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
Post Tagged with: "Consumer Financial Protection Bureau"
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 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
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
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
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
Republican Donald J. Trump pulled out the election yesterday, becoming the nation’s 45th president, but the fate of the Consumer Financial Protection Bureau, including Director Richard Cordray and the Dodd-Frank Act, remain unknown — for now.
The Consumer Financial Protection Bureau recently began using “mystery shoppers” to discreetly “test out” a company’s compliance practices, said Molly Calkins, partner of the Consumer Financial Services Practice Group at Akerman LLP. Mystery shoppers are investigators posing as consumers to apply for loans and to “test” the lender, Calkins toldRead More