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Compliance

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April 17, 2014 - Industry News

Senator Introduces 2 CFPB Reform Bills

Last week, U.S. Senator Deb Fischer introduced two bills aimed at restructuring the Consumer Financial Protection Bureau. The bills would replace the CFPB’s director with a bipartisan commission and change the voting requirements for overturning regulations.

Tags: Consumer Financial Protection Bureau, legislation, Richard Cordray

April 15, 2014 - Industry News

Pro Tesla Bill Won’t Go to Vote

A bill that would allow Tesla to sell directly to consumers won’t be voted on during Arizona’s current legislative session, which ends this week.

Tags: legislation, Tesla Motors

April 15, 2014 - Industry News

Calif. DMV Targets ‘Curbstoners’ in Sting

Investigators issued nearly 100 citations and made several arrests during an operation aimed at thwarting unlicensed auto dealers who sell unsafe used vehicles.

Tags: California, investigation, used vehicles

April 14, 2014 - Industry News

Former CFPB Official to Deliver Keynote Address at Industry Summit 2014

The CFPB’s former point man will be at Industry Summit 2014 this September to deliver a keynote address. He will take attendees inside the media-shy agency and offer insights on how the bureau intends to regulate the automotive retail industry.

Tags: CFPB, Consumer Financial Protection Bureau, Gregory Arroyo, Hudson Cook LLP, Industry Summit, Richard Hackett

April 10, 2014 - Industry News

Washington Governor Signs Bill Favoring Tesla

A bill signed by Washington governor Jay Inslee this month will allow Tesla to expand in the state.

Tags: legislation, Tesla, Tesla Motors

April 10, 2014 - Industry News

U.S. Court of Appeals Rules in Favor of Dropped Chrysler Dealers

The court’s decision will allow the case pitting 148 defunct Chrysler dealerships against the U.S. government to proceed. The dealerships were closed as part of Chrysler’s 2009 bailout agreement.

Tags: bailout, Chrysler, court, lawsuit, Leonard Bellavia

April 10, 2014 - Industry News

ADP Plans to Spin Off Dealer Services Business

The company expects to complete the separation of the two companies in the early part of the fourth quarter. Leading the Dealer Service business unit will be ADP executives Steve Anenen and Al Nietzel.

Tags: ADP, ADP Dealer Services, Al Nietzel, Carlos Rodriguez, Steve Anenen

April 8, 2014 - Industry News

‘King of Lemon Laws’ Files Suit Against Tesla

Wisconsin Attorney Vince Megna filed a lawsuit against Tesla Motors this week, claiming that the car it sold to his client was a lemon.

Tags: lawsuit, lemon law, Tesla, Tesla Motors

April 3, 2014 - Industry News

N.Y. Dealer Shut Down For Defrauding Customers

A dealership that accepted trade-ins with remaining loan balances and then failed to pay off those balances before reselling the cars to unwitting consumers was ordered to permanently close. The owner is prohibited from ever operating a car dealership in the state.

Tags: attorney general, electronic lien and titles, fraud, New York, trade-in vehicles

April 3, 2014 - Industry News

N.M. Dealer Settles Sexual Harassment Suit for $2 Million

An Albuquerque, N.M., dealership will pay $2 million to dozens of male employees who claim they were sexually harassed and retaliated against by managers.

Tags: Equal Employment Opportunity Commission, lawsuit, settlement

April 3, 2014 - Industry News

CFPB Whistleblower: Bureau’s Discrimination Problem ‘Bigger Than Any Report’

Angela Martin testified before Congress this week that the Consumer Financial Protection Bureau has a widespread culture of discrimination and retaliation against its employees.

A lawyer with the CFPB’s Office of Enforcement made an impassioned plea before Congress yesterday, asking that the agency’s widespread discriminatory and retaliatory practices against its employees be curtailed.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, employment, Equal Employment Opportunity Commission

April 1, 2014 - Industry News

New York Dealers, Tesla Reach Agreement

Under the agreement, Tesla will be able to continue operating its five licensed retail locations in the state. Additional locations will be established under a strengthened dealer franchise law.

Tags: legislation, New York, Tesla, Tesla Motors

April 1, 2014 - Industry News

FTC: Sunday Auto Sales Ban Harms Competition

The Federal trade Commission issued a letter last week in support of legislation that would overturn Illinois’ long-standing ban on Sunday car sales. Dealers in the state, however, remain steadfastly opposed to the bill.

Tags: Federal Trade Commission, FTC, Illinois, legislation, Senate

March 27, 2014 - Industry News

Minn. Dealer Granted Temporary Exemption from ACA’s Contraception Mandate

Minnesota’s Hastings Automotive Inc. and Hastings Chrysler Center were granted a temporary exemption from the contraception mandate in the Affordable Care Act until the U.S. Supreme Court rules on the Hobby Lobby case.

Tags: Obama administration, the morning after pill

March 27, 2014 - Industry News

Mass. Dealer Settles With FTC Over Deceptive Ads

After the FTC discovered that it was not disclosing substantial fees in its advertising, Courtesy Auto Group is now barred from stating the amount of any payment in its ads without disclosing the terms.

Tags: deceptive advertising, Federal Trade Commission, FTC, settlement

March 27, 2014 - Industry News

Va. Dealer Could Lose License Over Gambling, Drug Charges

Virginia regulators are reviewing the case of an auto dealer who pleaded guilty to running an online sports gambling ring and was convicted on drug charges. The state has the right to revoke dealer and vehicle sales licenses due to felony convictions.

Tags: compliance, felony, Virginia

March 27, 2014 - Industry News

Tesla Reaches Agreement With Ohio Dealers

Tesla Motors reached an agreement with Ohio auto dealers this week that will allow the company to continue operating two of its retail stores and open a third. The deal awaits lawmaker approval.

Tags: legislation, Ohio, Tesla, Tesla Motors

March 25, 2014 - Industry News

New Mexico Dealers Fight New Inspection Rule

New Mexico’s attorney general is facing three separate lawsuits from state associations and individual dealers over a rule that requires inspections and damage disclosures for used vehicles.

Tags: lawsuits, New Mexico, used vehicles, vehicle inspection

March 25, 2014 - Industry News

Arizona Lawmakers Back Bill to Allow Tesla Sales

Arizona lawmakers are pushing for a bill that would give Tesla the right to sell directly to consumers. The state is currently wooing the electric carmaker into building its battery production center in the state.

Tags: Arizona, legislation, Tesla, Tesla Motors

March 25, 2014 - Industry News

Industry Summit Adds Dealership Sales & Technology Track

Dealership Sales & Technology joins the F&I, Special Finance and P&A Leadership tracks for the annual event, which will be held Sept. 8–10 at Paris Las Vegas.

March 25, 2014 - Industry News

N.Y. Attorney General Settles With 6 Dealers for Deceptive Ads

As part of the settlement, the six dealerships must reform their advertising practices and pay fines of up to $15,000. A seventh dealer was served with a statutory notice of the attorney general’s intention to file a lawsuit.

Tags: attorney general, deceptive advertising, deceptive practices, New York, rebates

March 25, 2014 - Industry News

Toyota to Pay $1.2 Billion for Acceleration Issues

Toyota will pay a $1.2 billion financial penalty — the largest penalty ever imposed on an automotive company — for concealing and making deceptive statements about two safety issues affecting its vehicles in 2009, the U.S. Department of Justice announced last week.

Tags: Department of Justice, fine, Toyota, wire fraud

March 21, 2014 - Industry News

Auto Dealer TV Debuts

Catch the first episode of Auto Dealer TV, brought to you by Auto Dealer Monthly and F&I and Showroom magazine.

March 20, 2014 - Industry News

Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Equal Credit Opportunity Act (ECOA), FDIC, indirect lending

March 20, 2014 - Industry News

CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, Richard Cordray

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