A securitization presale report from Standard & Poor’s gave a glimpse as to what the interaction between Westlake Financial Services and the Consumer Financial Protection Bureau has been like dating back more than a year.

The report based on information as of June 12 indicated that the CFPB is considering legal action against Westlake for certain alleged violations of federal consumer protection laws. S&P said Westlake received that notification on May 19 when the CFPB provided a discretionary Notice and Opportunity to Respond and Advise.

“Westlake believes that to the extent that violations occurred, it has and will continue to address such incidents by way of employee disciplinary action, vendor terminations, and enhancements and modifications to internal policies and procedures,” S&P analysts said in its report. “Westlake has provided a response to the CFPB proposing a meeting through counsel to discuss the parameters of a possible resolution.

“Based on the company’s strong balance sheet and information that Westlake's management provided, Standard & Poor's believes that the resolution of the CFPB's findings will not have a material effect on Westlake,” analysts went on to say.

S&P highlighted that as of as of April 30, 2015, Westlake had 1,198 employees and a network of more than 23,000 dealerships across all 50 states from which the finance company buys its vehicle installment contracts.

Analysts mentioned Westlake’s portfolio of nonprime and subprime retail installment sales contracts totaled $2.5 billion. They added Westlake closed 2014 with pretax income of $235 million and had equity of $766 million.

According to the report connected with the presale of Westlake Automobile Receivables Trust 2015-2, the interaction between Westlake and the CFPB began on March 28 last year when the finance company received a civil investigative demand (CID) from the bureau.

That CID requested that Westlake provide testimony, produce documents, and provide information relating to the offering, providing, marketing, underwriting, and servicing of auto loans, the collection of debts associated with auto loans, or the repossession or sale of collateral securing auto loans to determine if Westlake is in violation of consumer financial laws.

“Westlake cooperated with the civil investigative demand and produced documents and provided testimony as requested by the CFPB,” S&P said.