If you’re wondering where all those pesky rules and regulations come from, look no further than the dealer down the street.
The Consumer Financial Protection Bureau used its field hearing today to issue its proposed rule targeting what Director Richard Cordray called “payday debt traps.”
Republican Presidential candidate Donald Trump told Reuters he would release a plan in about two weeks for overhauling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
A report form the CFPB found that about 20% of auto title loan borrowers end up having their car or truck seized by the lender for failing to repay their debt. Eighty percent fall into a debt trap, with more than 66% having to take out seven or more consecutive loans to fully repay their debt.
At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.
The CFPB has found an unexpected foe in Eric Schneiderman, an activist attorney general who believes arbitration is ‘efficient and effective.’
Organizers of Compliance Summit, a series of regional events dedicated to front-end compliance for dealers and dealership management, announced that events will be held in Tampa and Las Vegas this year following stops in Chicago and Austin, Texas, in 2015.
Countless examples prove that dealer advertising is an easy target for regulators.
Republicans were expected to lash out at the CFPB during its semi-annual report to Congress, but there were a few unexpected critics from the other side of the aisle as well.
The Texas Plain Language Law will mandate that auto finance contracts be written at an 11th-grade reading level by 2017.
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