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CFPB Dominates 2017’s Top List of Compliance Stories

Compliance has long been a hot-button topic in powersports and auto finance — especially this year as the Consumer Financial Protection Bureau remains in flux amid leadership change.

Following the resignation of Richard Cordray as director of the CFPB at the end of November, and President Donald Trump’s contested appointment of Mick Mulvaney, the bureau’s policies are in potential limbo.

There are currently 14 open enforcement matters on Mulvaney’s desk, according to The Washington Times, and Mulvaney immediately instituted a hiring and enforcement freeze at the bureau, pending reviews. All the while, Mulvaney has been battling the CFPB’s Chief of Staff Leandra English, who was appointed acting director by Cordray when he left.

Additionally, the strikedown of the bureau’s arbitration rule was another notable development in 2017. The Senate voted late in the evening on Oct. 24, to invalidate the bureau’s recently finalized arbitration rule. The joint resolution then went to the White House, where Trump signed it, officially marking the arbitration rule as dead.

As 2017 winds down, here is a look back at the top 5 compliance headlines on PowersportsFinance.com:

  1. 6 Lawsuits to Watch and Lessons Learned
  2. CFPB to Boost Regulation of Unfair Minority Lending
  3. HDFS Sued Over Alleged Harassment, Lenders Advised to Remain Compliant
  4. CFPB Continues Use of ‘Mystery Shoppers’ [VIDEO]
  5. Not All Compliance Management Systems Are Created Equal
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