Repeal of the CFPB's dealer participation guidance - be careful what you wish for

F&I and Showroom magazine recently published an interview with Partner Eric Johnson based on his June 6 webinar, "CFPB Defanged: Be Careful What You Wish For." Eric pointed out that although the CFPB's dealer participation guidance was rescinded on May 21, the agency is still operating under the same mandate to protect customers from fraud. He also noted that state attorneys general across the county are getting more aggressive about prosecuting cases in which financial fraud or discrimination are suspected.

Eric advises banks, savings associations, credit unions, mortgage bankers and motor vehicle dealers in the development and maintenance of nationwide consumer mortgage and automobile finance programs, online motor vehicle sales assistance programs, litigation funding programs and electronic payment programs. He provides responses to regulator examinations, comments on proposed statutes and regulations to legislators and regulators, and assists financial services providers with statutory and regulatory changes occasioned by the Dodd-Frank Act.

Click here to read the interview with F&I and Showroom.

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