Now CFPB wants feedback on enforcement process

SubPrime Auto Finance News Staff

Along with naming a chief of staff who formerly served the chair of the House Financial Services Committee, Consumer Financial Protection Bureau acting director Mick Mulvaney is continuing to put his stamp on how the regulator operates. The CFPB issued another request for information (RFI); this time in connection with... Read More

NARS 2018 to include special repo agency owner forum

SubPrime Auto Finance News Staff

It is likely agents discuss their successes and challenges during the networking times and other activities associated with North American Repossessors Summit (NARS) that’s now been conducted for a decade. But now organizers of the industry event hosted by the American Recovery Association (ARA) and sponsored by... Read More

AUL Corp. surpasses 2M contracts and adds to sales team

SubPrime Auto Finance News Staff

It took AUL Corp. 21 years to reach 1 million vehicle services contracts. According to a new release shared this week, the VSC provider doubled that figure seven years later. AUL president and chief executive officer Jimmy Atkinson announced the company just surpassed 2 million contracts issued, making it one of the top... Read More

Nick Zulovich, Senior Editor

Cox Automotive senior economist Charlie Chesbrough explained the challenge facing the Federal Open Market Committee (FOMC) at the Federal Reserve. Chesbrough articulated how the implications might not impact dealership turns and finance company originations immediately, but he cautioned that trends can be difficult to... Read More

Nick Zulovich, Senior Editor

Stretching terms forced Credit Acceptance to adjust its expectations for future cash flows. But increasing contract length to the longest average in company history perhaps helped the finance provider turn around a string of declines in the number originations from active dealers. Before getting into those details,... Read More

Nick Zulovich, Senior Editor

Another busy week at the Consumer Financial Protection Bureau closed with a personnel move by the acting director that one legal expert called without hesitation, “a big deal.” According to an internal email first brought to light by The Washington Post and later obtained by SubPrime Auto Finance News, CFPB... Read More

Nick Zulovich, Senior Editor

Two attorneys who spent part of their legal careers with the Consumer Financial Protection Bureau and are now in private practice described how the regulator can claim some victories since the latest federal court action deemed the agency is constitutional. However, these experts also pointed out the opinions shared by... Read More

SubPrime Auto Finance News Staff

The decision has arrived. The current structure of the Consumer Financial Protection Bureau is constitutional, according to the latest federal court action. On Wednesday, the en banc review by the D.C. Circuit Court of Appeals surfaced, and the majority opinion declared that the CFPB structure can stand. This case... Read More