On October 2, the Supreme Court granted cert in a new Fair Housing Act disparate impact case, Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., No. 13-1371. The case takes aim at the viability of a concept at the heart of recent regulatory efforts in the auto finance space
The TCPA Balance Shifts: The Eleventh Circuit Decision in Mais is Extremely Favorable for Collectors
On September 29, the Eleventh Circuit issued its highly anticipated decision in Mais v. Gulf Coast Collection Bureau, Inc., overturning the district court’s prior holding and providing defense-favorable law on prior express consent. The decision was in response to an unprecedented May 2013 ruling by the U.S. District Court for the Southern District of
Auto Finance Summit 2014 – October 6-8 – Las Vegas
The annual Auto Finance Summit is quickly approaching and their roster and agenda look superb. AutoFinanceSummit.com describes this year’s event:
“Sharing insights and innovations make it more than the industry’s premier event, it’s your annual opportunity to meet, network and learn from the best. This conference has grown into the “can’t miss” event of the
CFPB Conducts Field Hearing on Indirect Auto Lending
As we previously discussed here, on September 18 the Consumer Financial Protection Bureau conducted a field hearing in Indianapolis. Aside from opening remarks from CFPB Director Richard Cordray himself, the hearing also consisted of a panel discussion of industry participants (including representatives from the NADA, the Consumer Bankers’ Association, and the American Financial Services
Whitepaper Issued by CFPB in Defense of its Use of “Proxy” Statistical Methods to Prove Unlawful Credit Discrimination
The Consumer Financial Protection Bureau, under fire from both industry and Congressional constituencies for using unexplained statistical methodologies to reach conclusions that auto lenders have engaged in unlawful credit discrimination, issued a report on September 17 that provided details of its methodologies and argued for their validity.
The CFPB and other federal regulators have generally
Special CFPB Supervisory Report Reflects Continuing Agenda to Reform Indirect Auto Lending Industry
The Consumer Financial Protection Bureau, through its announcement on September 17 of the “larger participant” rule for auto lenders, has made clear that it intends to tighten its regulatory grip on the auto lending industry in the United States. In a separate special “Supervisory Highlights” report, also issued on September 17,
CFPB Proposes Regulations Defining Larger Participants in Auto Finance Market
On September 17, the Consumer Financial Protection Bureau issued proposed regulations that amend the CFPB’s existing regulations defining “larger participants” of consumer financial products it supervises by adding a new section to define larger participants of a market for automobile financing. The CFPB explains that the approximately 38 nonbank larger participants that would be captured
Cordray to Speak at CFPB’s Auto Finance Field Hearing on September 18
The CFPB recently announced via blog post that it will hold a “field hearing” on auto finance in Indianapolis on September 18 at 11:00AM. The announcement indicates that additional details will follow, but that the hearing will include remarks from CFPB Director Richard Cordray, and that consumer groups, industry representatives, and the public are invited
Seventh Circuit Favors Simplified and Neutral Class Action Notices
In a June 2 decision, Judge Richard Posner, writing for a unanimous panel of the United States Court of Appeals for the Seventh Circuit, criticized a number of statements and other aspects within a notice of class action settlement that had been approved by the district court. In response to a number of objections
Cordray’s Renewed Questioning Concerning Recess Authority
In a letter dated July 29, addressed to Richard Cordray, Director of the Consumer Financial Protection Bureau, two Republicans – Representative Jeb Hensarling, Chairman of the House Committee on Financial Services, and Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs – continue to question the validity of the CFPB’s