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
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 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 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
April 19, 2018 - Industry News
New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its provisions specifically addresses the disclosure policy General Motors issued last summer regarding the sale of non-GM service contracts.
Tags: California New Car Dealers Association, dealer protection, F&I products, Franchise Laws
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
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
January 25, 2018 - Industry News
The approval settles the FTC's December 2017 complaint against Dallas-based Cowboy Toyota regarding its Spanish-language newspaper ads. The regulator charged the dealership with violations of the FTC Act, TILA and the Consumer Leasing Act.
Tags: auto finance, compliance, Cowboy Toyota, Deceptive Advertising, Federal Trade Commission, leasing
January 18, 2018 - Industry News
A free webinar offered by Crowe Horwath will review key considerations for dealers concerned about the effects of the recently enacted federal tax reform.
January 11, 2018 - Industry News
Complì’s ‘2018 Predictions for Dealers’ webinar will feature a who’s who of automotive industry thought leaders.
A federal judge denied a request by a high-ranking CFPB official for a preliminary injunction to remove President Trump’s appointee as acting head of the agency. The decision sets the stage for a possible appeal.
Tags: auto finance, CFPB, compliance, dealer markups, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray
December 20, 2017 - Industry News
Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).
Tags: compliance, credit insurance, Department of Defense, F&I products, GAP, Military Lending Act, National Automobile Dealers Association, servicemembers
December 19, 2017 - Industry News
About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services
December 18, 2017 - Industry News
The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.
Tags: auto finance, FTC, identity theft, Red Flags Rule
December 12, 2017 - Industry News
Add Cox Automotive to the growing list of tech vendors and dealers alleging that CDK and Reynolds and Reynolds Co. conspired to eliminate competition for data integration services and seize control over dealer and third-party data.
Tags: CDK Global, Cox Automotive, data, DMS, DMS integration, Reynolds & Reynolds
December 6, 2017 - Industry News
The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.
Tags: auto finance, CFPB, compliance, dealer markups, dealer participation
December 1, 2017 - Industry News
Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.
Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump
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