WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB)’s proposal to extend its supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loan or leases in a year has cleared its last hurdle, with the bureau publishing last week its finalized rule and the examination procedures it will follow to ensure finance companies are complying with consumer financial laws. While examiners will be looking at compliance in general, the bureau noted specifically that they will look at whether the finance companies are: marketing loans or leases fairly, without misleading or deceptive practices; giving accurate information to consumer reportin agencies; collecting debts and repossessing vehicles legally; and offering financing fairly, in compliance with the Equal Credit Opportunity Act.
Many companies were ruined in the 70’s and 80’s by the activities of Drexel Burnham Lambert and other takeover artists, most of whom, as with the essentially identical current private equity situation, have kept their ill gotten gains, mostly obtained only by their ability to leverage with low cost money, which of course, comes from the financial sector.
Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing In business 10 years – has completed in excess of 80 Million $$ of financing for Canadian corporations Core competancies include receivables financing, asset based lending, working capital, equipment finance, franchise finance and tax credit financing.
Every company would like to be the best at something, but few actually understand-with piercing insight and egoless clarity -what they actually have the potential to be the best at and, just as important, what they cannot be the best at. And it is this distinction that stands as one of the primary contrasts between the good-to-great companies and the comparison companies.
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