Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.
U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.
According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.
When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.
The regulator had charged in an administrative complaint that the proposed sale violates federal antitrust laws. The two companies subsequently announced they are abandoning the proposed merger. Auto/Mate officials said the technology company is no longer for sale.
The D.C. Circuit Court of Appeals vacated the FCC’s rule clarifying what devices qualify as automated telephone dialing systems, saying the agency’s explanation ‘invites conclusions that all smartphones are autodialers.’
The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.
A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.
On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not unconstitutionally constrain the president.
