CFPB fines auto lender for violating 2015 consent order

CFPB auto lender consent orderOn April 26, the CFPB announced that it had issued a $1.25 million civil money penalty against Security National Automotive Acceptance Company (SNAAC), an auto finance company that specializes in lending to service members, for allegedly violating an October 2015 consent order. According to the Bureau, SNAAC failed to comply with the Bureau’s 2015 consent by not providing over $1 million in refunds and credits to consumers.

CFPB delays effective date of Prepaid Accounts Rule

CFPB delays Prepaid RuleOn April 20, the CFPB finalized a proposed rule to delay the effective date of the Prepaid Account Rule. The final rule governing prepaid accounts will be delayed six months, from October 1, 2017 to April 1, 2018.

According to the CFPB, the Bureau discovered that “some industry participants believed that they would have difficulty complying with certain provisions of the Prepaid Accounts Final Rule that would have gone into effect on October 1, 2017.” As a result, the Bureau postponed the effective date in order to “facilitate compliance with the Prepaid Account Final Rule, and to allow an opportunity for the Bureau to assess whether any additional adjustments to the Rule are appropriate.”