Auto Lending Compliance: Staying Off The Regulators' Radar Screen
Loeb & Loeb LLP invites you to our complimentary 60-minute CLE webinar.
Recorded on June 5, 2013
Available Media Formats:
Why You Should Attend
“The Consumer Financial Protection Bureau (CFPB) has been very active in the short time since its creation and has continued to expand its reach, most recently with new guidance for auto lenders relating to dealer incentives and loan term pricing discretion. Understanding the current regulatory climate, including how the CFPB works together with the Federal Trade Commission (FTC) and state regulators, is essential for auto finance companies to be able to prepare for increased scrutiny and implement proactive strategies to avoid investigations and penalties.
What You Will Learn
This program will feature recent examples of enforcement actions together with tips for getting ready for regulatory scrutiny, details about each regulator's focus and "hot-button" issues, and practical advice for building compliance into each phase of the auto lending business.
- The changing regulatory landscape
- Recent enforcement actions and their implications for the auto financing industry
- Each regulator’s scope and what draws their scrutiny
- Steps to prepare for and defend against enforcement actions
Attorneys and key business people from auto finance companies.
Current Regulatory Climate (10 minutes)
- Old: states and FTC
- New: CFPB
- Background and purpose
- Key definitions
First CFPB Enforcement Actions (15 minutes)
- Follow-on derivative shareholder actions
- Enforcement penalties
- Potentially liable parties
Regulator Interest in Auto Financing (15 minutes)
- Recent CFPB and FTC investigations, workshops, bulletins
- FTC’s regulatory focus
- States’ regulatory focus
- CFPB’s regulatory focus
Preparing for Regulatory Scrutiny (20 minutes)
- Compliance readiness
- "Hot" issues
- Building compliance into each lending phase
- Compliance-readiness examples
- CFPB’s “Company Portal” program
- Autodialing/pre-recorded messages/cellphones
- Why does this matter?
(Speaker: Michael A. Thurman)