Federal Reserve Urges Regulatory Oversight of AI for Financial Services

As auto lenders increasingly turn to technology to better their businesses, the Federal Reserve is evaluating the regulatory role the agency will play with regard to artificial intelligence, Fed Gov. Lael Brainard said Tuesday during a fintech conference in Philadelphia. “We are working across the Federal Reserve System to take a deliberate approach to understand […]

Hudson Valley FCU Settles DOJ Investigation Over Unlawful Auto Repossessions

Hudson Valley Federal Credit Union has agreed to pay the Department of Justice $95,000 following allegations that the lender violated the Servicemembers Civil Relief Act, a law designed by the DOJ to ease financial burdens on servicemembers during periods of active military service. HVFCU, based in Poughkeepsie, N.Y., allegedly repossessed nine vehicles owned by SCRA-protected servicemembers […]

Federal Reserve Reveals Plans to Ease Stress Tests

The Federal Reserve is reducing the volatility of stress tests for the nation’s largest financial institutions, Federal Reserve Vice Chair for Supervision Randal Quarles said during a Nov. 9 speech at the Brookings Institution in Washington, D.C. The Fed is proposing changes that are designed to roll back Obama-era financial regulation, which consists of an […]

TD Auto Aims to Resolve Customer Payments in Wake of Dealership Chain’s Bankruptcy

TD Auto Finance has worked up a plan to help borrowers negatively affected by the Reagor Dykes Auto Group bankruptcy case, according to court documents filed earlier this month. Consumers who obtained vehicles through the Lubbock, Texas-based dealership chain, which filed for Chapter 11 bankruptcy protection in August, were unable to properly register their new […]

Election Analysis: AFSA Examines the Midterm Results

The 2016 midterm elections are history and we now know that the House of Representatives will shift control to the Democrats, while the Senate will have a strengthened Republican majority. Of particular interest to AFSA members, Tuesday’s winners include the former chief of staff of the Presidential Task Force on the Auto Industry, a mortgage […]

Attorneys Seek CFPB Definition of Abusive Practices

The Consumer Financial Protection Bureau has set the ball rolling to define the term “abusive” in the Dodd-Frank Act, which prohibits lenders from committing unfair, deceptive, or abusive acts or practices. Acting Director Mick Mulvaney announced the move in the CFPB’s rulemaking agenda released last month, but did not specify a timeline for the definition. […]

15 Credit Unions Targeted in Fraudulent Auto Loan Scheme

More than a dozen credit unions across the country were hit with a fake car loan scheme perpetrated by three conspirators found guilty last week. The fraudulent acts were first revealed in March when the suspects were accused of obtaining $1 million in auto loans, according to court documents filed by federal prosecutors in U.S. […]

CFPB to Consider Future Rule on Disparate Impact

The Consumer Financial Protection Bureau is considering future rulemaking regarding its disparate impact doctrine, according to the Fall 2018 rulemaking agenda updated today. The agenda notes the bureau is reexamining the requirements of the Equal Credit Opportunity Act concerning disparate impact in light of Supreme Court and congressional disapproval of the guidance. “The [CFPB] thinking about a rulemaking shows […]
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