Cliff Banks - The Banks Report

The Problems with CFPB’s Approach Toward Dealers

By David Ruggles with Cliff Banks The Consumer Financial Protection Bureau, created as a part of the sweeping Dodd – Frank Act, recently entered into a “consent agreement” with ALLY Bank. The penalty and restitution levied amounts to $98 million, plus ongoing costs mandated by the CFPB to ensure continued compliance with the “agreement.” According…

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Cliff Banks - The Banks Report

CFPB Poses Real Threat to Dealers

NADA convinced Congress three years ago to not place dealers under the purview of the Consumer Financial Protection Bureau (CFPB). It turned out be a hollow victory as the CFPB is using banks and financial institutions to gain control over dealer financing practices. Here is what’s been happening: 1. In March, the bureau provided formal…

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