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Consumer Financial Protection Bureau (CFPB) Automotive Industry

Venable LLP

CFPB Reviewing Automobile Financing Larger Participant Rule

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The Consumer Financial Protection Bureau (CFPB) is inviting comment on whether the 2015 larger participant rule for automobile financing remains the right measure of market significance. Comments are due September 22, 2025....more

Wiley Rein LLP

Wiley Consumer Protection Download (August 12, 2025)

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Federal and State Regulatory Announcements- CFPB Seeks Comment on New Thresholds for Larger Participants in the Automobile Financing, Consumer Reporting, International Money Transfer, and Debt Collection Markets. On August...more

Brownstein Hyatt Farber Schreck

CFPB Proposes Changes for Supervision of CRAs, Debt Collection, Money Markets and Auto Finance Markets

As part of ongoing efforts from the Trump administration to streamline regulatory efforts, the Consumer Financial Protection Bureau (CFPB) is proposing changes to Larger Market Participant thresholds, many of which currently...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks Comment on Proposed Rules to Scale Back Larger Participant Thresholds

Four advance notices of proposed rulemaking scheduled for publication on August 8 will solicit public comment on whether the CFPB should raise the size thresholds that determine which nonbank entities qualify as “larger...more

Morgan Lewis

Consumer Finance in the US Automotive Industry

Morgan Lewis on

As the legal environment for consumer financial services continues to shift through 2025, regulatory activity in the automotive sector has emerged as a fast-evolving area of focus for industry stakeholders. Recent...more

Hudson Cook, LLP

CFPB's Consumer Response Annual Report for 2024 Analyzes Increased Consumer Complaints

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The Consumer Financial Protection Bureau recently delivered its Consumer Response Annual Report for 2024, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The report includes analyses of...more

Troutman Pepper Locke

Cruising Through Change: The Auto-Finance Industry’s New Era Under Trump Unveiled — The Consumer Finance Podcast

Troutman Pepper Locke on

In this special crossover episode between Moving the Metal and The Consumer Finance Podcast, Brooke Conkle, Chris Capurso, and Chris Willis analyze the first 100 days of the second Trump administration, focusing on its impact...more

Troutman Pepper Locke

Cruising Through Change: The Auto-Finance Industry’s New Era Under Trump Unveiled — Moving the Metal: The Auto Finance Podcast

Troutman Pepper Locke on

In this special crossover episode between Moving the Metal and The Consumer Finance Podcast, Brooke Conkle, Chris Capurso, and Chris Willis analyze the first 100 days of the second Trump administration, focusing on its impact...more

Orrick, Herrington & Sutcliffe LLP

CFPB drops in-house suit against motor vehicle company financial arm

On May 12, the CFPB terminated a consent order against a credit financing arm of a large motor vehicle company for violations related to the CFPA and FCRA. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks withdrawal from auto finance suit

On April 24, the CFPB filed a memorandum in support of a consent motion to withdraw as a plaintiff in its enforcement action in the U.S. District Court for the Southern District of New York. The case involves the CFPB and the...more

Brownstein Hyatt Farber Schreck

CFPB Drops Indirect Lending Case

On April 22, the Consumer Financial Protection Bureau (CFPB) requested the U.S. District Court for the Southern District of New York to remove the bureau as a plaintiff in CFPB v. Credit Acceptance Corporation, a case that...more

Troutman Pepper Locke

Shifting Gears: Adapting to Regulatory Changes in Auto Finance — Moving the Metal: The Auto Finance Podcast

Troutman Pepper Locke on

In this episode of Moving the Metal, Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group discuss what dealerships and auto finance companies should prioritize amidst...more

Hudson Cook, LLP

The State Consumer Protection Beat: State AGs Kick Off 2025 with a String of Actions and Support for the CFPB

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The first two months of 2025 were filled with numerous consumer protection actions by state AGs against vehicle dealers and players in the mortgage space, among others. ...more

Troutman Pepper Locke

California Introduces Its Version of the CARS Act Signaling a New Wave of State Regulation for Auto Dealers

Troutman Pepper Locke on

In a move that could significantly impact the auto retail industry, California has introduced Senate Bill 766, known as the California Combating Auto Retail Scams (CARS) Act. Introduced by Senator Benjamin Allen (D) on...more

Hinshaw & Culbertson - Consumer Financial...

FTC Finalizes Significantly Narrowed Junk Fees Rule – Initial Takeaways Applicable to the Auto Industry

On December 17, 2024, the Federal Trade Commission (FTC) issued its final trade regulation rule, "Rule on Unfair or Deceptive Fees," commonly referred to as the "Junk Fees Rule." We review the significance of the Final Rule...more

Cooley LLP

CFPB Reveals Auto Financing and Servicing Concerns in Latest Report

Cooley LLP on

On October 7, 2024, the Consumer Financial Protection Bureau (CFPB) released its most recent Supervisory Highlights report, which largely focuses on auto finance issues identified in examinations completed by the CFPB between...more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

Ballard Spahr LLP on

In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Ballard Spahr LLP

CFPB issues report on negative equity in auto financing

Ballard Spahr LLP on

A new CFPB report, “Negative Equity in Auto Lending,” contains an analysis of data relating to the financing of negative equity in vehicle trade-ins. The report uses data collected by the CFPB in response to nine market...more

Ballard Spahr LLP

Update on Petition to Review FTC’s CARS Rule

Ballard Spahr LLP on

Petitioners in the challenge to the Federal Trade Commission’s (“FTC”) Combating Auto Retail Scams Rule (“CARS Rule”) filed their Petitioners’ Brief on March 15, 2004 in support of their petition for review, and a who’s who...more

Ballard Spahr LLP

CFPB seeks approval for new auto finance data collection

Ballard Spahr LLP on

The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The CARS Rule: What You Need To Know About the Federal Trade Commission’s Final Motor...

Ballard Spahr LLP on

Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance...more

Morgan Lewis

FTC’s Final ‘Cars Rule’ on Dealer Sales Practices: Implications for Banks, Auto Finance, and ‘captives’

Morgan Lewis on

The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more

Wiley Rein LLP

Wiley Consumer Protection Download (December 18, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Sheppard Mullin Richter & Hampton LLP

FTC and Wisconsin DOJ Agree to $1.1M Settlement with Auto Dealers over Unlawful Junk Fees and Discrimination Against American...

On October 24, the FTC and the Wisconsin Department of Justice (DOJ) announced a $1.1 million settlement with a group of Wisconsin auto dealers for allegedly charging customers illegal junk fees and unlawfully discriminating...more

Goodwin

CFPB Reports Troubling Trends in Auto Loan Servicing

Goodwin on

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued a new Supervisory Highlights report (Report) that sheds light on the CFPB’s observations and findings of unfair, deceptive, and abusive practices in...more

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