John Redding Quoted in Center for Auto Finance Excellence Article, "CFPB Monetary Resolutions on the Rise - But That's OK" John C. Redding
John Redding was quoted in Larissa Padden’s Center for Auto Finance Excellence article, “CFPB Monetary Resolutions on the Rise – But That’s OK,” on Wednesday, February 25, 2015.
Last year, 53 auto lenders resolved 230 complaints with monetary resolutions, compared with 42 companies in 2013. However, this type of closure is not to be confused with an admittance of wrongdoing, according to Attorney John Redding, partner at Buckley Sandler LLP.
“I wouldn’t look at it as a fault issue,” Redding said, “just a way of trying to resolve complaints. And in terms of what it means, it simply means that they resolved the complaint with some kind of compensation.” And that compensation, Redding said, can take a number of different forms.
“An account credit could be another way of thinking about monetary compensation,” Redding said. “It could just be a customer service issue, where, whether the company has decided that something didn’t go as it should, or whether they decide that ‘While we don’t think it’s an issue, maybe we take care of it,’ because they treat it as customer service. And as I say, it could be in the form of a check, it could be in the form of an account credit, there are any number of ways that is could be done.”