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Compliance

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March 26, 2015 - Industry News

FTC Announces Multi-Agency Crackdown on Dealership Fraud

The FTC's enforcement sweep, which resulted in six new cases and $2.6 million in monetary judgements, marks the first time the agency has targeted add-on products and services since it was granted authority over auto dealers under the Dodd-Frank Act.

Tags: advertising, automobiles, bureau of consumer protection, consumer protection, Dealership Fraud, Federal Trade Commission, marketing

March 26, 2015 - Industry News

SMART Payment Plan to Unwind Texas Business

SMART Payment Plan was ordered to wind down its business in Texas for operating without the proper state license since 2009. The biweekly payment provider can reapply for the license in 12 months.

Tags: biweekly payment, consent judgment, regulations, SMART Payment Plan, Texas

March 26, 2015 - Industry News

Senator Proposes Amendment to Reign In ‘Rogue’ CFPB

Proposed last week, an amendment to the Senate’s 2015 Budget Resolution would give Congress oversight of the CFPB, which currently has a budget of about $600 million and operates under the Federal Reserve.

Tags: amendment, budget, Consumer Financial Protection Bureau, Federal Reserve, Senate

March 25, 2015 - Industry News

Former Regulator Joins Midwest Compliance Summit

Organizers announced today that Reynolds and Reynolds’ Terry O’Loughlin, who spent 16 years in the Florida attorney general’s office, will kick off the Rules and Regulations portion of the event.

March 24, 2015 - Industry News

BMW Settles FTC Charges

BMW of North America has agreed to settle FTC charges that its MINI Division violated the Magnuson-Moss Warranty Act by telling consumers that BMW would void their warranty unless they used MINI parts and MINI dealers to perform maintenance and repair work.

Tags: BMW, compliance, Federal Trade Commission, MINI, settlement, warranty

March 24, 2015 - Industry News

N.Y. Dealer Pleads Guilty to Felony Tax Charges

The owner of a dealership in New York pled guilty last week to five felony charges and will serve up to one year in jail for failing to file sales tax and personal income tax returns.

Tags: attorney general, compliance, guilty, New York, sales tax evasion

March 19, 2015 - Industry News

Calif. Dealer Association Unveils Details of Recall Bill

First introduced in February, the bill would increase disclosures, improve safety and provide additional cost protections for consumers who purchase or own used recalled vehicles, according to the California New Car Dealers Association.

Tags: California New Car Dealers Association, legislation, vehicle recall

March 19, 2015 - Industry News

CFPB to Allow Consumers to Voice Complaints Publicly

The CFPB is finalizing a policy that would allow consumers to publicly share their stories when they submit complaints to the bureau. The regulator is also seeking public comment on ways to highlight positive consumer experiences.

Tags: CFPB, Consumer Credit, Consumer Financial Protection Bureau

March 19, 2015 - Industry News

FBI Offers Reward for Fugitive Dealer

The FBI is offering $20,000 for the arrest of a New Jersey dealer who has reportedly fled the country after more than 75 people filed complaints against him.

Tags: compliance, consumer complaints, FBI, fraud

March 19, 2015 - Industry News

Deceptive Practices Suit Against Pa. Dealer Dismissed

The Pennsylvania Superior Court has dismissed a lawsuit against a Porsche dealership that claimed the business violated consumer protection and unfair trade practice laws after it refused to reimburse a customer.

Tags: consumer protection, deceptive practices, lawsuit, Porsche

March 19, 2015 - Industry News

New Jersey Reverses Tesla Sales Ban

The electric car maker will now be able to open up to four direct-sale stores and at least one service center in the state.

Tags: electric vehicles, legislation, New Jersey, Tesla Motors

March 17, 2015 - Industry News

Cordray: CFPB Disagrees With Conclusions of CRA Study

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.

Tags: American Financial Services Association, BISG, CFPB, Congress, Consumer Financial Protection Bureau, Richard Cordray, study

March 12, 2015 - Industry News

Midwest Compliance Summit Set for April

The next Compliance Summit event is set to be held April 20–21, 2015, in Illinois. The full day of educational sessions is open to automotive industry professionals involved in front-end compliance.

Tags: attorney, compliance, general agents, regulations

March 12, 2015 - Industry News

Former Dealership Office Manager Sentenced to Prison

The former office manager of a Pennsylvania dealership was sentenced to three and a half years in federal prison for stealing nearly $700,000 from the business.

Tags: embezzlement, employee theft, felony theft, fraud

March 12, 2015 - Industry News

Santander’s Capital Plans Don’t Hold Up to Fed Review

The Federal Reserve has objected to Santander Holdings USA’s capital plans due to widespread deficiencies in governance, internal controls, risk identification and management, as well as other key areas.

Tags: compliance, Federal Reserve, Santander Consumer USA

March 11, 2015 - Industry News

TrueCar Responds to Claims in Mass Action Lawsuit

The lead provider calls Bellavia Blatt & Crossett’s mass action suit challenging its business practices “meritless.”

Tags: Bellavia Blatt, lawsuit, Leonard Bellavia, TrueCar

March 11, 2015 - Industry News

Arbitration Clauses Limit Consumer Relief, CFPB Says

In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.

Tags: arbitration agreements, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act

March 10, 2015 - Industry News

Mass Action Suit Filed Against TrueCar

The law firm of Bellavia Blatt & Crossett has filed a mass action lawsuit against TrueCar, claiming that the lead provider’s business practices constitute false advertising.

Tags: Bellavia Blatt, lawsuit, Leonard Bellavia, New York, TrueCar

March 10, 2015 - Industry News

Dealer, Employee Charged With Threatening Customer

Charges were filed against the owner and an employee of F&R Auto Sales after a customer claimed they threatened her. The dealership first made headlines in January when a video of its employees harassing a pizza delivery man went viral.

Tags: compliance, consumer complaints

March 5, 2015 - Industry News

CNA National Named Finalist for BBB Award

The Better Business Bureau of Central, Northern and Western Arizona named the F&I product provider a finalist for the 2015 BBB Business Ethics Awards.

March 5, 2015 - Industry News

DOJ, N.Y. Regulator Subpoena Capital One

The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.

Tags: auto lending, Capital One, Capital One Auto Finance, Department of Justice, subpoena, subprime

March 5, 2015 - Industry News

Ga. Legislators Table Tesla Bill

Dealers in Georgia have convinced legislators to table a bill that would allow Tesla to continue selling vehicles directly to consumers in the state.

Tags: legislation, online shoppers, Tesla, Tesla Motors

March 5, 2015 - Industry News

GSFSGroup Hires New Compliance Director

GSFSGroup has selected Lewis Kuhl as its senior counsel and director of regulatory compliance. Kuhl will be responsible for ensuring that F&I products and the company’s clients are in in compliance with state laws.

Tags: compliance, F&I products, GSFSGroup, hiring

March 3, 2015 - Industry News

Mass. Dealer Sued for Selling Defective Cars

Massachusetts Attorney General Maura Healey has filed a complaint against a used-car dealer who allegedly had customers fill out blank contracts and then charged them at least twice the agreed-upon price for defective cars.

Tags: attorney general, defect, fraud, lawsuit, Massachusetts

February 26, 2015 - Industry News

Ala. AG Shuts Down Dealer for Fraud

Alabama Attorney General Luther Strange was granted a temporary restraining order against the owners of a used-car dealership, as well as permission to seize the dealer’s property.

Tags: Alabama, attorney general, compliance, fraud, lawsuit, sales tax evasion

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