The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW) product without its customers’ knowledge.
Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices
The Consumer Financial Protection Bureau issued a consent order against Nissan Motor Acceptance Corporation, which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.
Consumer Financial Protection Bureau Settles with Auto Lender for Unfair Loss Damage Waiver Practices
The Consumer Financial Protection Bureau settled with Lobel Financial Corporation, an auto-loan servicer based in Anaheim, California.
The Consumer Financial Protection Bureau issued a report examining the early effects of the COVID-19 pandemic on consumer credit.
The Consumer Financial Protection Bureau took steps to facilitate the transition away from LIBOR for consumers and regulated entities.
Five federal financial institutions regulators and state regulators encourage financial institutions to work with consumers affected by the federal government shutdown.
Company Did Not Properly Disclose Terms and Conditions of Its Auto Loan Add-On Product and Auto Loan Extensions
The Bureau of Consumer Financial Protection (Bureau) today released its 17th edition of Supervisory Highlights.
Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.
Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices
Coordinated Action with Office of the Comptroller of the Currency Requires Bank to Reimburse Affected Borrowers and Pay $1 Billion Fine
Six-Year Auto Loans Carry Higher Costs and Higher Default Rates than Five-Year Auto Loans
CFPB Supervision Recovers $14 Million in First Half of 2017 for Over 100,000 Consumers Harmed by Illegal Practices
Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations
Auto Loan Company Failed to Provide Redress For Illegal Collection Tactics
Web-based Tool Will Deliver Regular Updates on Consumer Lending Markets
On behalf of the Consumer Financial Protection Bureau, let me welcome all of you and say that we much appreciate this opportunity to discuss consumer financial markets with so many leading scholars in the field. As you share your perspectives and expertise with us, they will inform our efforts to empower and protect consumers. We look forward to having your insights.
CFPB Finds Qualified Students Were Blocked From Affordable Loan Repayment Plans; Updates Student Loan Servicing Exam Procedures
CFPB Sues Five Arizona Title Lenders for Failing to Disclose Loan Annual Percentage Rate to Consumers
Bureau Alleges Lenders Did Not List Required Annual Percentage Rate in Online Loan Advertisements
Consumer Financial Protection Bureau Supervisory Actions Return $24.5 Million To A Quarter-Million Consumers Harmed By Illegal Activities
Report Highlights Violations in Auto Origination, Debt Collection, Mortgage Origination and Small-dollar Lending
Consumer Financial Protection Bureau Monthly Complaint Snapshot Auto And Other Consumer Loan Complaints
The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Monthly Complaint Report provides a high-level snapshot of trends in consumer complaints.
Online Guide and Shopping Sheet Help Consumers Evaluate Costs and Shop for Auto Loans
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau to the Consumer Advisory Board
Welcome to this meeting of our Consumer Advisory Board. It is a pleasure to be here in Little Rock today, and I look forward to our conversation. The feedback we receive from the members of this distinguished group invariably refines our thinking and our approach. It sheds new light on issues and helps us achieve better solutions for consumers. No doubt that will be true today.
Today, we are releasing our fourth report on this market, which is a study of single-payment auto title loans. Our study analyzed nearly 3.5 million loans made to more than 400,000 borrowers over a period of several years. We examined loan usage patterns, with a focus on the repeated use of these loans, how long it takes borrowers to repay, how often they fall behind, how many borrowers default, and how many have their vehicle seized by the lender.
Majority of Auto Title Loan Business Comes From Borrowers Stuck In Debt for Most of the Year
CFPB and DOJ Reach Resolution With Toyota Motor Credit To Address Loan Pricing Policies With Discriminatory Effects
Minority Borrowers Who Paid Higher Rates for Auto Loans Will Receive Up to $21.9 Million
Subprime “Buy Here Pay Here” Dealer Hid Finance Charges, Deceived Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for abusive financing schemes, hiding auto finance charges and misleading consumers. Herbies will pay $700,000 in restitution to harmed consumers, with a […]