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Compliance

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September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, auto lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: auto lending, CFPB, compliance, Consumer Financial Protection Bureau

September 16, 2014 - Industry News

Biweekly Payment Provider Bulks Up Compliance Practices

USEA implements code of ethics and a certification test for its dealership partners. The move comes more than three months after the NADA notified members that the FTC was investigating biweekly payment programs.

Tags: biweekly payment, CFPB, FTC

September 16, 2014 - Industry News

Court Rules Yelp Can Manipulate Business Ratings

Photo Credit: <a href="https://www.flickr.com/photos/57009135@N00/8246725201/">planetc1</a> via <a href="http://compfight.com">Compfight</a> <a href="https://creativecommons.org/licenses/by-sa/2.0/">cc</a>

This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit claimed the company extorts advertising dollars from businesses in exchange for good reviews, a practice the federal court said is not illegal.

Tags: advertising on Yelp.com, lawsuit, online advertising, Yelp, Yelp reviews

September 16, 2014 - Industry News

Hudson Cook Adds Former CFPB Enforcement Deputy as Partner

Hudson Cook LLP's Lucy Morris

Hudson Cook adds another former CFPB official to its offices in Washington, D.C., in Lucy Morris. She was a founding member of the implementation team that organized the CFPB after passage of the Dodd-Frank Act.

Tags: CFPB, Hudson Cook LLP, Lucy Morris

September 16, 2014 - Industry News

Bill to Rescind CFPB Auto 'Guidance' Gains Support in Congress

More than 400 dealers traveled to the nation’s capital in support of a new bill that could nullify the CFPB’s guidance on auto lending.

Tags: CFPB, HR 4811, NADA

September 16, 2014 - Industry News

NHTSA Fumbled GM Recall, House Reports

A House committee released a report this week that raised questions about how the National Highway Traffic Safety Administration responded to consumer complaints regarding faulty ignition switches on GM vehicles.

Tags: Congress, General Motors, General Motors Recall, National Highway Traffic Safety Administration

September 16, 2014 - Industry News

Mass. High Court Rules in Favor of Tesla

This week, the Supreme Judicial Court of Massachusetts upheld a lower court’s ruling that dealers did not have grounds to challenge Tesla Motors’ ability to sell vehicles in the state.

Tags: franchise, lawsuit, Massachusetts, ruling, Tesla, Tesla Motors

September 11, 2014 - Industry News

NADA Shows Support for New CFPB Reform Bill

The NADA is urging Congress to pass a new bipartisian bill introduced this month that would nullify the CFPB’s guidance on auto lending and require more transparency from the bureau in the future.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, legislation, NADA, National Automobile Dealers Association

September 4, 2014 - Industry News

Ga. Dealer Association Takes on Tesla

The association alleges that Tesla violated the terms of its sales license by selling more than the 150 vehicles it was allowed to sell in the state.

Tags: Tesla, Tesla Motors

September 3, 2014 - Industry News

Carfax Lawsuit Now Lists More Than 700 Plaintiffs

An antitrust lawsuit against Carfax has garnered 700 plaintiffs, up from just 124 when the suit was originally filed in May last year.

Tags: Carfax, lawsuits, Leonard Bellavia

September 3, 2014 - Industry News

Hudson Cook to Form New Group to Address Growing Scrutiny of Debt Collection

The firm has added Gary Becker and Barbara Sinsley, who will work with current Hudson Cook attorneys in creating a new practice group to focus on lender oversight and regulatory compliance for third-party debt collectors, debt buyers, collections law firms, and creditors collecting their own debts.

Tags: Hudson Cook LLP, Tom Hudson

September 2, 2014 - Industry News

FTC Updates Fees for 'Do Not Call' Registry

Starting Oct. 1, telemarketers accessing phone numbers on the National Do Not Call Registry will pay $60, an increase of $1, for access to Registry phone numbers in a single area code.

Tags: Do Not Call, Federal Trade Commission, FTC, telemarketing

September 2, 2014 - Industry News

Ziegler to Kick off Industry Summit With All-Day Profit Masters Seminar

The preconference seminar is designed for general managers, sales managers, BDC and Internet department directors, and F&I directors. The all-day seminar is being offered as a value-add for registrants of Industry Summit.

August 28, 2014 - Industry News

Va. Dealer Charged With Selling Illegal Tags

The owner of a Virginia dealership was arrested after authorities discovered that he was selling fake tags that would allow drivers to delay properly registering their vehicle.

Tags: compliance, DMV, fraud, Virginia

August 26, 2014 - Industry News

N.J. Dealer Pleads Guilty to Selling Cars Damaged in Superstorm Sandy

A dealer who acquired clean titles for flood-damaged cars he bought at auction faces up to three years in prison. He must also reimburse the customers who purchased the seven vehicles.

Tags: auto auctions, compliance, fraud, New Jersey, Superstorm Sandy

August 21, 2014 - Industry News

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Justice, fine, investigation, subprime

August 21, 2014 - Industry News

F&I and Showroom Extends Deadline to Enter F&Idol Contest

The deadline to enter F&I and Showroom's F&Idol contest has been extended to Monday, Aug. 25. At stake is up to $3,500 in prize money and a trip to Industry Summit 2014.

Tags: F&Idol, IAS, Key Replacement, Lease, Service Contracts, Tire and Wheel

August 19, 2014 - Industry News

N.Y. Dealer to Pay $27K for Bogus Customer Fees

An investigation of a Toyota dealership in Kingston found that 27 customers were charged an additional undisclosed $650 fee when they purchased their vehicle at the end of the lease. No additional services were provided for payment of this fee.

Tags: attorney general, fee, investigation, New York, settlement

August 14, 2014 - Industry News

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Photo Credit: Scallop Holden via Compfight cc

Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.

Tags: AFSA, American Financial Services Association, auto lending, Department of Justice, impact of the Great Recession, investigation, mortgage, NADA, National Automobile Dealers Association, Peter K. Welch

August 12, 2014 - Industry News

Dealership Employee Sentenced for $50,000 Theft

While working as a cashier, a former employee of a Pennsylvania dealership performed multiple unauthorized refund transactions and refunded the money to her own checking account. She was sentenced this week to four years of probation, including one year of house arrest.

Tags: employee theft, employees, felony theft

August 7, 2014 - Industry News

Santander Consumer USA Receives DOJ Subpoena

In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.

Tags: Department of Justice, Santander Consumer USA, subpoena, subprime

August 7, 2014 - Industry News

NYC Imposes Strict Rule for Used-Car Sales

The city’s Consumer Affairs Department is warning dealers it will issue violations or revoke their licenses to operate if they do not notify consumers who purchased vehicle with unrepaired recall issues.

Tags: compliance, New York, used car sales, vehicle recall

August 5, 2014 - Industry News

GM Financial Subject of DOJ Investigation

In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.

Tags: auto lending, Department of Justice, investigation, subpoena, subprime

August 5, 2014 - Industry News

Compliance Firm Advises Dealers to Review Arbitration Clauses

Automotive Compliance Consultants warned dealers this week to review their arbitration clauses in their finance contracts. The firm says such language is coming under scrutiny from courts and regulators.

Tags: arbitration agreements, Federal Arbitration Act

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