The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a host of illegal practices that have allegedly harmed individuals with auto loans.
The CFPB states that these practices include wrongfully disabling borrowers’ vehicles, improperly repossessing vehicles, double-billing borrowers for insurance premiums, and failing to return millions of dollars in refunds to consumers.
The bureau is seeking to obtain redress for consumers and civil money penalties and stop any future violations. You can read more here.
Your California and Nevada Credit Union Leagues-member benefits also include the Compliance Hotline — providing exclusive access to dedicated compliance experts! Contact the hotline anytime to gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently:
With the Compliance Hotline, you can proactively respond to impromptu questions and issues by receiving clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additional League-Member Compliance Resources
More compliance resources and benefits of League membership include:
For more information or questions, email Leagues Vice President of Regulatory Advocacy and Compliance Lisa Quaranta.
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