Beware! The Fair Lending Bear Awakens from Its Slumber
The Equal Credit Opportunity Act and its implementing Regulation B (collectively, "ECOA") prohibit discrimination against protected classes (e.g., race, national origin, gender, age, etc.)...
CFPB Issues Market-Monitoring Orders in Auto Finance Data Pilot
The Consumer Financial Protection Bureau recently issued market-monitoring orders to nine large auto creditors to provide information about their auto "lending" portfolios.
The nine auto...
FTC Charges Dealer Group with ‘Unfair Discrimination’ and Charging ‘Junk Fees’
The Federal Trade Commission (FTC) has had a target on auto dealers for a couple of years now and has recently brought another case...
Prepare Now for New FTC Regulations
Now that the comment period is closed for the proposed changes to the Federal Trade Commission regulations, the retail automotive industry is waiting to...
It Takes Two to Tango: Steps a Finance Company Can Take to Protect Its...
Finding a good dance partner can be difficult. If all goes well, your and your partner's steps and turns are in sync, and you...
A Failure to Plan Is a Plan to Fail: Developing a Written Incident Response...
On October 27, 2021, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The changes require financial institutions, including auto dealers...
Time to Pull Out the Trusty Old Crystal Ball
In our article in the December 2021 issue of Spot Delivery reviewing the predictions we made early in 2021, we promised to provide you...
CFPB Sues Software Company for Providing Substantial Assistance
The Consumer Financial Protection Bureau (CFPB) recently filed a lawsuit in federal district court accusing a California-based software company and its founder, owner, and...
Learning from the Mistakes of Others— CFPB’s Summer 2021 Supervisory Highlights
Most creditors find 100 percent regulatory compliance to be an elusive goal, and auto-secured creditors are no exception. My clients often say to me,...
Statutes of Limitations: Some Guidance for Vehicle Finance from the Ninth Circuit
Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting...