Post Tagged with: "Consumer Financial Protection Bureau"

Powersports Expansion on the Road Map for Westlake

Powersports Expansion on the Road Map for Westlake

by March 28, 2017 at 11:19 am

Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting toRead More

Sparta Considers Offering Consumer Motorcycle Leases

Sparta Considers Offering Consumer Motorcycle Leases

by March 27, 2017 at 12:04 pm

There could be another powersports lessor in town if the Dodd-Frank Act is modified, lessening the burden of financial regulation. Sparta Commercial Services Inc. is considering its options to offer consumer motorcycle leases again, Chief Executive Tony Havens told Powersports Finance. “There’s an awful lot of regulation, and it’s onlyRead More

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

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

Regulators Likely to Keep Focus on Dealer Markup

Regulators Likely to Keep Focus on Dealer Markup

by December 6, 2016 at 12:30 pm

Fair lending is an area that is likely to remain “significantly” scrutinized by regulators — particularly dealer markup — despite the fact that President-elect Donald Trump’s administration could reduce certain regulatory policies, said John Redding, partner at BuckleySandler LLP. “It’s going to be interesting to see what happens under a Trump administration,”Read More

Beware of Vendor ‘Trickle-Up Effect,’ Lawyer Advises

Beware of Vendor ‘Trickle-Up Effect,’ Lawyer Advises

by November 21, 2016 at 12:21 pm

Lenders need to scrutinize their service providers closely, particularly as the powersports industry expands and more vendors enter the space, said Molly Calkins, partner of the Consumer Financial Services Practice Group at Akerman LLP. “When it comes to your vendors, beware of the ‘trickle-up effect,’” which is when a lenderRead More