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February 2018
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Automotive News

Check out this week’s Digital Edition of Automotive News, please flip to Page 25 to see story on AFIP!

States Step Up Enforcement, Anticipating CFPB Decline

While there is some optimism for deregulation among auto finance lenders, lawyers are cautioning clients not to not be lax on monitoring, because state attorneys general and financial services departments are stepping into the “void” left by the Consumer...

Santander Pays $26M For Loans Deemed ‘Unfair’

Santander Consumer USA entered into a written agreement with the Federal Reserve Bank of Boston on March 21, and agreed to pay $25.9 million to resolve an investigation in two states regarding the financing and securitization of subprime auto loans, the...

6 Events That Altered Auto Finance in 2017

From changes in consumer buying habits to the resignation of the industry’s top regulator, 2017 was a year of changes in the auto finance space. The industry had what is shaping up to be another record-breaking year as total loan balances rose above $1.1...

Compliance & Ethics Professional needs authors like you

SCCE is seeking authors for upcoming issues of Compliance & Ethics Professional. We welcome all who wish to propose compliance-related topics and write articles. Each month Compliance & Ethics Professional offers information to compliance professionals on:...

Automotive News: AFIP Feature

Exemption Thresholds for Consumer Credit and Consumer Leasing Increase for First Time Since 2015

On November 9, 2017, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board announced an increase in the dollar thresholds for the Truth in Lending Act ("TILA") and its implementing regulation, Regulation Z, and the Consumer Leasing...

The New Arbitration Rule: The End for Now.

Have you heard the news? The Arbitration Rule is no more! The Vote. In a close vote (50 Republican Senators and Vice President Pence's tie-breaking vote), the Senate approved the House Resolution of Disapproval under the Congressional Review Act to repeal...

Michigan Reverses Longstanding Ban on Loan Referral Payments

For many marketplace lenders, loan referrals are an important source of new customers. But Michigan has for some time banned some lenders from paying for loan referrals. Nonbank financial institutions licensed under Michigan's Regulatory Loan Act are...

German VW engineer jailed 7 years by U.S. court

The former general manager of Volkswagen AG’s U.S. Environment and Engineering Office was sentenced Wednesday to 84 months in prison for helping VW cheat on diesel emissions tests and covering up the scheme.
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