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CFPB Issues Guidance Warning Creditors Using AI Not to Merely “Check the Box” on Adverse Action Forms
On September 19, 2023, the Consumer Financial Protection Bureau issued Consumer Financial Protection Circular 2023-03 that expressly addresses the legal compliance requirements imposed by...
CFPB’s Summer Supervisory Highlights – A Cornucopia; There’s Something for Everyone
The Consumer Financial Protection Bureau (CFPB) recently issued its Supervisory Highlights for Summer 2023 in connection with examinations they completed from July 1, 2022,...
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 Toes from a Dealership Partner with Two Left Feet
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...