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Compliance

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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

January 31, 2018 - Industry News

Appeals Court Rules CFPB Structure Is Constitutional

Photo courtesy of Flickr user Ted Eytan

On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not unconstitutionally constrain the president.

Tags: CFPB, compliance, Leandra English, Mick Mulvaney

January 30, 2018 - Industry News

Hudson Cook Partners Elected Fellows of American College of Consumer Financial Services

The two partners, Lucy Morris and Ryan Stinneford, join 12 other Hudson Cook attorneys who have been named ACCFSL fellows.

Tags: auto finance, compliance, Hudson Cook LLP, Lucy Morris, Ryan Stinneford

January 25, 2018 - Industry News

FTC Approves Consent Order in Texas Dealer’s Deceptive Advertising Case

The approval settles the FTC's December 2017 complaint against Dallas-based Cowboy Toyota regarding its Spanish-language newspaper ads. The regulator charged the dealership with violations of the FTC Act, TILA and the Consumer Leasing Act.

Tags: auto finance, compliance, Cowboy Toyota, Deceptive Advertising, Federal Trade Commission, leasing

January 23, 2018 - Industry News

Darwin Updates F&I Platform to Address Military Lending Act Rules

Darwin today announced a new update to its F&I sales platform designed to address the interpretive rule the Defense Department issued last month under the MLA.

Tags: compliance, credit insurance, Darwin Automotive, Department of Defense, GAP, Military Lending Act

January 18, 2018 - Industry News

Crowe Horwath Plans Tax Reform Webinar

A free webinar offered by Crowe Horwath will review key considerations for dealers concerned about the effects of the recently enacted federal tax reform.

January 11, 2018 - Industry News

What’s Next? Experts to Share 2018 Predictions in Complì Webinar

Complì’s ‘2018 Predictions for Dealers’ webinar will feature a who’s who of automotive industry thought leaders.

January 11, 2018 - Industry News

Judge Again Rules in Favor of Trump in Battle for Control of CFPB

A federal judge denied a request by a high-ranking CFPB official for a preliminary injunction to remove President Trump’s appointee as acting head of the agency. The decision sets the stage for a possible appeal.

Tags: auto finance, CFPB, compliance, dealer markups, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

January 10, 2018 - Industry News

Dealertrack Unveils 2018 Compliance Guide

Dealertrack has released the 13th edition of its Compliance Guide, a free resource for industry members, including dealers and F&I professionals.

January 4, 2018 - Industry News

F&I Express, F&I Admin Launch Product Cancellation Platform

A strategic partnership between F&I Express and F&I Administration Solutions was designed to create the industry’s first electronic F&I product cancelation process.

January 3, 2018 - Industry News

Hudco Attorneys to Speak at ABA’s CFSC Winter Meeting

Attorneys Katie Hawkins and Jean Noonan of Hudson Cook LLP will speak at the American Bar Association’s Consumer Financial Services Committee 2018 Winter Meeting next week.

January 3, 2018 - Industry News

Marijuana Use Still Illegal on Calif. Roads

Photo by Evan-Amos/Wikimedia Commons

Marijuana sales for recreational use became legal in California on Jan. 1, but another change in state law prohibits smoking or consuming the drug while driving or riding in a vehicle.

Tags: California, Law, Regulations, Safety

December 27, 2017 - Industry News

Tax Cut Should Spur Fleet Industry Growth

Photo via Gage Skidmore/Wikimedia.

A tax reform bill signed by President Donald Trump on Dec. 22 is expected to spur economic expansion, bring off-shore corporate revenues back to the U.S., and help fleet management companies make decisions about their operations that aren't tax driven.

Tags: Donald Trump, fleet sales, Tax Revenues

December 21, 2017 - Industry News

NY AG Sues Two Dealerships Over the Sale of Etch

New York Attorney General Eric Schneiderman has filed a lawsuit against Victory Mitsubishi of Larchmont and Victory Suzuki of the Bronx, charging the stores with selling an ‘unwanted and bogus’ anti-theft product.

December 20, 2017 - Industry News

UPDATED: Core F&I Product Could Put Some Auto Finance Deals Under Military Lending Act’s Requirements

Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).

Tags: compliance, credit insurance, Department of Defense, F&I products, GAP, Military Lending Act, National Automobile Dealers Association, servicemembers

December 19, 2017 - Industry News

Wells Fargo Names New Head of Consumer Lending

About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.

Tags: auto finance, Wells Fargo, Wells Fargo Dealer Services

December 18, 2017 - Industry News

FTC Reminds Businesses of Duties to Victims of Identity Theft

The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to the theft within 30 days of a victim’s written request.

Tags: auto finance, FTC, identity theft, Red Flags Rule

December 15, 2017 - Industry News

TrueCar Settles California Dealer Suit

TrueCar has agreed to switch California auto dealers from a pay-per-sale to a flat-fee subscription model and double their indemnity to $50,000 to settle a lawsuit brought by the California New Car Dealers Association.

Tags: California New Car Dealers Association, compliance, digital retailing, third-party sites, TrueCar

December 12, 2017 - Industry News

Cox Automotive Files Antitrust Lawsuit Against CDK Global

Add Cox Automotive to the growing list of tech vendors and dealers alleging that CDK and Reynolds and Reynolds Co. conspired to eliminate competition for data integration services and seize control over dealer and third-party data.

Tags: CDK Global, Cox Automotive, data, DMS, DMS integration, Reynolds & Reynolds

December 7, 2017 - Industry News

Three FinCos Stung for $300K by NYDCA

Credit Acceptance, Clover Commercial and Westlake Financial have agreed to pay more than $300,000 to settle charges of predatory lending leveled by New York’s Department of Consumer Affairs on behalf of 50 Brooklyn car buyers.

December 6, 2017 - Industry News

GOA Says Congress Can Review CFPB’s Guidance on Dealer Participation

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.

Tags: auto finance, CFPB, compliance, dealer markups, dealer participation

December 1, 2017 - Industry News

Fight for Control of CFPB Not Over, Democrats Say

Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.

Tags: auto finance, CFPB, compliance, Dodd-Frank Act, Donald Trump

November 29, 2017 - Industry News

Judge Sides With Trump in Battle for Control of CFPB

Mick Mulvaney speaking at an event in Washington, D.C. (Photo by Gage Skidmore)

A federal judge refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, but the Trump administration’s victory may only be temporary.