On January 11, 2023, CFPB published a Notice of Proposed Rulemaking titled “Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections.” The new rule would create a registry of “covered terms or conditions” and of the non-bank companies that include those terms…
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TALLAHASSEE, Fla. – F&I Sentinel, the leading automotive compliance and regulatory risk mitigation solutions provider, today announced that Scott M. Zucco has joined F&I Sentinel as Vice President of Sales, effective January 3rd. Zucco is an accomplished sales professional with unparalleled business acumen gained over his 30-plus years of experience in business development and relationship…
TALLAHASSEE, Fla. | Feb. 2, 2023 – F&I Sentinel today announced that Rick Hackett, former Assistant Director of the U.S. Consumer Financial Protection Bureau (CFPB), has taken on an elevated role with the company by rising from Advisor to a member of the Board of Directors, effective immediately. F&I Sentinel’s Board of Directors unanimously approved…
By Rick Hackett, former CFPB Assistant Director and F&I Sentinel Advisory Board Member I recently spent some time with Paul Metrey of NADA and John Culhane of Ballard Spahr discussing the FTC’s proposed rule on Add-On Products in auto finance. You can hear that discussion in Ballard’s latest podcast here. Harking back to my time…
F&I Sentinel and Informed.IQ are partnering to evolve digital lending by providing a comprehensive service focused on verification and compliance. Informed.IQ, provider of AI-based software that verifies, streamlines, and optimizes loan processing, will combine efforts with F&I Sentinel’s CITADEL® solution which provides a turnkey compliance solution with respect to the financing and resolution of F&I…
F&I Sentinel today announced the addition of Michelle Covin, Sam Barnes, and Alexander Bitar to its finance and insurance (F&I) product credentialing team. Covin, Barnes, and Bitar will serve alongside a distinguished group of experts that continuously monitor legislation, regulatory developments, and litigation regarding finance and insurance products to ensure that the lenders and those…
F&I Sentinel today announced the addition of experienced software engineers Ryan McCauley and Kevin Ye, who will join the company in key roles to support the cloud-based CITADEL® SaaS platform. F&I Sentinel’s CITADEL® SaaS platform is an efficient turn-key compliance solution that protects finance companies, dealers, and consumers by lessening reputation, financial, litigation, and regulatory…
California Gov. Gavin Newsom has now signed AB 2311 into law. By January 1, 2023 – just over three months from now – all GAP waivers sold in California must comply with the bill’s requirements. The legislation provides a number of new requirements and disclosures for GAP waivers financed in California, including a requirement for…
Federal District Court Denies Capital One’s Motion to Dismiss in Connection with GAP Waiver Lawsuit
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On August 9, 2022, the United States District Court in the Southern District of California issued an order denying Capital One’s motion to dismiss a claim against the finance company in connection with a GAP waiver amending a finance agreement Capital One took assignment of. The plaintiff in the case alleged that the GAP waiver…