyers advised powersports lenders to remain cautious and diligent with compliance practices as a result.
Federal regulators continued to reach numerous consent orders and level fines against various auto lenders. Wells Fargo & Co., for example, was fined more than $24 million in September by federal regulators and $20 million by the Office of the Comptroller of the Currency for alleged violations of the Servicemembers Civil Relief Act.
However, while most powersports lenders are not as large as auto finance institutions and don’t have the same amount of resources to dedicate to compliance practices, they still need to perform regular compliance checks, according to lawyers.
As 2016 winds down, please join us in taking a look back at the top 5 compliance headlines on PowersportsFinance.com:
- CFPB Now Using ‘Mystery Shoppers’ to Test for Discrimination
- CFPB Poised to Regulate Powersports Lenders
- Regulators Likely to Keep Focus on Dealer Markup
- Beware of Vendor ‘Trickle-Up Effect,’ Lawyer Advises
- Should Powersports Lenders Prepare for CFPB Regulation?