The CFPB has ratcheted up its scrutiny of the domestic auto finance industry, subpoenaing a number of U.S. auto lenders over the sale of extended warranties and other financial products, according to a report in the May 3 edition of the Wall Street Journal. Bureau officials said they would not comment on or confirm any potential subpoenas or requests for information. The CFPB interacts with the car-buying public and auto lenders in a variety of different ways. These can include educating consumers, examining and possibly...
Late last week, the CFPB published a small entity compliance guide on its final rule implementing an amendment to the Equal Credit Opportunity Act that has to do with furnishing copies of appraisals and other written valuations to applicants for first-lien loans secured by a dwelling. The final rule, known as the ECOA Valuations Rule, was issued in January and becomes effective Jan. 18, 2014.The guide summarizes the new rule, but it is not a substitute for the rule, the document states. As the guide points out, the ECOA...