Company ranks #1259 overall and #74 in the financial services sector Tallahassee, FL — F&I Sentinel, a leading provider of compliance solutions to the auto finance industry in connection with finance and insurance (F&I) products, is proud to announce its inaugural inclusion on the esteemed Inc. 5000 list of fastest-growing companies, a widely recognized…
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On July 18, 2023, the New York Department of Financial Services published an industry letter alerting the public that some auto lenders and auto loan servicers (“institutions”) have engaged in unfair and deceptive practices by improperly failing to credit consumers for refunds in connection with financed vehicles that were repossessed or declared a total loss….
TALLAHASSEE, Fla. – F&I Sentinel, the leading automotive compliance and regulatory risk mitigation solutions provider, today announced the hiring of Scott Hendriks as its new Director of Product Strategy. Hendriks is a seasoned professional with over 30 years of experience in the auto and consumer lending industries, with expertise in lending operations, risk management, and…
The Consumer Financial Protection Bureau (CFPB) ordered OneMain Financial (OneMain) to pay $20 million for failing to refund interest charged to 25,000 customers who cancelled purchases within the full refund period and for deceiving borrowers about the need to purchase add-on products to receive a loan. OneMain must pay $10 million in refunds to affected…
New Refund Requirements for Lenders Colorado Governor Jared Polis signed into law Colorado House Bill 23-1181 yesterday, June 8th, 2023. The bill, which codifies and updates various rules and requirements of GAP agreements – largely in favor of consumers – reached the Governor’s desk after passing the House on March 23, gaining Senate approval…
Regulators have begun serious examinations over how lenders have managed GAP waiver financing and their associated refunds for accounts that have terminated early. Such examinations have resulted in serious financial penalties for some financial institutions. One such example is Wells Fargo being ordered to pay $3.7B by the CFPB for violations across several product lines,…
TALLAHASSEE, Fla. – F&I Sentinel announced today that it has entered into an agreement with Exeter Finance, a leading indirect auto finance company. The agreement with F&I Sentinel provides Exeter Finance with the company’s comprehensive end-to-end F&I product platform to ensure that F&I products financed by the company are compliant with all requirements. F&I Sentinel…
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…
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…