Rules of the Road

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November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

November 9, 2017 - Industry News

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act

November 6, 2017 - Industry News

Norm Reeves Dealerships to Pay $1.4 Million for Violating 2014 FTC Order

The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.

Tags: compliance, Consumer Leasing Act, Federal Trade Commission, Norm Reeves, Truth in Lending Act

October 25, 2017 - Industry News

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

Tags: Arbitration, CFPB, compliance, F&I products

October 24, 2017 - Industry News

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.

Tags: auto finance, CFPB, compliance, dealer markups, F&I products

October 18, 2017 - Industry News

New York AG Reaches Two New Settlements in Payment Packing Crackdown

The attorney general's two-year crackdown on payment packing and the unlawful sale of credit repair services has resulted in 13 dealership settlements and more than $19 million in total restitution and penalties.

Tags: Credit Forget It, credit repair services, Eric T Schneiderman, F&I manager, jamming, payment packing

October 11, 2017 - Industry News

Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.

Tags: Ally, auto finance, Consumer Financial Protection Bureau, GAP, Regulators

October 5, 2017 - Industry News

CFPB Finalizes Small-Dollar Lending Rule

In announcing the rule, the bureau used wording the American Financial Services Association said makes an important distinction between traditional installment lending and payday and title lending.

September 21, 2017 - Industry News

House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.

Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services

September 21, 2017 - Industry News

CitiFinancial Pays $907K to Settle Military Repo Charges

CitiFinancial has agreed to pay $907,000 to settle U.S. Department of Justice charges that it illegally repossessed vehicles sold to active-duty military members.

August 29, 2017 - Industry News

Attorneys to Tackle GM Product Policy at PALS 2017

In a surprise addition to the P&A Leadership Summit agenda, Matthew Bartle and David Marcus of Bartle & Marcus LLC will address General Motors’ recent directives regarding the sale of non-OEM parts and service contracts.

Tags: Administrators, F&I product provider, F&I products, General Motors, PALS

August 28, 2017 - Industry News

NADA Mobilizes Emergency Relief Fund for Dealership Employees Impacted by Hurricane Harvey

The NADA Foundation is calling on dealers and dealer association groups to donate online to its emergency relief fund. Dealership employees affected by the flooding can apply for financial assistance.

Tags: Hurricane Harvey, NADA Foundation

August 28, 2017 - Industry News

Auto Industry Lawyer Halbert Rasmussen Joins The Scali Law Firm

Rasmussen is highly regarded for the breadth and depth of his industry knowledge and experience in representing major players in car, truck, bus, and motorcycle sales, finance, and technology. He counts the California New Car Dealers Association as one of his former clients.

August 24, 2017 - Industry News

GM: Dealers Must Disclose Non-GM Parts, Service Contracts

General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealers who don’t comply face possible termination of their franchise agreement.

Tags: aftermarket accessories, California New Car Dealers Association, compliance, General Motors, NADA, National Automobile Dealers Association, Regulations, vehicle service contracts

August 16, 2017 - Industry News

'Total Loss Protection' at Center of NY Dealer's $298K Settlement With State AG

New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,000 in restitution and penalties to settle charges relating to the dealership’s “Total Loss Protection” theft-deterrent program. Photo courtesy New York State Office of the Attorney General

The office of New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,211 in restitution, penalties and fees to settle claims the dealership charged hundreds of car buyers thousands of dollars for an ‘unwanted and bogus’ theft-deterrent product.

Tags: compliance, Eric T Schneiderman, Etch, F&I products, New York, Nissan of New Rochelle, payment packing, Total Loss Protection

August 16, 2017 - Industry News

Ziegler Joins Compliance Summit Roster as Keynote Speaker

Trainer, author, forecaster and industry firebrand Jim Ziegler will deliver the keynote address at the upcoming Compliance Summit.

Tags: auto finance, compliance, Compliance Summit, F&I manager, F&I office, Jim Ziegler

August 14, 2017 - Industry News

Industry Summit Extends Early Bird Deadline

Attendees who register by midnight this Friday, Aug. 18, will enjoy a $100 discount on a full-conference pass. Industry Summit is co-located with The Best Training Day Ever and includes F&I Think Tank, the Special Finance Conference, Compliance Summit, and Automotive Compliance Specialist certification by Automotive Compliance Education.

Tags: Automotive Compliance Education, Compliance Summit, F&I Think Tank, F&I training, Industry Summit, Special Finance Conference, The Best Training Day Ever

August 14, 2017 - Industry News

Dave Anderson to Deliver Industry Summit, Best Training Day Ever Keynote Address

LearnToLead founder and nationally recognized leadership trainer Dave Anderson will deliver the Tuesday afternoon keynote address at this year’s Industry Summit as part of the Best Training Day Ever agenda.

Tags: Dave Anderson, Industry Summit, leadership, LearntoLead, training

August 8, 2017 - Industry News

Mind the GAP: Wells Fargo Faces New Charges

Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.

Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

August 8, 2017 - Industry News

Top-Flight F&I Directors Join F&I Think Tank Roster

F&I Think Tank’s ‘The Director’s Chair’ will feature the F&I director for the magazine’s 2016 F&I Dealer of the Year in Tom Andrews, as well as former F&I Pacesetters Dan Mason and Justin Gasman. It will also feature His Madness, Marv Eleazer, as moderator.

Tags: Dan Mason, Ethical F&I Managers, F&I 20 Group, F&I director, F&I manager, F&I process, F&I Think Tank, F&I training, Industry Summit, Justin Gasman, Marv Eleazer, Tom Andrews

August 7, 2017 - Industry News

Compliance Expert Jim Ganther Joins PALS Roster

Attorney and compliance expert Jim Ganther will present ‘Providers’ Role in Dealership Compliance’ at the upcoming P&A Leadership Summit.

Tags: compliance, F&I product provider, Industry Summit, Jim Ganther, P&A Leadership Summit

August 1, 2017 - Industry News

LenderLive Expands Compliance Solutions for Finance Sources

The compliance solutions provider will provide these expanded services through LenderLive Compliance Solution, a new line of business that will offer both bundled and a la carte services to vehicle finance companies, credit unions, community banks, and regional banks.

July 27, 2017 - Industry News

CFPB: Small-Dollar Lending, Debt-Collection Rules Are Coming

The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.

Tags: Arbitration, auto finance, CFPB, compliance, Debt Collection, Payday Lending

July 26, 2017 - Industry News

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

Tags: Arbitration, auto finance, CFPB, compliance, House Financial Services Committee, Jeb Hensarling

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