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Compliance

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December 23, 2009 - Industry News

Florida Orders Four Companies to Stop Selling VSCs

The Florida Office of Insurance Regulation issued on Dec. 21 an order to National Automotive Services Inc.; Warranty Financial Inc. a/k/a Warranty Financial O.R.G. Inc.; Warranty USA; and Warranty Services to cease and desist transacting the unauthorized marketing and selling of motor vehicle service agreement products in the state.

Tags: compliance, vehicle service products

December 15, 2009 - Industry News

Reynolds Exec Named to Consumer Finance Board

Terrence O’Loughlin, director of compliance for Reynolds and Reynolds, has been elected to the governing board of the Conference on Consumer Finance Law (CCFL), according to the Dayton Daily News.

Tags: Reynolds & Reynolds

December 10, 2009 - Industry News

N.C. Dealers Not Delivering on Titles

A local news channel in Raleigh, N.C., reported on Dec. 7 that the North Carolina Division of Motor Vehicles (DMV) has identified 62 dealerships that have not delivered titles on vehicles paid in full within the time required by law.

Tags: lien holder, North Carolina, tax and title fees

December 3, 2009 - Industry News

Compli Releases Time-Off Tracker for Auto Dealerships

Compli, a provider of on-demand workforce and compliance management software for auto dealers, introduces its Time-Off Tracker, a color-coded dashboard calendar that gives management a real-time snapshot of its department coverage by day, week and month.

Tags: Compli, compliance

November 17, 2009 - Industry News

Former Chicago Dealer Charged With 11 Counts of Mail and Wire Fraud

The former owner of a Chicago car dealership was arrested Nov. 6 on federal charges alleging that he and two former employees, who also were charged, engaged in a fraud scheme involving more than 100 vehicles and caused lending institutions, car dealerships, and customers to lose nearly $2.8 million.

Tags: compliance, fraud

November 17, 2009 - Industry News

Financial Regulatory Rules and Enforcement May Increase in 2010

A growing sense of empowerment many financial services regulators gained under President Barack Obama’s administration in 2009 will likely transform into a broad array of new rules and agencies, as well as stepped-up enforcement actions in 2010, according to regulatory compliance experts at Wolters Kluwer Financial Services.

Tags: compliance, Wolters Kluwer Financial Services

November 10, 2009 - Industry News

Sonic Dealerships to Use RouteOne Compliance Products

RouteOne announced today that Sonic Automotive Inc. will subscribe all of its dealerships nationwide to RouteOne's identity verification and electronic document storage products.

Tags: compliance, electronic document storage, identity verification, RouteOne, Sonic Automotive

November 4, 2009 - Industry News

Hudson Cook LLP Partner Buiteweg Elected to ALI

Hudson Cook LLP, a nationwide provider of legal compliance services for the financial services industry, announced that Thomas J. Buiteweg, a partner at the firm’s Ann Arbor, Mich., office, has been elected to The American Law Institute (ALI).

Tags: Hudson Cook LLP

November 3, 2009 - Industry News

Class Action Suit Filed in Tires for Life Debacle

When Millennium Protection Group Inc. founder Wilbur “Tray” Harrison Jr. launched the Tires for Life tire replacement program in 2005, few dealers who signed up to sell the policies could have guessed that claims would be paid from a Texas checking account and the company would land in bankruptcy court.

October 22, 2009 - Industry News

Lawmakers Pass Amendment to Exclude Auto Dealers from New Federal Agency

The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing.

Tags: Consumer Financial Protection Bureau, Honda Financial Services, NADA

October 6, 2009 - Industry News

DealerTrack Adds Red Flags Reporting to Its Compliance Solution

DealerTrack Inc., a provider of on-demand software and data solutions, added red flags reporting to its DealerTrack Compliance Solution to help dealers better track their identity theft prevention programs and to more effectively monitor dealership activity.

Tags: Dealertrack, Federal Trade Commission, Red Flags Rule

October 1, 2009 - Industry News

AAS Launches Multistate Audit Program

Auto Advisory Services (AAS) launches today a new Multistate Audit Program by conducting its first compliance audits of automobile dealerships in New York and New Jersey.

Tags: compliance, Equal Credit Opportunity Act, Fair Credit Reporting Act, Gramm-Leach-Bliley

September 29, 2009 - Industry News

Leedom BHPH Convention Unveils Show Agenda

The education committee for The Leedom Group’s 15th Annual Buy-Here, Pay-Here National Convention unveiled its lineup of speakers, workshops and panels for the three-day event, which will be held Oct. 12-14 at Caesars Palace in Las Vegas.

Tags: bhph

September 24, 2009 - Industry News

AFSAEF Offers Free Resources for Consumer Financial Protection

The American Financial Services Association Education Foundation (AFSAEF) introduced two new resources to help borrowers take steps to protect their finances.

Tags: AFSA, consumer financial habits

September 17, 2009 - Industry News

Hudson Cook’s Founding Partners Receive AFSA Service Award

Hudson Cook LLP, a provider of legal compliance services for the financial services industry, announced that the American Financial Services Association (AFSA) awarded its 2009 Distinguished Service Award to the firm’s founding partners, Tom Hudson and Robert Cook.

Tags: AFSA, Hudson Cook LLP

September 8, 2009 - Industry News

Washington Dealer Repays Consumers for Deceptive Gas Rebate Program

A Vancouver, Wash., dealer agreed to repay up to $8,440 in restitution to consumers who participated in a deceptive gas rebate program, said the Washington Attorney General’s Office.

Tags: gas incentives

August 28, 2009 - Industry News

New FTC Rule Prohibiting Robocalls Takes Effect Today

The Federal Trade Commission said beginning today prerecorded commercial telemarketing calls to consumers — commonly known as robocalls — will be prohibited, unless the telemarketer has obtained permission in writing from consumers who want to receive such calls.

Tags: Federal Trade Commission, Robocalls

August 18, 2009 - Industry News

New Jersey Dealer Arrested for $7 Million Check Fraud

The former owner of a Bordentown, N.J.-based car dealership was arrested for allegedly defrauding local banks of more than $7 million in a check-kiting scheme, according to the U.S. Attorney’s Office.

Tags: banks, check-kiting scheme, money laundering, wire fraud

July 29, 2009 - Industry News

FTC Delays 'Red Flags' Rule to November 1

The FTC has delayed enforcement of the Red Flags Rule once again, as it looks to expand its education efforts among small businesses. Those efforts include sending a staff attorney to the magazine’s September conference.

Tags: F&I Conference & Expo, Fair and Accurate Credit Transactions Act of 2003, Federal Trade Commission, Red Flags Rule

July 28, 2009 - Industry News

Recovery Compliance Solutions to Handle GMAC’s Repossession Vendors

Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, partnered with GMAC Financial Services to manage and verify its repossession vendors’ information, ensuring they remain compliant with state and local standards.

Tags: compliance, GMAC Financial Services

July 1, 2009 - Industry News

GE Money Launches Web-Based Business Center Portal

GE Money’s Sales Finance division, a provider of consumer financing programs, launched Wednesday its new Web-based portal, the Business Center, to help dealerships with sales, marketing, operations and training.

Tags: business management, GE Money, marketing, Operations, sales, training

June 17, 2009 - Industry News

Wolters Kluwer Creates Indirect Lending Business Unit

Wolters Kluwer Financial Services has formed an indirect lending business unit to expand its reach across the broader indirect lending market.

Tags: compliance, Indirect Lending, Wolters Kluwer Financial Services

May 22, 2009 - Industry News

Judge Orders Halt to Illegal Robocalls

Judge John F. Grady of the United States District Court for the Northern District of Illinois issued on May 15 a temporary restraining order (TRO) against the parties involved in a telemarketing campaign of illegal robocalls.

May 15, 2009 - Industry News

FTC Files Suit to Stop Illegal Robocalls

The Federal Trade Commission is asking a federal court to shut down a telemarketing campaign that has been bombarding U.S. consumers with hundreds of millions of allegedly deceptive “robocalls” in an effort to sell them vehicle service contracts under the guise that they are extensions of original vehicle warranties.

Tags: Federal Trade Commission, Service Contracts, telemarketing

May 12, 2009 - Industry News

First Advantage CREDCO Introduces Red Flag Manager Tool

First Advantage CREDCO, a provider of automotive identity theft and specialty credit reporting solutions, unveiled an all-new component to its Red Flag Solution, called Red Flag Manager.

Tags: Red Flags Rule