December 1, 2016 - Industry News
In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.
Tags: CFPB, Congress, U.S. Court of Appeals
The two agencies announced before Thanksgiving that the dollar thresholds in the TILA’s Reg Z. and the CLA’s Reg. M for exempt consumer credit transaction will remain at $54,600 for 2017.
Tags: Compliance, Consumer leasing Act, Leasing, New-Vehicle Financing, Regulation M, Regulation Z, Truth in Lending Act
November 29, 2016 - Industry News
The department’s rule to extend mandatory overtime pay was set to take effect this Thursday. It is now on hold after a federal judge agreed last week with 21 states and more than 50 business groups that the rule was unlawful and granted their motion for a nationwide injunction.
Tags: employment, Fair Labor Standards Act, U.S. Department of Labor
November 22, 2016 - Industry News
The FCC’s Enforcement Bureau and the Canadian Radio-Television and Telecommunications Commission have agreed to cooperate and share intelligence to combat unlawful automated telephone calls.
Tags: Federal Communications Commission, Robocalls, telemarketing
November 15, 2016 - Industry News
The NADA’s chief economist said the industry will sell 17.1 million new units in 2017. That forecast could rise by the end of February — that's if the the new administration delivers on its stated policy objectives.
Tags: 2017, NADA, New-Vehicle Sales, SAAR
November 10, 2016 - Industry News
The Federal Trade Commission announced last week final amendments to its Used Car Rule. It noted that its amended rule permits dealers to use their remaining stock of Buyers Guides for one year after the effective date of the amended rule.
Tags: Buyers Guide, FTC, Used Car Rule
October 25, 2016 - Industry News
Volkswagen will begin buying back its 2.0L diesel models following approval Tuesday of a $14.7 billion settlement by a federal judge. The automaker expects to complete the process by the middle of November, a spokeswoman said.
Tags: TDI, Volkswagen, Volkswagen Scandal
Volkswagen will begin buying back its 2.0L diesel models following approval Tuesday of a $14.7 billion settlement by a federal judge. The embattled automaker expects to complete the process by the middle of November, a spokeswoman told F&I and Showroom.
October 18, 2016 - Industry News
DealerVault and its holding company, Data Specialty Group LLC, have merged into Authenticom LLC, creating one company serving more than 15,000 dealerships across the company, the companies announced today.
Tags: Authenticom, Data, DealerVault, Merger
Results of an online consumer survey conducted by Total Dealer Compliance show high levels of consumer dissatisfaction with how dealers resolve their complaints.
Tags: Complaints, Compliance, Survey, Total Dealer Compliance
Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.
Tags: CFPB, Compliance, Consumer Financial Protection Bureau, customer disclosures, dealer markups, dealer participation, F&I products
October 11, 2016 - Industry News
On Tuesday, a federal appeals court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional. The appellant court’s main issue is the bureau’s single-director structure.
Tags: Compliance, Consumer Financial Protection Bureau
September 22, 2016 - Industry News
The bureau charged the title lenders with violating the Truth in Lending Act for failing to disclose annual percentage rates in online loan advertisements. It is seeking civil monetary penalties and administrative orders requiring the companies to correct their practices.
Tags: auto finance, Auto Title Loans, CFPB, Compliance
September 19, 2016 - Industry News
F&I and Showroom announced the launch of the F&I Digital Media Awards, a new program designed to honor companies and individuals who are driving innovation and progress in the digital F&I space.
Tags: Awards, F&I Digital Media Awards, F&I Express, Industry Summit
September 14, 2016 - Industry News
Over the Edge is a relatively new player in the F&I product e-rating/e-contracting arena, having released its TecAssured system this past May. This week, the firm announced its partnership with Keith Whann, a national compliance expert and attorney who will advise users of the company’s cloud-based system..
September 13, 2016 - Industry News
Auto/Mate announced this week plans to integrate Traffic Control’s customer relationship management (CRM), internet lead management (ILM) and employee activity management (EAM) systems into its own dealership management system (DMS).
Tags: Auto/Mate, CRM, DMS, EAM, ILM, Traffic Control
September 6, 2016 - Industry News
Texas-based Sam Pack’s Five Star Ford of Lewisville was named F&I and Showroom’s 2016 F&I Dealer of the Year. The award was handed out last Wednesday during the magazine’s annual Industry Summit.
Tags: Awards, Dealership, F&I Dealer of the Year, F&I Pacesetters, Sam Pack's Five Star Ford of Lewisville
August 25, 2016 - Industry News
The Automotive Industry Action Group (AIAG) has appointed Cesar D. Pucci, director of corporate quality at Eaton Corporation, to its board of directors. He joins the more than 20 executives from the OEM and supplier community who currently serve on the AIAG board.
Tags: AIAG, Automotive Industry Action Group, Board of Directors
August 19, 2016 - Industry News
Three Dallas-area dealerships have agreed to pay $85,000 to settle charges that they violated a 2014 Federal Trade Commission (FTC) administrative order that barred them from deceptively advertising the cost of buying or leasing a car.
Tags: CLA, Deceptive Advertising, FTC, Regulation M, Regulation Z, Settlement, TILA
August 16, 2016 - Industry News
The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.
Tags: auto finance, Auto Title Loans, CFPB, Compliance, Payday Lending
August 15, 2016 - Industry News
Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.
August 11, 2016 - Industry News
The master agent, which operates in 33 states, will distribute 700Credit’s credit reports, compliance and prescreen products and services.
Tags: 700Credit, Compliance, credit prescreening, credit reports, F&I Process, KISS Concepts Group
The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).
Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement
Jim Radogna, a San Diego-based compliance expert and trainer, will serve as the luncheon speaker at the upcoming Compliance Summit, organizers announced Thursday.
Tags: Car Buyer's Bill of Rights, Compliance, Compliance Summit, Jim Radogna, Regulations
August 9, 2016 - Industry News
Results of an online survey shows that consumers believe dealerships are unethical. However, the online survey of 200 U.S. adults also shows that something as simple as posting the dealership's code of ethics can go a long way in changing perceptions.
Tags: Dealership Experience, Survey, Total Dealer Compliance
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