Westlake Financial Services reaches resolution with CFPB
LOS ANGELES–(BUSINESS WIRE) – Westlake Financial Services and Wilshire Consumer Credit, LLC (collectively “WFS”) announced today that they have reached a resolution with the Consumer Financial Protection Bureau, or CFPB.
WFS has the following comments regarding the consent order issued by the CFPB:
Over the past 18 months, WFS has fully cooperated with CFPB.
The CFPB’s allegations concern practices dating back to 2010 and practices that have long since ceased.
WFS consented to the issuance of the consent order “without admitting or denying any findings of fact or conclusions of law” and did so in order to avoid lengthy and costly litigation.
WFS shares a fundamental understanding with the CFPB on the importance of treating consumers fairly, appropriately and respectfully at all stages of the auto credit experience.
Since 2010, WFS has voluntarily taken a number of steps to improve its operational compliance program and improve its compliance management system, including hiring a Chief Compliance Officer with extensive experience in the use of compliant debt collection practices.
WFS looks forward to becoming a leader in operational compliance best practices in the consumer financial services industry and looks forward to an ongoing positive working relationship with CFPB and all other WFS regulators.
WFS will continue to niche markets for consumers who might not otherwise be able to receive a reasonably priced auto loan while continuing to provide our clients with FICO scores that increase more than any other auto finance lender in the industry.
WFS takes its compliance obligations very seriously. We will continue to improve all of our processes and procedures to ensure we remain compliant and meet all of our regulatory and legal requirements. For more information on this, please contact Robert Engilman, Chief Compliance Officer for WFS.
About Westlake Financial Services: Westlake is a private, internet-based finance company specializing in the acquisition and management of prime to sub-prime automotive retail installments. Based in Southern California, Westlake enters into indirect retail contracts through a network of more than 20,000 new and used car dealers across the United States. Westlake also offers portfolio purchases through its ALPS (Advanced Lending & Portfolio Services) division, www.WestlakeALPS.com. Direct consumer loans and unsecured loans are made through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. Lines of credit for floors are made through their Westlake Flooring Services division; visit www.WestlakeFlooringServices.com
for more information.