Repo America Podcast: There's A New Sheriff In Town - What To Expect From The Revived CFPB
Meritas Capability Webinar - Restructuring Insolvent Airlines in the Americas: A Look at LATAM and Developments with AeroMexico and Avianca
As discussed here, in February 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) launched the auto finance data pilot and issued nine market monitoring orders to three banks, three finance companies, and three...more
A new “Auto Finance Special Edition” of the Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights was released on October 7, 2024, and it is important for those overseeing compliance in their auto...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •GOP AGs Urge Congress to Tune In and Support AM Radio in...more
On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more
On August 2, the CFPB filed a lawsuit in Georgia federal court against an auto-loan servicer alleging that the company engaged in various illegal practices that harmed consumers with auto loans. The auto-loan servicer offered...more
Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more
In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?...more
Auto finance companies and others in the auto space should take note of a recent joint letter issued by the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) about the legal protections under the...more
On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a notification letter (the “joint letter”) to “remind” auto lenders and leasing companies of the protections...more
Continuing a recent trend of highlighting potential unfair and deceptive acts or practices (UDAAP) within the auto loan servicing industry, the Consumer Financial Protection Bureau (CFPB) recently issued a new blog post...more
Compliance lawyers last summer were predicting that the Consumer Financial Protection Bureau (CFPB) would announce a robust regulatory agenda under the Biden administration, but we had not yet seen many details that allowed...more
The Consumer Financial Protection Bureau ("CFPB") announced in a press release issued in conjunction with the release of its latest Supervisory Highlights that it is concerned that financial institutions and other companies...more
The Consumer Financial Protection Bureau (CFPB) issued a release on May 2, 2022, announcing the release of its Supervisory Highlights outlining identified consumer protection violations during the second half of 2021. In...more
In February, the Consumer Financial Protection Bureau issued a compliance bulletin to the vehicle finance industry to make sure that industry participants—including and especially servicers—remember the CFPB's authority to...more
The Consumer Financial Protection Bureau (CFPB) recently issued two bulletins highlighting its concerns with business practices in the auto finance and servicing industries as a result of inflation and the potential for...more
With a new administration comes new priorities for federal agencies, and the Consumer Financial Protection Bureau (CFPB) is no different. During the Trump administration, the Bureau focused on “educating” consumers. Under...more
A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market...more
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
On February 28, the CFPB issued Bulletin 2022-4 regarding repossession of vehicles, and the potential for violations of the Dodd-Frank Act’s prohibition on engaging in unfair, deceptive, or abusive acts or practices (UDAAPs)...more
In a move intended “to thwart illegal repossessions in the heated auto market,” the CFPB has issued a compliance bulletin that describes conduct related to repossession that it has found to be an unfair, deceptive, or abusive...more
On February 28, 2022, the CFPB released a Compliance Bulletin and policy guidance entitled “Mitigating Harm from Repossession of Automobiles.” In its bulletin, the CFPB sets forth the objective of reminding market...more
On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release, highlighting an issue that the agency has written about frequently over the past several years:...more
Coming out of the COVID-19 pandemic, the auto finance industry will face a number of issues when it comes to self-help repossession following a borrower’s default. A number of jurisdictions across the country have put...more
A new CFPB chief, Rohit Chopra, was nominated by then President-elect Biden on January 18, promising to bring the CFPB back to life. What kind of action should auto lenders expect, and how will it affect the auto repossession...more
As COVID-19 continues to impact personal finances in the United States, the Consumer Financial Protection Bureau (CFPB) has ramped up enforcement actions intended to safeguard a set of borrowers not protected by the CARES...more