On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes at the Consumer Financial Protection Bureau (CFPB), compliance is of utmost importance.
“Nobody shut off the law,” said Michael Benoit, Chairman with Hudson Cook. “Compliance remains critically important for a variety of reasons, but most importantly, enforcement isn’t going away.”
As Acting Director Mick Mulvaney has stated, the Consumer Financial Protection Bureau (CFPB) appears to be discarding its former governing philosophy of “pushing the envelope” through aggressive prosecution, and embracing a more case-by-case approach to enforcement.
Changes may be following at the Bureau but that doesn’t mean lenders are off the hook for compliance. Quite the opposite, in fact. From the Federal Trade Commission (FTC) to the Justice Department (DOJ) to state attorneys general, there’s an alphabet soup of institutions poised to fill any vacuum left by changes at the CFPB. Much of the “slack” is being picked up by states, who have created their own mini-CFPB offices.
Brian Larson, Consumer Lending Expert with Compli, also noted that, “it’s just good business to be compliant. The CFPB’s supervision and examination manual is a good roadmap and the defacto model for other regulators to follow.”
You can view a schedule of upcoming webinars and access materials and recordings, including this one, at AFSA’s Webinar Resource Center.
Webinar Focuses on Importance of Compliance Vigilance
Apr 18, 2018
On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes… Read the rest
MoneySKILL® + savvy teacher, students = clean sweep
Apr 17, 2018
This year’s MoneySKILL® Mania financial literacy competition, taking place in high schools across western New York, equaled a clean sweep for Fredonia High School.
Kevin Seybold finished first among nearly 1,000 students… Read the rest
AFSA Supports Initiative to Rescind CFPB Guidance on Auto Financing
Apr 12, 2018
The American Financial Services Association (AFSA) is joining with the National Automobile Dealers Association (NADA) and other sister trade associations in supporting S.J. Resolution 57 to disapprove the Consumer Financial Protection… Read the rest
Regulatory Alphabet Soup: Get to Know the Players Tapping in for the CFPB
Apr 10, 2018
As Acting Director Mick Mulvaney has stated, the Consumer Financial Protection Bureau (CFPB) appears to be discarding its former governing philosophy of “pushing the envelope” through aggressive prosecution, and embracing… Read the rest
AFSA Comments on Legislation Regulating Payment Assurance Devices
Apr 10, 2018
On April 10, AFSA submitted a comment letter to the Illinois Senate Judiciary Committee in opposition to Senate Bill 2521, which would create certain conditions for the use of electronic tracking technology or starter interrupt technology… Read the rest
THE EDGE Program Registration Deadline Approaching!
Apr 05, 2018
The registration deadline for THE EDGE is approaching!
THE EDGE program, held June 10-15, provides high-quality training for branch managers and team leaders by providing layered modules of learning that provide a sound basic knowledge… Read the rest
AFSA Publishes Rate Cap Legislation White Paper
Apr 02, 2018
On April 2, AFSA’s State Government Affairs department published its recent rate cap legislation white paper. AFSA’s white paper examines recent measures proposed by states to impose rate caps, including those that use an … Read the rest
Transparency, Technology, Customer Service Major Topics at AFSA’s CEO Panel
Mar 29, 2018
CEOs of leading vehicle finance companies representing captives, banks and independent subprime lenders engaged in a lively roundtable discussion on topics ranging from the impact of technology to taking care of a new wave of maturing Millennial… Read the rest
HDFS President Named Chair; Ally Financial President, Auto Division, Named Vice Chair of AFSA Vehicle Finance Division
Mar 26, 2018
Larry Hund, President and Chief Operating Officer, Harley-Davidson Financial, was installed as the new chair of the American Financial Services Association (AFSA) Vehicle Finance Division Board at the conclusion of the division’s… Read the rest
Ammann Headlines 2018 Vehicle Finance Conference
Mar 21, 2018
Dan Ammann, President of General Motors, outlined GM’s bold vision for the future in the Keynote Speech Wednesday at the annual American Financial Services Association’s Vehicle Finance Conference & Expo.
We’ve… Read the rest