Post Tagged with: "regulation"

3 Best Compliance Practices for Dealer Management

3 Best Compliance Practices for Dealer Management

by March 30, 2017 at 11:23 am

As the powersports industry approaches what is considered by most a busy season, lenders will need to devote time and resources to compliance due diligence practices, with particular emphasis on dealer management and monitoring consumer complaints. Specifically, lenders must make sure their dealer partners are properly licensed and have solidRead More

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

Less Regulation Prompts Startups to Offer Leases Versus Loans

Less Regulation Prompts Startups to Offer Leases Versus Loans

by March 22, 2017 at 11:24 am

New entrant powersport financiers are more interested in leasing, versus traditional financing, thanks to fewer regulatory requirements. Startup CycleOne Financial, for example, was initially drawn to the leasing platform because “it works easier for us in terms of repossessions and structuring the contract,” President Logan Riley told Powersports Finance. “With leasing,Read 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

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