The Consumer Financial Protection Bureau announced changes to policies regarding civil investigative demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.

Consistent with the updated policy, CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject to the bureau’s authority.

In investigations where determining the extent of the bureau’s authority over the relevant activity is one of the significant purposes of the investigation, staff may specifically include that issue in the CID in the interests of further transparency.

The new policy takes into account recent court decisions about notifications of purpose, and is consistent with a 2017 report by the bureau’s Office of Inspector General that emphasized the importance of updating Office of Enforcement policies to reflect such developments.

The new policy is also consistent with comments the Bureau received in response to the Requests for Information it issued in 2018, seeking feedback about various aspects of its operations, including its use of CIDs in enforcement investigations.

Consumer Portfolio Services Inc.  announced the closing of its second term securitization in 2019. 

The transaction is CPS's 32nd senior subordinate securitization since the beginning of 2011 and the 15th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes. 

In the transaction, qualified institutional buyers purchased $228.3 million of asset-backed notes secured by $230 million in automobile receivables originated by CPS.  The sold notes consist of six classes. 

Ratings of the notes were provided by Standard & Poor’s and Kroll Bond Rating Agency.

The transaction has initial credit enhancement consisting of a cash deposit equal to 1 percent of the original receivable pool balance and over-collateralization of 0.75 percent.  

The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization.

The transaction utilizes a pre-funding structure, in which CPS sold approximately $143 million of receivables at inception and plans to sell approximately $87 million of additional receivables during May.  This further sale is intended to provide CPS with long-term financing for receivables purchased primarily in the month of April.

Columbus Fair Auto Auction (CFAA) was recently honored with GM Financial’s 2018 Auction of the Year award.

It was presented to Alexis Jacobs at the 2019 Conference of Automotive Remarketing.

GM Financial runs a weekly off-lease sale with more than 400 vehicles in two lanes at Columbus Fair.

A new survey of more than 1,200 small business owners by an online lender finds 37 percent of those surveyed expect the tax changes in the Federal Tax Cuts and Job Act to have a positive impact on their businesses.

Forty-one percent of small businesses expect no change and 21 percent said they expected the tax cuts to have a negative impact on their business. 

The OnDeck survey indicates that 88 percent of small business owners are continuing to invest in their businesses, with 43 percent of respondents saying they would be investing more as a result of the tax cuts, while 45 percent said they would continue to invest the same. 

Edmunds announced its 2019 Best Retained Value Awards, recognizing the new 2019 vehicles and brands with the highest projected residual values after five years.

Toyota and Lexus took home brand-level honors in the standard and luxury categories, respectively, with the highest aggregate retained value scores in their class. 

For model-level awards, both Toyota and Subaru claimed three wins, with Honda taking home two.

Among luxury automakers, Lexus led the pack with three vehicles winning model-level awards. No other firm won more than one.

The 2019 Edmunds Best Retained Value Awards are determined based on the qualifying new models that have the highest projected private-party residual value five years after their launch, expressed as a percentage of their initial True Market Value. To be considered for a model-level award, a vehicle must be a 2019 model year that launched on or before Dec. 31, 2018, and have sales in January 2019 that are not less than 25 percent of the average aggregate sales in that month for all of the other models in its award segment.

To be eligible to win a brand-level award, an automaker must have eligible vehicles competing in at least four of the 18 award segments.

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