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Compliance

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July 12, 2016 - Industry News

State Franchise Laws Benefit Consumers, Economic Analysis Concludes

A new economic analysis shows that state franchise laws, which have come under attack by regulators like the Federal Trade Commission, stimulate competition that results in lower retail prices for consumers.

Tags: Federal Trade Commission, Franchise Laws, Franchised Dealerships, Pheonix Center

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

July 6, 2016 - Industry News

Registration Opens for Las Vegas Compliance Summit

Organizers of Compliance Summit announced that registration for the Las Vegas event is now open. This two-day event, part of the annual Industry Summit, is scheduled for Aug. 29-30 at Paris Las Vegas.

Tags: Compliance Summit, Industry Summit

July 5, 2016 - Industry News

FTC Announces Significant Hike to Civil Penalty Maximums

Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

Tags: compliance, Deceptive Practices, Federal Trade Commission

July 5, 2016 - Industry News

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

Tags: CFPB, Customer Privacy, Law

June 29, 2016 - Industry News

OP-ED: NADA Chairman Calls on Dealers to Rally Behind CFPB-Reform Bill

Introduced in March, U.S. Senate Bill 2663 aims to repeal the bureau's March 2013 guidance on dealer participation and add a few more steps to the regulator's guidance-writing activities. In an op-ed piece posted on the NADA's website, Chairman Jeff Carlson offers his thoughts on the legislation and explains why dealers need to rally behind it.

Tags: CFPB, dealer participation, Jeff Carlson, NADA

June 28, 2016 - Industry News

RoadVantage Completes Second Annual SSAE 16 Type II Audit

RoadVantage has successfully completed its second annual SSAE 16 (SOC 1) Type II audit, ensuring the company’s controls and procedures continue to conform to industry standards for best practices, according to a company announcement.

Tags: Audit, RoadVantage, SSAE

June 28, 2016 - Industry News

Former Nissan Dealer to Pay $101,986 for Deceptive Practices

About 119 former customers of Saratoga Springs Nissan who were charged illegal fees and sold F&I products without their knowledge will share in $101,986 in restitution, according to the settlement reached between the dealership's former owner and the New York Attorney General's Office.

Tags: Attorney General, Crime, Deceptive Advertising, Deceptive Practices

June 27, 2016 - Industry News

EFG Companies Names Vice President of Compliance

Steve Roennau, vice president of compliance, EFG Companies.

EFG Companies has named 30-year industry veteran Steve Roennau vice president of compliance, the company announced last week.

Tags: EFG Companies, Hiring, Vice President

June 23, 2016 - Industry News

Supreme Court Rules in Favor of Dealers in Overtime Pay Dispute

In a 6-2 decision, the Supreme Court vacated the 9th U.S. Circuit Court of Appeals' ruling that service advisors qualified for overtime pay because they were not considered “salesmen” under the Fair Labor Standard’s Act (FLSA).

Tags: Overtime, Service Advisors, Supreme Court

June 21, 2016 - Industry News

F&I Dealer of the Year: Nomination Deadline Extended

David-Moore Automotive's Sean Tarbell accepts the 2015 award from The Warranty Group's Ash Bauer and F&I and Showroom's Gregory Arroyo.

F&I and Showroom has extended the nomination deadline for its F&I Dealer of the Year award to Wednesday, July 13.

Tags: F&I Dealer of the Year, F&I department, F&I manager, F&I Pacesetters, F&I process

June 21, 2016 - Industry News

Former Credit Union CEO Charged With Fraud

The former CEO of Valor Federal Credit Union was charged with executing a scheme to defraud the credit union of approximately $718,000 to pay for his personal credit card, college tuition, his wife's birthday party, and a golf tournament sponsorship.

Tags: Attempted Fraud, FBI, fraud, Investigation, U.S. Attorney's Office, Valor Federal Credit Union

June 20, 2016 - Industry News

American Financial Wins Two Dealers’ Choice Awards

American Financial & Automotive Services Inc. received two 2016 Dealers’ Choice Awards. The company received a Diamond award in Compliance Training and a Platinum award in F&I Training.

Tags: American Financial & Automotive Services, compliance, Dealers Choice Award, F&I training

June 9, 2016 - Industry News

S.C. Legislature Approves Changes to State's Closing Fee Laws

On June 2, House Bill 4548 was ratified and with it came amendments to South Carolina’s closing fee laws. In accordance with the new law, the Department of Consumer Affairs will be able to determine whether the amount a dealer charges in closing fees is reasonable or unreasonable.

Tags: Closing Fee, Department of Consumer Affairs, South Carolina

June 7, 2016 - Industry News

Reynolds and Reynolds Releases LAW Kentucky F&I Library

The Reynolds and Reynolds Co. has released a comprehensive catalog of standardized, legally reviewed F&I documents for automobile dealers in the state of Kentucky.

Tags: compliance, F&I, Reynolds & Reynolds

June 1, 2016 - Industry News

NHTSA Fines Ariz. Dealership $40,000 for Selling New Cars With Open Recalls

The federal agency said Sands Chevrolet violated the Safety Act for selling and delivering new vehicles without fixing safety-related defects. Along with the fine, the dealership was ordered to show that it has taken, or will take, steps to ensure it does not violate the Safety Act again, the settlement agreement states.

Tags: Civil Penalties, Department of Transportation, NHTSA, Recall, Safety

May 31, 2016 - Industry News

Turks and Caicos Regulator Engages Reinsurance Industry

The Turks and Caicos Islands Financial Services Commission met last week with 20 leading reinsurance experts to elicit their views on proposed improvements to the islands’ regulatory regime and to explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies.

Tags: consumer protection, GAP, producer-affiliated reinsurer, reinsurance, Service Contracts, Turks and Caicos Islands

May 26, 2016 - Industry News

RoadVantage Wins Dealers’ Choice Platinum Award

RoadVantage has won a Platinum Dealers’ Choice Award in the F&I Products category, marking the second year in a row the F&I product provider earned an award in this category.

Tags: Dealers' Choice Awards, F&I product provider, F&I products, Garret Lacour, RoadVantage

May 19, 2016 - Industry News

Labor Department Publishes New Overtime Pay Rule

The finalized rule updating overtime regulations will automatically extend overtime pay protections to more than four millions workers within the first year of implementation. The NADA said it is developing outreach materials on the rule’s impact on dealerships and is evaluating potential participation in potential litigation and Congressional oversight.

Tags: employment, Fair Labor Standards Act, U.S. Department of Labor

May 18, 2016 - Industry News

Reuters: Trump to Release Plan for Dismantling Dodd-Frank

Republican Presidential candidate Donald Trump told Reuters he would release a plan in about two weeks for overhauling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Tags: CFPB, compliance, Donald Trump, rate markup

May 10, 2016 - Industry News

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

Tags: American Financial Services Association, Arbitration, CFPB, compliance

May 9, 2016 - Industry News

Georgia Dealer, State Employee Arrested for Odometer Fraud

The dealer and state employee were charged with devising a scheme to buy high-mileage vehicles in nearby states, roll back their odometers, and then resell them in Georgia. They now face up to 10 years in prison if convicted.

Tags: Department of Justice, Georgia, Odometer Fraud, Tampering

April 28, 2016 - Industry News

EFG Companies Adds OEM and Reinsurance Veteran to Leadership Team

The F&I product provider has named Richard Christensen, a 25-year veteran of the automotive retail industry and reinsurance business, vice president of product development.

Tags: EFG Companies, F&I manager, F&I products, reinsurance

April 27, 2016 - Industry News

N.Y. Dealer Admits to Falsifying Auto Loan Applications

N.Y. Dealer Gerald McDonald pleaded guilty last month to submitting fraudulent loan documents to financial institutions. He faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19.

Tags: Crime, Dealership, U.S. District Court