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Auto Finance Receivables

Auto loans are the most common secured debt in the U.S. If a debtor defaults on an auto loan, the creditor can typically repossess the asset – the car – securing the loan. But if the asset is in a state of disrepair or otherwise diminished in value, the creditor cannot recoup the total balance owed by selling the car. So a deficiency balance is due from the debtor, with the balance becoming a receivable on the creditor’s books.

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CFPB Takes Action Against Auto Finance Company for Debt Collection UDAAP Violation

Yesterday the Consumer Financial Protection Bureau (CFPB) announced it was taking action against a lender that focused on making automobile loans to servicemembers. The CFPB alleges that Security National Automotive Acceptance Company, LLC, an Ohio based auto finance company, regularly engaged in prohibited, aggressive debt collection tactics against servicemembers and used a combination of illegal […]

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CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies

Yesterday the Consumer Financial Protection Bureau (CFPB) published a rule that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB already supervises auto financing at the largest banks and credit unions. Yesterday’s rule extends CFPB supervision to any nonbank auto finance company that makes, acquires, or refinances 10,000 or more loans or leases in a year.

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Big Shifts in Debt by Age: A Very Literal Interpretation of Knowing Your Debtor

A recent credit report study from TransUnion found that the composition of loans that people typically carry has materially changed for both the youngest and oldest segments of the population during the last decade. Not only did economic forces prompt change, but general demographic shifts have changed the composition of outstanding credit among different age groups in the U.S.

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Federal Judge Says FCC Fails on Consent Rules Clarity in TCPA Class Action Ruling

A district judge in Wisconsin last month denied a plaintiff’s petition for class certification in a TCPA case concerning debt collection calls. In an epic footnote discussing his reasoning, the judge noted that the FCC has been lacking in clarifying its rules on consent under the TCPA, and that efforts have revealed that the regulator “appears to be allergic to brevity and clarity.”