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Consumer Financial Protection Bureau (CFPB) › Automotive Loans › Settlement

Orrick, Herrington & Sutcliffe LLP

CFPB seeks withdrawal from auto finance suit

Orrick, Herrington & Sutcliffe LLP on

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

Sheppard Mullin Richter & Hampton LLP

CFPB Dismisses Two Actions Against Student Loan Trusts and Subprime Auto Lender 

Sheppard Mullin Richter & Hampton LLP on

The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Hudson Cook, LLP

Compliance: Setting up a Preventative Maintenance Compliance Budget

Hudson Cook, LLP on

Prioritizing compliance with federal and state law may be the last item on your never ending to-do list. Most days, you have bigger fish to fry - you want to increase sales and decrease overhead. However, a small investment...more

Goodwin

State Attorneys General Settle with National Bank for $575 Million over Auto and Mortgage Lending Practices

Goodwin on

On December 28, 2018, the Attorneys General (AGs) of all 50 states and the District of Columbia announced a settlement totaling $575 million with a national bank as the result of a coordinated investigation by the States. The...more

Goodwin

CFPB and OCC Settle with National Bank for $1 Billion Over Auto and Mortgage Lending Practices

Goodwin on

On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)? and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action...more

Goodwin

House Republicans Level Another Blow at CFPB’s Auto-Lending Policies

Goodwin on

Scrutiny of the CFPB’s auto-lending supervision and enforcement practices was renewed last week when Republicans on the U.S. House of Representatives Committee on Financial Services issued another scathing report criticizing...more

MoFo Reenforcement

One-Two Punch: CFPB Indirect Auto and Add-On Product Orders

MoFo Reenforcement on

The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more

K&L Gates LLP

Ally Auto Lending Discrimination Settlement: What it Means for Indirect Auto and Other Lenders

K&L Gates LLP on

The historic $98 million auto lending discrimination settlement between Ally Financial and Ally Bank (collectively, “Ally”), and the United States Department of Justice (“DOJ”) and Consumer Financial Protection Bureau...more

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