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Compliance

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June 20, 2018 - Industry News

EFG Companies: Dealers Must Embrace Industry Paradigm Shift

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 20, 2018 - Industry News

ADT Announces Winners of 2018 Dealers’ Choice Awards

Dealers and dealership personnel have recognized 70 companies and individuals in 34 categories in the 2018 Dealers’ Choice Awards.

June 19, 2018 - Industry News

New NY AG Settles With Queens Dealer Group

Recently appointed New York Attorney General Barbara Underwood has settled charges of deceptive practices against a four-rooftop, Queens-based dealer group.

June 12, 2018 - Industry News

Webinar: Gil Van Over to Tackle Compliance Issues on the Road to the Sale

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

June 7, 2018 - Industry News

LHM Dodge Ram Avondale Named a Top Company to Work for in Arizona

The Arizona Republic recognized the dealership for its employee incentive programs and no-cost, no-debt online college degree opportunities, as well as its holiday bonus program, employee appreciation and birthday celebrations, community involvement, and annual pinewood derby family competition.

Tags: Best Places to Work, employee retention, Larry H. Miller Dealerships

May 29, 2018 - Industry News

Alpha’s Jeff Olsen Honored With 2018 Corporate Counsel Award

The award was handed out by Utah Business magazine during a ceremony at The Grand America Hotel on April 26. Jeff Olsen, the F&I product provider’s in-house legal counsel, is also featured in the publication’s May 2018 edition.

Tags: Alpha Warranty Services, F&I products, in-house counsel, Jeffrey Olsen

May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

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

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

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

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

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

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

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

May 8, 2018 - Industry News

New York AG Schneiderman Resigns

Crusading New York Attorney General Eric T. Schneiderman has resigned in the face of reports of assaults and threats against multiple women.

May 1, 2018 - Industry News

Voting Opens for 2018 Dealers’ Choice Awards

Voting for this year’s DCAs begins today with the launch of a survey open to dealers and dealership professionals.

April 19, 2018 - Industry News

Calif. Dealers Seek New Protections Under State's Franchise Laws

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

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

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 Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

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

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

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

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

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

March 26, 2018 - Industry News

NADA Chairman Outlines Goals, Focus Areas for 2018

Michigan dealer Wes Lutz outlined his chief concerns as the new chairman of the National Automotive Dealers Association.

March 20, 2018 - Industry News

FTC Blocks CDK Global's Acquisition of Auto/Mate

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

Appeals Court Vacates Some FCC Rules on Robocalls

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

Auto Lands at No. 2 on N.Y. Attorney General’s Complaint List

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 27, 2018 - Industry News

Intersections Launches Data Breach Readiness Program

Data Breach Readiness is Intersections Inc.’s newest cybersecurity layer for auto dealers and other business owners.

February 22, 2018 - Industry News

Military Lending Act's December Update More Harmful Than First Thought

Robert Wilkie, Under Secretary of Defense for Personnel and Readiness.

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 14, 2018 - Industry News

PAC Offers Free MLA Compliance Calculator

Partners Alliance Corp. has introduced a calculation solution designed to help dealers address the December 2017 interpretation of the Military Lending Act.

February 13, 2018 - Industry News

BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T Tower in Atlanta (Wikimedia Commons and seniorliving.org)

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

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