May 24, 2017 - Industry News
By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.
Tags: CBA, CFPB, compliance, Consumer FInancial Protection Bureau
May 10, 2017 - Industry News
Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.
Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA
April 26, 2017 - Industry News
Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
Tags: auto finance, CFPB, compliance, Security National Automotive Acceptance Corporatio, SNAAC
April 25, 2017 - Industry News
An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.
Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall
April 19, 2017 - Industry News
A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.
April 7, 2017 - Industry News
A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray
March 23, 2017 - Industry News
The Department of Consumer Affairs (DCA) has filed charges against Queens-based Major World and its three used-vehicle dealerships for allegedly employing deceptive financing and sales practices that targeted low-income and immigrant consumers.
Tags: Deceptive Advertising, Department of Consumer Affairs, fraud, Major World, powerbooking
March 21, 2017 - Industry News
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
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
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
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
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
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
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 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 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.
January 30, 2017 - Industry News
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
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
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
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
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
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
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 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
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
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