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Compliance

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January 17, 2017 - Industry News

EPA Finalizes Green House Gas and CAFE Standards

On Friday, the Environmental Protection Agency finalized the fuel efficiency rules that will guide the federal greenhouse gas and CAFE standards for 2022-2025 model-year vehicles.

Tags: CAFE Regulations, EPA, Fuel Economy, GHG

January 4, 2017 - Industry News

Automotive Compliance Consultants Field Manager Earns Compliance Certification

Automotive Compliance Consultants announced this week that Texas field manager Ron Keable has earned the National Automotive Finance Association's consumer credit compliance expert designation

Tags: Automotive Compliance Consultants, compliance, National Automotive Finance Association

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

December 29, 2016 - Industry News

Reynolds Releases Reynolds LAW Montana F&I Library

The Reynolds and Reynolds Co. this week announced the release of the Reynolds LAW Montana F&I Library, a comprehensive catalog of standardized, legally reviewed F&I documents for new-car and -truck dealers in the state of Montana.

Tags: F&I, F&I Library, Reynolds & Reynolds

December 19, 2016 - Industry News

CarMax, Asbury, West-Herr Automotive Settle FTC Recall Advertising Charges

The three retailers agreed to settle FTC charges that they touted rigorous inspections while failing to disclose that some vehicles were subject to unrepaired safety recalls. The FTC also finalizes orders against GM and two other sellers in similar cases settled earlier this year.

Tags: Asbury Automotive, CarMax, Deceptive Advertising, Federal Trade Commission, vehicle recall, West-Herr Automotive

December 12, 2016 - Industry News

Helion: 5 Priorities for Dealership IT Departments in 2017

Helion Automotive Technologies issued its Top 5 priorities for dealership IT departments today. According to the company, allocating budgets to improve internet bandwidth, wireless signals, incoming call flow, security and regulatory compliance are a must for 2017.

Tags: Dealership, Helion Automotive Technologies, IT, technology

December 12, 2016 - Industry News

Half Million North Texas Residents Still Driving Unrepaired Recall Vehicles, Takata Warns

More than 500,000 North Texas residents are driving recalled vehicles equipped with faulty Takata airbag inflators, according to Airbag Recall, a website setup by the Takata Corp. to inform consumers about the recall. The company is urging drivers of these vehicles to have them repaired immediately.

Tags: Airbag, Inflator, NHTSA, Recall, Takata, Texas

December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: banks, CFPB, Congress, credit unions, Regulations, Senate

December 8, 2016 - Industry News

New York AG Settles Two Payment Packing Suits for $1.6 Million

Attorney General Eric T. Schneiderman’s crackdown on payment packing continues. Last week, the New York regulator announced settlements with SG Hyland Motors Corp. of Staten Island and Best Auto Outlet of Floral Park, which will collectively pay $1.6 million in restitution to more than 2,300 victims of their alleged deceptive sales tactics.

Tags: Attorney General, Eric T Schneiderman, Lawsuit, New York, Settlement

December 6, 2016 - Industry News

EFG Companies Receives Top Client Satisfaction Scores in National Study

In a study used by major brands to measure dealer services client satisfaction, EFG Companies scored higher than Nordstrom and Ritz Carlton, the F&I product provider shared today.

December 1, 2016 - Industry News

CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

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

December 1, 2016 - Industry News

Fed Reserve, CFPB Leave TILA, CLA Dollar Thresholds the Same for 2017

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

Judge Blocks Labor Department’s New Overtime Pay Rule

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

FCC, Canadian Regulator Sign Robocall Agreement

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

NADA: New Administration Could Push Sales Above 2017 Forecast of 17.1M

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

FTC Approves Final Changes to Used Car Rule

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

VW to Start Diesel Buybacks

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

October 25, 2016 - Industry News

VW to Start Diesel Buybacks

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 Rolled Into Authenticom

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

October 18, 2016 - Industry News

Survey: Consumers Dissatisfied With How Dealers Resolve Complaints

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

October 18, 2016 - Industry News

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

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

Federal Appeals Court Rules CFPB Structure Unconstitutional

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

CFPB Sues Five Arizona Auto-Title Lenders

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 Launches F&I Digital Media Awards

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

New F&I e-Rating/e-Contracting Provider Partners With Compliance Expert

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..