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On today’s episode of Moving the Metal: The Auto Finance Podcast, hosts Brooke Conkle and Chris Capurso discuss TransUnion’s study on fraud-related charge-off losses in auto lending, exploring how bad actors enter the car-buying journey through tactics such as application phishing, synthetic identities, trade-in data exposure, and “digital warming.” They examine why auto fraud can have outsized impacts compared to other products, the surprising concentration of losses among higher credit tiers, and the risks posed by credit washing, which can inflate perceived creditworthiness and distort underwriting decisions. The episode closes with a festive holiday movie countdown and a friendly nod to the eternal “Is Die Hard a Christmas movie?” debate.

Continue Reading Deck the Halls, Not the Trade Lines: Auto Fraud Talk

Key point: Courts are concluding that not all data breaches should result in a lawsuit. Businesses need to consider causation and damages when responding to an incident and take steps to determine if there is no evidence of harm or traceability including on a class wide basis.

Continue Reading Fourth Circuit Finds Public Disclosure Required for Standing in Data Breach Case

On July 28, the New Jersey Division of Consumer Affairs issued a reminder to more than 3,000 auto dealerships regarding their obligations under the New Jersey data deletion law, N.J.S.A. § 56:12-18.1. This law, enacted and effective in January 2024, requires dealerships to offer data deletion services for consumer information stored in vehicles accepted for resale or lease. Dealerships are now on notice of their compliance obligations under the law.

Continue Reading New Jersey’s Data Deletion Law: Implications for Resold or Re-leased Vehicles

On January 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report analyzing the auto lending market’s impact on servicemembers. This report indicates that servicemembers face heightened financial challenges in the auto lending market, including higher loan amounts, interest rates, and monthly payments. Despite these challenges, servicemembers were less likely to experience vehicle repossessions.

Continue Reading CFPB Releases Report Highlighting Auto Lending Challenges for Servicemembers

In this special year-in-review episode of Moving the Metal: The Auto Finance Podcast, hosts Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group delve into the significant events and regulatory changes that shaped the auto finance industry in 2024. From the Federal Trade Commission’s CARS Rule and its legal challenges to the Consumer Financial Protection Bureau’s data collection initiatives and supervisory highlights, this episode provides a comprehensive overview of the past year. Tune in to gain insights into the trends and regulatory shifts that will influence the auto finance landscape in 2025.

Continue Reading 2024 Year in Review: Key Developments in Auto Finance

As discussed here, in February 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) launched the auto finance data pilot and issued nine market monitoring orders to three banks, three finance companies, and three captive lenders. This initiative aimed to gather comprehensive data on auto lending portfolios. Yesterday, the CFPB issued a Repossession in Auto Finance report using the dataset to show that repossession assignments increased for certain consumers post-2020, but many consumers avoided repossession in parts of 2021 and 2022. The data also indicates that repossession forwarders were increasingly involved in repossession activity, potentially resulting in increased repossession costs passed on to consumers.

Continue Reading CFPB Releases Report on Auto Repossessions

In this episode, Brooke Conkle and Chris Capurso, attorneys in the firm’s Consumer Financial Services Practice Group, are joined by Kim Phan, a partner in the firm’s Privacy and Cyber Practice Group. They delve into the latest trends in privacy and their significant impact on the auto finance industry. The discussion covers the evolving landscape of data security, the implications of connected cars and the Internet of Things, and the challenges and opportunities presented by AI. Kim also shares insights on how recent legislative changes and the new administration may shape the future of privacy regulations. Tune in for a comprehensive analysis of these critical issues and their potential ramifications for the auto finance sector.

Continue Reading 2024 Privacy Trends and Their Impact on Auto Finance

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.

Continue Reading The CFPB’s Report on Negative Equity in Auto Lending

In this episode of 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 bureau’s upcoming priorities.

Continue Reading The CFPB’s Report on Negative Equity in Auto Lending

On June 20, six federal financial services regulators issued the final automated valuation model (AVM) rule. The AVM rule, initially proposed in June 2023 and discussed here, aims to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The final AVM rule is largely identical to the proposed rule and is set to take effect on the first day of the calendar quarter following 12 months after its publication in the Federal Register.

Continue Reading Federal Agencies Finalize Automated Valuation Model Rule