Insights / eventsInsights
Insights / events

Presentation

Auto Finance Regulatory Landscape: Recent Developments & What to Expect

Read Time: 1 min

With increasing regulatory and compliance requirements, lenders need to understand regulator priorities and be prepared for what’s on the horizon.

On Monday, March 27, 2023, Mark Edelman (Cleveland) will participate in a panel hosted by the Consumer Bankers Association at CBA LIVE 2023 in Las Vegas to explore recent hot topics within the auto lending regulatory landscape.

The panel will discuss:

  • The CFPB’s supervision and policy focus, enforcement priorities, and recent actions;
  • Perspectives on the proposed FTC dealer trade rule and implications for lenders;
  • What the future looks like in the areas of fair lending, rate caps, servicing, and voluntary protection products; and
  • The most recent state-level regulatory actions.

CBA LIVE is a retail banking industry event where senior bankers and industry leaders gather from across the country to learn new trends and share ideas with the most influential decision-makers in the business. 

Learn more.

Insights

Published Article

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

April 4, 2023

Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the CFPB recently issued a special edition of its Supervisory Highlights, which outlines such fees it uncovered in various industries, including auto servicing.

Alert

What Mortgage Servicers Need to Know About CFPB’s Junk Fees Update

March 24, 2023

In early March 2023, the Consumer Financial Protection Bureau (CFPB) issued a special edition of its Supervisory Highlights that focused exclusively on “junk fees” uncovered in various supervisory examinations in various industries, including mortgage servicing. This continued focus on junk fees is unsurprising given the priorities of the Biden Administration to curb the use of fees charged to consumers for goods and services.

In the Media

HyreCar Files for Bankruptcy, Prepares for Sale

March 2, 2023

Member Ed Whitson (Jacksonville) was interviewed by Auto Finance News about HyreCar's bankruptcy filing. Ed discussed what this filing means for HyreCar, how companies can use bankruptcy as a tool, and what we can expect from bankruptcies in the coming year.

Alert

Taking the Case: SCOTUS to Decide Constitutionality of CFPB

February 27, 2023

Today, the Supreme Court of the United States granted the petitions for writs of certiorari filed in CFPB et. al. v. Com. Fin. Services Assn., where a panel of the United States Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau (CFPB)’s funding mechanism is unconstitutional, and ultimately invalidated the payday lending rule at issue in that case. The Community Financial Services case is the latest in a long line of challenges to the Bureau itself that could have a wide ranging impact on businesses and entities subject to the CFPB’s authority.  

Alert

CFPB Proposes Databases Highlighting UDAAP Judgments, Form Contract Provisions

February 15, 2023

Continuing its trend of aggressive oversight over financial institutions, the CFPB has recently announced proposals to create two publicly accessible databases that, it says, will highlight alleged bad actors, identify systemic unfair and deceptive acts and practices (UDAAP), and increase market transparency and regulatory oversight. This article provides an overview of each proposed registry alongMore

Presentation

Compliance Matters, Including Preparing for Regulatory Examinations

October 26, 2022

Mark Edleman (Cleveland) will lead a roundtable discussion "Compliance Matters, Including Preparing for Regulatory Examinations" on October 26, 2022, at the 2022 Auto Finance Summit in Las Vegas, Nevada. The Auto Finance Summit is the Premiere event for those in the auto finance industry to learn and network.

Published Article

FTC’s Proposed Dealer Trade Rules Sets Sights on “Add-on” Product Sales

August 12, 2022

On July 13, 2022, the FTC’s proposed Motor Vehicle Dealers Trade Regulation Rule, was published in the Federal Register. The FTC’s stated purpose of the proposed rule is to "protect consumers and honest dealers by making the car-buying process more clear and competitive". More specifically, the FTC believes consumers do not know the true cost of the vehicle they purchase and finance, and that consumers unknowingly purchase or are tricked into purchasing Add-on products without knowing its costs, benefits, that the Add-on products are optional, or that they are even purchasing Add-ons for the vehicle at all.

Presentation

Edelman to Speak at 2022 Auto Finance Risk Summit

April 26, 2022

Cleveland Member and Chair of McGlinchey's national Consumer Financial Services Compliance team Mark Edelman will participate in two panels during the upcoming Auto Finance Risk Summit in San Diego.

Alert

No More Cap on Holder’s Liability: A New FTC Perspective on the Holder Rule

January 27, 2022

On January 18, 2022, the FTC issued an advisory opinion to clarify that the FTC’s Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses, 16 C.F.R. § 433.2, does not preclude the recovery of attorneys’ fees and costs when state law authorizes such awards against a holder of a consumer credit contract.