Post Tagged with: "compliance"

Know Before You Owe: Regulatory Lessons Learned From Auto Finance

Know Before You Owe: Regulatory Lessons Learned From Auto Finance

by February 23, 2017 at 11:00 am

At the very least, lenders should identify who in the organization is responsible for compliance, and dedicate as many resources as possible toward creating a compliance system that management deems appropriate for the company’s size, complexity, and consumer risk profile, David E. Gemperle, partner at Nisen & Elliott LLC, toldRead More

Twitter Chat Results: What’s the Deal With Dealer Training?

Twitter Chat Results: What’s the Deal With Dealer Training?

by February 20, 2017 at 11:17 am

Dealer training — or lack thereof — is a major challenge for powersports industry leaders, but in what areas is dealer training lagging? Where is the greatest need within the F&I office? These were the penultimate questions during the Powersports Finance Twitter Chat on Friday. Experts weighed in on whatRead More

HDFS Sued Over Alleged Harassment, Lenders Advised to Remain Compliant

HDFS Sued Over Alleged Harassment, Lenders Advised to Remain Compliant

by February 10, 2017 at 12:24 pm

Harley-Davidson Financial Services is being sued over alleged telephone harassment, which serves as a reminder to powersports lenders that when a consumer revokes consent for phone calls, the financial institution must comply immediately, said Molly Calkins, partner of the Consumer Financial Services Practice Group at Akerman LLP. Michael Oliver, basedRead More

CFPB to Boost Regulation of Unfair Minority Lending

CFPB to Boost Regulation of Unfair Minority Lending

by January 17, 2017 at 11:30 am

Principles regarding redlining — the practice of denying services or loans to particular people based on race or ethnicity — are expected to be applied to powersports and auto finance, particularly as the Consumer Financial Protection Bureau has honed in on redlining as one of its top fair lending priorities forRead More

MotoLease Utilizes New Online Help Center to Track Complaints

MotoLease Utilizes New Online Help Center to Track Complaints

by January 13, 2017 at 11:30 am

MotoLease LLC wants to track consumer complaints more effectively — so it added an online Help Center to its website, as part of its continued effort to spur customer and dealer relations, Managing Partner Emre Ucer told Powersports Finance. “If we are doing something that isn’t perfect, we want to have a betterRead More

Powersports Finance’s Top 5 Compliance Stories of 2016

Powersports Finance’s Top 5 Compliance Stories of 2016

by December 29, 2016 at 11:30 am

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 &Read More

Keep Ahead of Credit Card Compliance Issues

Keep Ahead of Credit Card Compliance Issues

by December 21, 2016 at 12:40 pm

Powersports manufacturers should pay attention to compliance issues under the Truth in Lending Act and the CARD Act, particularly if they are considering partnering with revolving credit providers that might trickle into the space soon, said John Redding, partner at BuckleySandler LLP. Partnering or operating in the revolving credit space couldRead More

Lenders Should Reevaluate Repo Notices

Lenders Should Reevaluate Repo Notices

by December 15, 2016 at 12:15 pm

Powersports lenders need to be cautious and constantly “reevaluate” repossession practices, particularly in relation to the Servicemembers Civil Relief Act, following the recent case against Wells Fargo & Co., said John Redding, partner at BuckleySandler LLP. The SCRA is an area that compliance is expected, regardless of the company’s sizeRead More