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Auto lending is a dynamic market second only to housing in size, with nearly $900 billion in outstanding auto loan balances. Banks hold approximately a third of all auto loan balances, followed closely by captive auto lenders, credit unions and auto finance companies. Under the Dodd-Frank Act, the CFPB has the authority to supervise all depository institutions with more than $10 billion in assets. However, the Bureau has also been granted the authority to supervise “larger participants” in consumer financial markets. The CFPB exercised this authority by issuing a rulemaking proposal to extend its supervisory reach over nonbank auto lenders, such as the captives and auto finance companies. CBA is largely supportive of this effort as consumers should expect to receive the same level of protection no matter where they receive their auto loans.
- October 14, 2020Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices On Tuesday, October 13, 2020, the Bureau issued a press release regarding a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan...June 2, 2020As America slowly starts to reopen, auto lenders are thinking about how they can transition back to normal. But executives should really be asking themselves whether that’s something consumers want — and if not, what would they prefer? A survey of 1,028 Americans conducted in mid-May underscores the impact COVID-19 is having on the auto finance industry. In this report, you’ll discover: Up-to-...May 20, 2020Even before COVID-19, auto finance companies were on the on-ramp to change. An increased focus on the customer, new modes of engagement, and preparation for a slowdown were driving digital transformation in their operations and offerings. COVID-19 will not throw this transition into reverse but will instead accelerate it. Now, auto finance companies must harness the digital and analytical...October 11, 2019Like you, we are continually examining the state of origination in financial services. In this paper, we are taking a fresh look at the current realities of credit cards, white label/retail cards, auto loans and demand deposit accounts in light of the changing origination landscape. Download White Paper HereAugust 2, 2019Cajun Thoughts : BANKING SCHOOL FOR THE BOOKS CBA Executive Banking School is one of my favorite times of the year and this session – the 68 th – delivered once again with 82+ total graduates and seven honors graduates. Over nearly seven decades, 5,600 bankers have been through EBS. The dedication of the graduating class is a true testament to their work ethic and how much their banks prioritize...September 21, 2018D.C. DOWNLOAD Hurricane Florence Efforts: Banks are stepping up once again to help those impacted by natural disasters. Bank of America, Wells Fargo, Fifth Third, JPMorgan Chase, Bank OZK and Regions are among the many CBA members lending a hand and offering monetary support. CBA Default Management Committee (DMC) & Auto Finance Committee In-Person Meetings: This week, CBA HQ hosted the first...May 11, 2018DRIVING THE CONVERSATION Rumor Mill Churns: McWatters as Bureau Director? – There is plenty of buzz in D.C. surrounding President Trump’s potential nomination of National Credit Union Administration Board Chair Mark McWatters as the next Director of the Bureau of Consumer Financial Protection (Bureau). We have had conversations with McWatters, as well as many other potential candidates for the...May 9, 2018May 9, 2018 Mr. Kenneth A. Blanco, Director Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 Re: Compliance for Customer Due Diligence Rule Dear Director Blanco, The Consumer Bankers Association (CBA)  fully supports efforts by the Financial Crimes Enforcement Network (FinCEN) to crack down on illegal activities through its final customer due diligence rule (CDD rule). While...May 8, 2018WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. House of Representatives passed a Congressional Review Act Resolution (S.J. Res. 57) to repeal the Bureau of Consumer Financial Protection’s (Bureau) 2013 Auto Bulletin: “CBA members are committed to ensuring strong fair lending policies and practices are in place at their banks...May 4, 2018D.C. MEMORIAL DAY SHOT CLOCK What’s on the D.C. Docket ahead of Memorial Day? – Here is your cheat sheet to guide you through the month: Monday RFI Deadline –The BCFP RFI process continues with comments on administrative adjudications (May 7), enforcement processes (May 14), supervision processes (May 21) and external engagements (May 28) due this month. CBA will be submitting comment on these...