On October 4, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
The Federal Communications Commission (FCC) has announced new effective dates for amendments to rules under the Telephone Consumer Protection Act (TCPA) aimed at strengthening consumer protections against robocalls and robotexts. These amendments, published on March 5, 2024, will take effect on April 11, 2025.
On October 7, the Consumer Financial Protection Bureau (CFPB or Bureau) published the Fall edition of its Supervisory Highlights, focusing on examinations of the auto-finance market completed between November 1, 2023, and August 30, 2024. The report highlights significant findings across various aspects of consumers’ experiences with vehicle finance, including origination disclosures, repossession activities, servicing practices, the handling of add-on products, and credit reporting.
In this special crossover episode of The Consumer Finance Podcast and Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Consumer Financial Protection Bureau’s (CFPB) new report on negative equity in auto lending. This report, the first of its kind, utilizes data from the CFPB’s 2023 Auto Finance Data Pilot, which was issued to major banks, finance companies, and captive lenders. Brooke and Chris analyze the impact of the report, including what the report may indicate for the CFPB’s upcoming priorities.
In this episode, Chris Carlson, an associate in the Regulatory, Investigations, Strategy and Enforcement (RISE) practice, joins Brooke and Chris to discuss how federal and state regulators are collaborating on consumer protection investigations. The team discusses a recent order and action against an Arizona-based auto dealer for multiple Unfair or Deceptive Acts or Practices (UDAP) violations. While contemplating whether this is a growing trend, the trio meanders into discussions about the CARS Rule and the potential impact of November’s election on the industry.
On October 9, 2024, at 4 p.m. CT, the Fifth Circuit will hear oral arguments in the ongoing litigation challenging the FTC’s Combating Auto Retail Scams (CARS) Rule. The National Automobile Dealers Association (NADA) and the Texas Automobile Dealers Association (TADA) have raised significant procedural and data-based objections to the rule, which purportedly aims to curb deceptive sales practices and eliminate “junk fees” in the car-buying process.
A recent ruling by the U.S. Court of Appeals for the Seventh Circuit affirming a decision compelling arbitration provides a “how to” guideline for using online terms and conditions to form a binding agreement.
This article was republished on Westlaw Today on September 25, 2024.
Any business involved in motor vehicle installment financing in New Hampshire needs to assess the multiple and significant changes to a key law that have been enacted with immediate effect.
In this episode of the Moving the Metal podcast, hosts Brooke Conkle and Chris Capurso delve into the Federal Trade Commission’s (FTC) recent report to the Consumer Financial Protection Bureau (CFPB). This report responds to the CFPB’s request for information to aid in preparing its annual report to Congress. The episode provides an overview of the FTC’s enforcement activities and regulatory efforts over the past year, emphasizing the agency’s focus on protecting consumers from deceptive practices in the financial services and automotive industries. Key points discussed include the purpose of the report, the FTC’s authority, a review of some litigation highlights, and how the CARS rule fits into the equation.
Yesterday, the Federal Trade Commission (FTC) and the State of Arizona announced a joint action against Coulter Motor Company, an Arizona-based motor vehicle dealership, and its former general manager, for allegedly engaging in deceptive pricing practices and discriminatory financing treatment of Latino consumers. The complaint alleges violations of the FTC Act, the Equal Credit Opportunity Act, and the Arizona Consumer Fraud Act. The defendants have agreed to a $2.6 million settlement, most of which will be used to provide refunds to affected consumers.