August 2, 2018 - Industry News
According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto
July 26, 2018 - Industry News
Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo
July 23, 2018 - Industry News
Industry Summit’s annual ‘From the Boardroom’ session will feature executives from F&I product providers and software firms, who will tackle the big questions facing F&I offices as the industry continues to push for a more digitized car-buying experience.
Tags: compliance, digital retailing, F&I process, F&I products, Industry Summit, online F&I, Showroom
July 12, 2018 - Industry News
The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.
Tags: compliance, Federal Trade Commission, Used Car Guide, used cars
July 9, 2018 - Industry News
The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.
Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray
Bay Ridge Honda has agreed to pay $423,000 in restitution and penalties to settle charges of deceptive acts and practices that followed dozens of complaints from aggrieved customers, many of whom are non-English speakers.
Tags: compliance, Deceptive Practices, fraud, payment packing, UDAP, Unfair Practices
July 3, 2018 - Industry News
The acquisition of the F&I audit services firm enables KPA to become a single source for automotive compliance. The transaction closed on May 31.
Tags: Auto Advisory Services, auto finance, compliance, F&I office, KPA Services LLC
June 20, 2018 - Industry News
EFG Companies CEO John Pappanastos said digital buying habits, millennial and Gen Z consumers, and women are forcing industry change dealers must embrace.
Tags: compliance, digital retailing, EFG Companies, F&I manager, F&I product provider, Hiring, John Pappanastos, online F&I
June 12, 2018 - Industry News
Compliance expert Gil Van Over will deliver Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.” The webinar is scheduled for July 11 at 11 a.m. PT/2 p.m. ET.
Tags: auto finance, compliance, Desking, edealership, F&I manager, F&I menu, F&I office, Gil Van Over, Payment Quotes
May 21, 2018 - Industry News
The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.
Tags: auto finance, CFPB, compliance, dealer participation, guidance, rate markups
May 15, 2018 - Industry News
On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.
Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation
May 8, 2018 - Industry News
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA
The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.
Tags: auto finance, compliance, Nation Independent Dealers Association, tax season
April 18, 2018 - Industry News
Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.
Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees
April 17, 2018 - Industry News
Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.
Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo
April 11, 2018 - Industry News
U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.
Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters
April 10, 2018 - Industry News
According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.
Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo
April 2, 2018 - Industry News
When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.
Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I Technology, Hendrick Automotive Group
March 20, 2018 - Industry News
The regulator had charged in an administrative complaint that the proposed sale violates federal antitrust laws. The two companies subsequently announced they are abandoning the proposed merger. Auto/Mate officials said the technology company is no longer for sale.
Tags: antitrust, Auto/Mate Dealership Systems, CDK Global, compliance, Federal Trade Commission, merger and acquisition
March 19, 2018 - Industry News
The D.C. Circuit Court of Appeals vacated the FCC’s rule clarifying what devices qualify as automated telephone dialing systems, saying the agency’s explanation ‘invites conclusions that all smartphones are autodialers.’
Tags: compliance, digital marketing, Federal Communications Commission, marketing, Robocalls, Telephone Communications Protection Act
March 8, 2018 - Industry News
The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.
Tags: auto finance, compliance, Credit Forget It, Eric T Schneiderman, payment packing
February 22, 2018 - Industry News
A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
Tags: auto finance, compliance, credit insurance, Department of Defense, GAP, Hudson Cook, Military Lending Act
February 13, 2018 - Industry News
BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination cases in the auto finance arena. BB&T will officially make the switch on March 14.
Tags: auto finance, BB&T, CFPB, compliance, dealer participation, Mick Mulvaney
January 31, 2018 - Industry News
On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not unconstitutionally constrain the president.
Tags: CFPB, compliance, Leandra English, Mick Mulvaney
January 30, 2018 - Industry News
The two partners, Lucy Morris and Ryan Stinneford, join 12 other Hudson Cook attorneys who have been named ACCFSL fellows.
Tags: auto finance, compliance, Hudson Cook LLP, Lucy Morris, Ryan Stinneford
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