Rules of the Road

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March 21, 2017 - Industry News

Justice Department Files Amicus Brief Against CFPB

In an amicus brief filed last Friday, the Justice Department called on the D.C. Circuit Court to uphold the appellate court's 2-1 ruling in a New Jersey-based mortgage company's closely-watched challenge of the CFPB's authority. The agency says it agrees with the court's unconstitutional ruling and 'at-will' remedy.

March 14, 2017 - Industry News

CUDL Holds Onto No. 2 Spot in Auto Finance Rankings

The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.

Tags: Auto Finance, Credit Unions, CUDL, powerbooking

February 23, 2017 - Industry News

Georgia Man Pleads Guilty to Odometer Fraud

A Georgia businessman this week pleaded guilty to operating an odometer fraud scheme that revolved around buying later-model cars at auction, tampering with the odometer reading, and then selling the cars at inflated prices, the U.S. Department of Justice announced.

Tags: compliance, Department of Justice, Odometer Fraud

February 23, 2017 - Industry News

Dallas Compliance Summit Set to Break Attendance, Certification Records

Organizers of Compliance Summit say an 'unprecedented' response to the announcement that the next event will be held alongside Industry Summit at the Gaylord Texan in Grapevine, Texas, all but guarantees the Sept. 11, 2017, event will set new marks for attendance and Automotive Compliance Specialist certification.

Tags: Automotive Compliance Specialist, Compliance Summit, Gil Van Over, Industry Summit, Jim Ganther

February 16, 2017 - Industry News

D.C. Circuit Grants CFPB’s Request to Defend Single-Director Structure

The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.

Tags: Auto Finance, CFPB, dealer participation, Donald Trump

February 16, 2017 - Industry News

Tom Hudson Releases Book on Fed Government’s War on Dealers

In his new book, the attorney traces actions over the last five years by the Consumer Financial Protection Bureau and the Federal Trade Commission. It addresses the government's war on several fronts, from advertising and discrimination to disclosure requirements and other everyday compliance issues.

Tags: compliance, Consumer FInancial Protection Bureau, dealer participation, F&I manager, Federal Trade Commission, Hudson Cook LLP, Tom Hudson

February 15, 2017 - Industry News

Hudson Cook LLP Adds Three New Partners

The law firm announced today the election of attorneys Robert Gage, Lauren Hunt, and Jennifer Sarvadi to the partnership.

Tags: compliance, Consumer FInancial Protection Bureau, Federal Trade Commission, Hudson Cook LLP

February 3, 2017 - Industry News

President Trump Orders Review of Dodd-Frank

President Donald Trump took his first step toward making good on his promise to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, signing on Friday an executive order directing the secretary of the Treasury to review the 2010 financial oversight law.

Tags: Consumer FInancial Protection Bureau, Dodd-Frank Act, Donald Trump, Richard Cordray

February 2, 2017 - Industry News

Senate Republicans Introduce CFPB-Restructuring Bill

Senate Republicans have reintroduced legislation aimed at replacing the CFPB’s single-director structure with a five-member bipartisan board. The bill was unveiled as Congressional Democrats and state regulators pledged to defend Director Richard Cordray and his agency.

Tags: Consumer FInancial Protection Bureau, Dodd-Frank Act, Donald Trump, Richard Cordray

January 30, 2017 - Industry News

NADA Chairman: Hope for the Best, Prepare for the Worst

Jeff Carson likened his year as chairman of the NADA to piloting a plane during a ‘catastrophic electrical failure,” noting that he experienced situations where he started out on what seemed a routine path only to have outside events toss his flight plan out the window.

Tags: CAFE Regulations, Consumer FInancial Protection Bureau, dealer participation, Jeff Carlson, NADA

January 24, 2017 - Industry News

Court Approves Volkswagen’s $1.6B Dealer Settlement

A federal judge on Monday granted final approval to Volkswagen AG’s $1.67 billion settlement with 652 VW-branded franchised dealers in connection with the automaker’s diesel emissions scandal.

Tags: Diesel, emissions, Settlement, Volkswagen, Volkswagen Scandal

January 23, 2017 - Industry News

gvo3, DSGSS Collaborate on New Front-End Compliance Platform

Compliance firms gvo3 & Associates (gvo3) and Dealer Safeguard Solutions (DSGSS) have teamed up on a comprehensive front-end compliance platform that incorporates education, certification, execution, inspection and remediation.

Tags: ACE, Automotive Compliance Education, Dealer Safeguard Solutions, Gil Van Over, gvo3 & Associates

January 19, 2017 - Industry News

House Republicans Allege CFPB Director Violated U.S. Law in New Report

A new report released by Republican members of the House Financial Services Committee charges CFPB Director Richard Cordray with violating federal law when the regulator published its Larger Participant Rule in June 2015.

Tags: Auto Finance, CFPB, compliance, FEDERAL REGULATION, House Financial Services Committee

January 19, 2017 - Industry News

Compliance Summit Returns to Texas in September

Held alongside Industry Summit for the second consecutive year, Compliance Summit will include one full day of compliance education for dealers, managers, and sales and F&I professionals. An onsite certification courtesy of Automotive Compliance Education (ACE) will be available to all attendees the following day.

Tags: Auto Finance, Best Training Day Ever, compliance, Compliance Summit, F&I training, Industry Summit

January 17, 2017 - Industry News

EPA Finalizes Green House Gas and CAFE Standards

On Friday, the Environmental Protection Agency finalized the fuel efficiency rules that will guide the federal greenhouse gas and CAFE standards for 2022-2025 model-year vehicles.

Tags: CAFE Regulations, EPA, Fuel Economy, GHG

January 12, 2017 - Industry News

EPA Accuses FCA of Excess Diesel Emissions

The U.S. Environmental Protection Agency has accused Fiat Chrysler Automobiles of failing to disclose engine management software that increased air pollution in 104,000 diesel-powered Ram 1500 trucks and Jeep Grand Cherokee SUVs in the 2014 to 2016 model years. FCA officials say the software shouldn’t be considered a defeat device.

Tags: Autotrader, emissions, Environmental Protection Agency, Fiat Chrysler, Volkswagen

January 4, 2017 - Industry News

Automotive Compliance Consultants Field Manager Earns Compliance Certification

Automotive Compliance Consultants announced this week that Texas field manager Ron Keable has earned the National Automotive Finance Association's consumer credit compliance expert designation

Tags: Automotive Compliance Consultants, compliance, National Automotive Finance Association

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

December 29, 2016 - Industry News

Reynolds Releases Reynolds LAW Montana F&I Library

The Reynolds and Reynolds Co. this week announced the release of the Reynolds LAW Montana F&I Library, a comprehensive catalog of standardized, legally reviewed F&I documents for new-car and -truck dealers in the state of Montana.

Tags: F&I , F&I Library, Reynolds & Reynolds

December 19, 2016 - Industry News

CarMax, Asbury, West-Herr Automotive Settle FTC Recall Advertising Charges

The three retailers agreed to settle FTC charges that they touted rigorous inspections while failing to disclose that some vehicles were subject to unrepaired safety recalls. The FTC also finalizes orders against GM and two other sellers in similar cases settled earlier this year.

Tags: Asbury Automotive, CARMAX, Deceptive Advertising, Federal Trade Commission, vehicle recall, West-Herr Automotive

December 12, 2016 - Industry News

Helion: 5 Priorities for Dealership IT Departments in 2017

Helion Automotive Technologies issued its Top 5 priorities for dealership IT departments today. According to the company, allocating budgets to improve internet bandwidth, wireless signals, incoming call flow, security and regulatory compliance are a must for 2017.

Tags: Dealership, Helion Automotive Technologies, IT, technology

December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: Banks, CFPB, Congress, Credit Unions, Regulations, Senate

December 1, 2016 - Industry News

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.

Tags: CFPB, Congress, U.S. Court of Appeals

December 1, 2016 - Industry News

Fed Reserve, CFPB Leave TILA, CLA Dollar Thresholds the Same for 2017

The two agencies announced before Thanksgiving that the dollar thresholds in the TILA’s Reg Z. and the CLA’s Reg. M for exempt consumer credit transaction will remain at $54,600 for 2017.

Tags: compliance, Consumer leasing Act, leasing, new-vehicle financing, Regulation M, Regulation Z, Truth in Lending Act

November 29, 2016 - Industry News

Judge Blocks Labor Department’s New Overtime Pay Rule

The department’s rule to extend mandatory overtime pay was set to take effect this Thursday. It is now on hold after a federal judge agreed last week with 21 states and more than 50 business groups that the rule was unlawful and granted their motion for a nationwide injunction.

Tags: employment, Fair Labor Standards Act, U.S. Department of Labor

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