Westlake Financial Services Reaches Resolution with CFPB

October 1, 2015 7:13 PM EDT

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LOS ANGELES--(BUSINESS WIRE)-- Westlake Financial Services and Wilshire Consumer Credit, LLC (collectively “WFS”) announced today that it has reached a resolution with the Consumer Financial Protection Bureau, or CFPB.

WFS has the following comments in relation to the Consent Order issued by the CFPB:

  • Over the last 18 months, WFS has cooperated fully with the CFPB.
  • The CFPB allegations relate to practices as far back as 2010 and to practices that were ceased long ago.
  • WFS consented to the issuance of the Consent Order “without admitting or denying any of the findings of fact or conclusions of law” and did so in order to avoid lengthy and costly litigation.
  • WFS shares a fundamental agreement with the CFPB in the importance of treating consumers fairly, appropriately and respectfully in all phases of the auto lending experience.
  • Since 2010, WFS has voluntarily taken a number of steps to enhance its operational compliance program and improve its Compliance Management System, including the hiring of a Chief Compliance Officer with extensive experience using compliant debt collection practices.
  • WFS is eager to become a leader in operational compliance best practices within the consumer financial services industry and looks forward to an ongoing positive working relationship with the CFPB and all of WFS’s other regulators.
  • WFS will continue to fill niches for consumers who may not otherwise be able to receive a reasonably priced auto loan while continuing to deliver to our customers FICO scores that raise more than any other auto finance lender in the industry.

WFS takes its compliance obligations very seriously. We will continue to enhance all of our processes and procedures to ensure that we remain compliant and meet all of our regulatory and legal requirements. For more information on this matter, please contact Robert Engilman, Chief Compliance Officer for WFS.

About Westlake Financial Services: Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com. Direct to consumer title loans and unsecured loans are done through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. Flooring lines of credit are done through their Westlake Flooring Services division; visit www.WestlakeFlooringServices.com for further information.

www.WestlakeFinancial.com

Westlake Financial Services
Robert Engilman
Chief Compliance Officer
323-801-7210
rengilman@WestlakeFinancial.com

Source: Westlake Financial Services



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