Important CFPB Developments for Indirect Auto Loan Lenders
Learn how CFPB developments affect auto loan lenders and how to avoid legal pitfalls.
With the recent change of administration, regulators have shifted priorities and noted an increased focus on enforcing fair lending laws. Many banks and credit unions partner with dealers to finance auto loans and do not have insight into fair lending violations that may occur during the application process. The banks and credit unions may also have immature compliance management systems that do not monitor and identify fair lending risks.
This presentation will help lenders who are responsible for compliance with fair lending laws and regulations understand the problems currently facing the indirect auto market and the regulatory enforcement risk present. In addition, the material will present mitigation strategies to ensure appropriate compliance and monitoring systems are in place to prevent fair lending violations. Failing to understand fair lending and its relevance to your organization is a common misstep that could bring about increased regulatory scrutiny or enforcement action.
• You will be able to describe the regulatory environment around fair lending and the indirect auto lending market.
• You will be able to discuss fair lending mitigation strategies.
• You will be able to explain fair lending risks in the indirect auto lending market.
• You will be able to identify disparate treatment, steering, and other fair lending risks in your organization.