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At a time when regulators, prosecutors and the media have stepped up their scrutiny of subprime auto lending, some in the industry have changed their definitions of key terms in ways that downplay the risks involved.
May 26 -
The Consumer Financial Protection Bureau issued a final rule Wednesday that allows it to monitor the biggest nonbank auto finance companies.
June 10 -
The powerful Consumer Financial Protection Bureau is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by the clout of car dealers and the fragmented nature of auto finance.
June 23
BB&T's auto-finance division will stop dealers from marking up the price on sales contracts, and instead will offer a flat-fee compensation program.
Starting July 1, dealers that work with the $189 billion-asset BB&T will no longer be allowed to mark up retail installment sales contracts. BB&T Dealer Financial Services, the unit of the Winston-Salem, N.C., company that originates auto loans, is making the change to benefit consumers, the company said in a news release.
"We are committed to the fair and equal treatment of all consumers," said Derek Lane, manager of BB&T Dealer Financial Services.
Regulators have recently raised warnings about the
One former CFPB official, Leonard Chanin, this week
