April 4, 2018
Hudson Cook March 2018 Update
In the News
Patty Covington's article on "The Department of Defense: What are they thinking?" ran in the March/April issue of Subprime Auto Finance News. She discusses the impact on dealers and finance companies of the Department of Defense's December 2017 pronouncement on what the Military Lending Act covers.
On the Road
In March, Eric Johnson attended and moderated the National Automotive Finance Association's Quarterly Compliance Roundtable meeting at the Automobile Acceptance Corporation's (AAC) offices. Eric also attended the American Financial Services Association Vehicle Finance Conference in Las Vegas from March 20-22.
Jean Noonan gave a presentation to the Association of Consumer Vehicle Lessors on March 7 on the Department of Justice's enforcement action against BMW Financial Services, alleging violations of the Servicemembers Civil Relief Act (SCRA). The first-on-this-issue settlement resolved claims that the SCRA's requirement to refund amounts "paid in advance" to service members who terminate their leases early includes not only rental amounts paid in advance, but also a portion of the capital cost reduction paid at inception of the lease.
On March 23, Lucy Morris appeared on a panel before the U.S. Chamber of Commerce on Consumer Financial Protection Bureau reform, discussing the CFPB's past, present and future.
At the invitation of the Consumer Bankers Association (CBA), Michael Benoit and Jean Noonan each presented at CBA LIVE in March. Jean's presentation was about the CFPB and Fair Lending tracks at the conference, while Michael discussed how regulatory scrutiny has increased in servicing the auto finance market.
Hudson Cook attorneys Allen Denson and Erik Kosa have been named to the 2018 Super Lawyers Rising Stars list for Washington, DC. To be selected for the Rising Stars list, attorneys must be under the age of 40 or in practice for less than 10 years. No more than 2.5 percent of the region's attorneys are selected.
Curtis Linscott has been elected to the board of directors of Clayton Youth Enrichment Services, a nonprofit organization that provides in-school before- and after-school care for children in the Fort Worth, Texas, metropolitan area.
Anastasia Caton has been invited to serve (and has accepted the invitation) as co-vice chair of the Young Lawyers Subcommittee of the American Bar Association's Consumer Financial Services Committee. Her term begins after the group's fall meeting in Austin.
Auto Finance News announced its list of speakers for this year's Auto Finance Performance & Compliance Summit, to be held May 9-10 in Dallas. Lucy Morris will join two Texas state regulators to give their perspectives on the latest trends in state regulation.