Tuesday, June 1, 2021
On May 21, 2021, the Consumer Financial Protection Bureau (CFPB) and 3rd Generation, Inc. d/b/a California Auto Finance entered into a Consent Order in which the CFPB alleged unfair acts or practices in connection with an auto finance add-on product.
What was the add-on product?
According to the Consent Order, 3rd Generation purchases and services “subprime auto loans by taking assignment of retail-installment-sales contracts that automobile dealers make with borrowers.” As part of its loan agreement, 3rd Generation requires consumers to use its Loss Damage Waiver (LDW) product. 3rd Generation places the LDW product on the consumer’s account when the consumer has insufficient insurance; it “covers cancellation of the borrower’s debt in the event of a total vehicle loss, or the cost of a repair if the vehicle is not a total loss.” The addition of the LDW product on the consumer’s account results in a monthly LDW fee.
On May 21, 2021, the Consumer Financial Protection Bureau (CFPB) and 3rd Generation, Inc. d/b/a California Auto Finance entered into a Consent Order in which the CFPB alleged unfair.
The Equal Credit Opportunity Act and its implementing Regulation B (collectively, "ECOA") prohibit discrimination against protected classes (e.g., race, national origin, gender, age,.
Democrats are urging the Consumer Financial Protection Bureau to put racial equity at the core of its agenda, using action on mortgages, student loans and even its own hiring to help close a wealth gap. House and Senate Democrats said in interviews that the agency under President Joe Biden should return to a more aggressive […] The post Congressional Democrats push Biden’s CFPB to confront racismﾠ appeared first on Roll Call.
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