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Compliance

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June 13, 2017 - Industry News

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, dealer markups, dealer participation, Dodd-Frank Act

June 12, 2017 - Industry News

13 Attorneys General Vow to Fight Emissions Easing By Trump

Photo via Wikimedia.

A coalition of 13 attorneys general led by New York Attorney General Eric Schneiderman told the Trump administration it could expect a "vigorous" legal challenge to any attempt to weaken pollution standards for light-duty vehicles.

Tags: Attorney General, CAFE Regulations, compliance, emissions, Eric Schneiderman

June 12, 2017 - Industry News

Hackers Target Dealer Social Media Posts

Dealer IT security expert Erik Nachbahr is warning dealers not to click on social media posts that may contain malware.

June 8, 2017 - Industry News

NADA Launches New Digital Collection of Archives

As part of its 100th anniversary, the National Automobile Dealers Association has partnered with the Hagley Museum and Library, a Smithsonian affiliate, to create a digital collection of historic publications, press releases, photographs, video and other collateral.

June 8, 2017 - Industry News

F&I Think Tank Heads to Dallas With Arroyo at the Helm

F&I and Showroom’s Gregory Arroyo will chair the 20 Group-like event, which will close out Industry Summit 2017 on Sept. 14. This year’s theme: ‘Making F&I Great Again.’

Tags: Career Advice, F&I director, F&I manager, F&I process, F&I products, F&I Think Tank, F&I training, Industry Summit

June 7, 2017 - Industry News

Crisorio, Kamal to Chair 2017 Compliance Summit

UDS’s Brian Crisorio and Auto Dealer Today’s Tariq Kamal will serve as co-show chairs for this year’s Compliance Summit.

Tags: auto finance, compliance, Compliance Summit, F&I manager, F&I office, Industry Summit

June 7, 2017 - Industry News

American Financial Receives Multiple Dealers’ Choice Awards

American Financial & Automotive Services earned awards in five categories in the 2017 Dealers’ Choice Awards.

June 6, 2017 - Industry News

Securethics Launches Communication and Conflict Management Training Program

The new program was designed to reduce auto dealership turnover by at least 5% in 12 months.

June 5, 2017 - Industry News

UDS Earns Top Honors in Dealers’ Choice Awards

The income development company earned a Diamond award in F&I Training and Platinum in the Compliance Training category of Auto Dealer Today’s 2017 Dealers’ Choice Awards, which are voted on by dealers and dealership personnel.

Tags: Auto Dealer Today, compliance, Dealers' Choice Awards, F&I training, UDS

May 30, 2017 - Industry News

Mich. Senators Support Fuel Economy Bill

Michigan's U.S. senators are backing a proposal that would allow automakers to apply credits for model years as far back as 2009 to help them meet future standards to require their car and truck fleets to average 41 miles per gallon by 2021, reports the Detroit News.

Tags: CAFE Standards, Donald Trump, Elected Leaders, EPA, Fuel Economy, Michigan

May 24, 2017 - Industry News

Poll: Most Voters in Battleground States Support Structural Reforms to CFPB

By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.

Tags: CBA, CFPB, compliance, Consumer Financial Protection Bureau

May 23, 2017 - Industry News

ADT Announces 2017 Dealers’ Choice Awards Winners

Auto Dealer Today named the winners of the 13th annual Dealers’ Choice Awards.

May 22, 2017 - Industry News

Fixed-Ops Specialist Issues Warning

A visit of service departments across the nation revealed that 25% of service lifts are out of compliance with the OSHA’s vehicle lift maintenance and inspection standards. Fixed-ops expert issues a warning and offers four recommendations for maintaining worker safety.

Tags: compliance, fixed operations

May 10, 2017 - Industry News

FTC Adds Cyberattack Resources for Small Businesses

New website was designed to help auto dealers and other small business owners avoid and minimize the impact of cyberattacks and scams.

May 10, 2017 - Industry News

Auto Finance Sources Team Up to Combat Fraud

Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.

Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA

May 4, 2017 - Industry News

Houston Woman Demands New Truck From Toyota Dealer

Elizabeth McClung has started a social media campaign aimed at convincing Sterling McCall Toyota to give her a new Tundra to replace an older truck that was stolen from the dealership’s service center.

April 26, 2017 - Industry News

CFPB Fines SNAAC for Violating 2015 Consent Order

Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.

Tags: auto finance, CFPB, compliance, Security National Automotive Acceptance Corporatio, SNAAC

April 25, 2017 - Industry News

New York AG Announces Settlement With 104 Dealers Over Recalls

New York State Attorney General Eric Schniederman

An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.

Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall

April 19, 2017 - Industry News

F&I Express Tackles Product Cancelations

A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.

April 10, 2017 - Industry News

American Financial's F&I University Now Offers F&I Compliance Certification

The income development company has partnered with Automotive Compliance Education LLC to provide its dealer customers with a new F&I compliance certification program, which will be offered through the firm's F&I University.

Tags: American Financial & Automotive Services, Automotive Compliance Education, compliance, F&I training, F&I University

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

April 6, 2017 - Industry News

FTC Approves Settlements With CarMax, Asbury, West-Herr

The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.

Tags: Asbury Automotive, CarMax, Federal Trade Commission, GM Recalls, NHTSA, Recalls, Takata, West-Herr Automotive

April 4, 2017 - Industry News

VW Settles State Diesel Claims for $157M

Photo courtesy of VW.

This latest settlement, announced on March 30, will be paid to Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. The settlement was negotiated with attorneys general from each state.

Tags: Diesel, Volkswagen, Volkswagen Scandal

March 29, 2017 - Industry News

Santander Agrees to $26 Million Settlement

Santander Consumer USA will pay $26 million to settle charges brought by the attorneys general of Delaware and Massachusetts.

March 23, 2017 - Industry News

N.Y.’s Major World Charged with Predatory Sales and Finance Practices

The Department of Consumer Affairs (DCA) has filed charges against Queens-based Major World and its three used-vehicle dealerships for allegedly employing deceptive financing and sales practices that targeted low-income and immigrant consumers.

Tags: Deceptive Advertising, Department of Consumer Affairs, fraud, Major World, powerbooking