January 31, 2019
Partner Nikki Munro publishes CFPB supervisory highlights article in Auto Finance News SubPrime Magazine
In the January/February issue of Auto Finance News SubPrime magazine, partner Nikki Munro summarizes the Consumer Financial Protection Bureau's most recent Supervisory Highlights, published in the summer of 2018. The focus of Issue 17, Summer 2018, is on "loan servicing." The CFPB found that creditors improperly applied total loss insurance proceeds. The Supervisory Highlights also addressed situations where servicers repossessed vehicles after the repossession was supposed to be cancelled due to customer payment or payment extension. Nikki advises that in order for creditors to engage in servicing consistent with credit agreement terms, they should be sure to have a comprehensive compliance management system designed to prevent UDAAP's and manage vendors.
Nikki is a partner in the firm's Maryland office and Editor in Chief of CounselorLibrary.com's CARLAW publication. She counsels financial services providers on compliance with consumer financial services laws, including unfair, deceptive, and abusive acts or practices, as well as the investigations, rulemakings, and proceedings of the Consumer Financial Protection Bureau and the Federal Trade Commission.
Click here to read the article on page 3.