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July 12, 2018 - Industry News

FTC, 12 Partner Agencies Conduct Used Car Rule Compliance Sweep

The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.

Tags: compliance, Federal Trade Commission, Used Car Guide, used cars

July 9, 2018 - Industry News

CFPB Official Who Sued Trump Resigns, Drops Suit

The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled regulator. In a tweet, her attorney said the CFPB official is also dropping her legal fight to be the regulator's acting director.

Tags: auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

July 9, 2018 - Industry News

NY AG: Brooklyn Dealership Targeted Non-English Speakers

Bay Ridge Honda has agreed to pay $423,000 in restitution and penalties to settle charges of deceptive acts and practices that followed dozens of complaints from aggrieved customers, many of whom are non-English speakers.

Tags: compliance, Deceptive Practices, fraud, payment packing, UDAP, Unfair Practices

July 3, 2018 - Industry News

KPA Acquires Auto Advisory Services Inc.

The acquisition of the F&I audit services firm enables KPA to become a single source for automotive compliance. The transaction closed on May 31.

Tags: Auto Advisory Services, auto finance, compliance, F&I office, KPA Services LLC

June 20, 2018 - Industry News

EFG Companies: Dealers Must Embrace Industry Paradigm Shift

EFG Companies CEO John Pappanastos said digital buying habits, millennial and Gen Z consumers, and women are forcing industry change dealers must embrace.

Tags: compliance, digital retailing, EFG Companies, F&I manager, F&I product provider, Hiring, John Pappanastos, online F&I

June 12, 2018 - Industry News

Webinar: Gil Van Over to Tackle Compliance Issues on the Road to the Sale

Compliance expert Gil Van Over will deliver Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.” The webinar is scheduled for July 11 at 11 a.m. PT/2 p.m. ET.

Tags: auto finance, compliance, Desking, edealership, F&I manager, F&I menu, F&I office, Gil Van Over, Payment Quotes

May 21, 2018 - Industry News

Trump Signs Repeal of CFPB’s Dealer Participation Guidance

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance on dealer rate markups.

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

May 15, 2018 - Industry News

Webinar: Who Will Take Up the CFPB's Torch?

Eric Johnson, partner at Hudson Cook LLP

On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.

Tags: Attorneys General, compliance, dealer participation, Federal Trade Commission, regulation

May 8, 2018 - Industry News

House Approves Resolution to Repeal CFPB's Dealer Participation Guidance

As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.

Tags: AFSA, auto finance, CFPB, compliance, dealer participation, guidance, NADA

May 8, 2018 - Industry News

NIADA: Cost of Doing Business Up, Finance Availability Down

The association’s first quarter business confidence survey reveals subdued expectations for sales and economic growth among independent dealers. One factor muting optimism is finance source availability and tighter credit guidelines.

Tags: auto finance, compliance, Nation Independent Dealers Association, tax season

April 18, 2018 - Industry News

U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the president’s signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.

Tags: auto finance, CFPB, compliance, Congressional Review Act, dealer markups, dealer participation, Flat Fees

April 17, 2018 - Industry News

Wells Fargo Faces $1 Billion Fine for Mortgage and Auto Insurance Issues

Wells Fargo’s first-quarter earnings call was staged amid a string of regulatory concerns, declining auto originations, and the sale of a Puerto Rican subsidiary. But the company’s chief executive said the bank’s auto finance business will grow again.

Tags: auto finance, collateral protection insurance, compliance, Consumer Financial Protection Bureau, GAP, Office of the Comptroller of the Currency, Wells Fargo

April 11, 2018 - Industry News

Reuters: U.S. Senate Panel Plans to Scrap CFPB’s Dealer Participation Guidance

U.S. Senate Banking Committee Republican Pat Toomey said on Tuesday the panel plans to scrap the CFPB’s guidance on dealer participation and leverage lending.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, dealer participation, Reuters

April 10, 2018 - Industry News

Wells Fargo Reviewing F&I Products as Regulatory Pressure Builds

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Wells Fargo

April 2, 2018 - Industry News

Hendrick to Install Reynolds docuPAD in All 96 Locations

When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.

Tags: compliance, docuPAD, econtracting, F&I menu, F&I products, F&I technology, Hendrick Automotive Group

March 20, 2018 - Industry News

FTC Blocks CDK Global's Acquisition of Auto/Mate

The regulator had charged in an administrative complaint that the proposed sale violates federal antitrust laws. The two companies subsequently announced they are abandoning the proposed merger. Auto/Mate officials said the technology company is no longer for sale.

Tags: antitrust, Auto/Mate Dealership Systems, CDK Global, compliance, Federal Trade Commission, merger and acquisition

March 19, 2018 - Industry News

Appeals Court Vacates Some FCC Rules on Robocalls

The D.C. Circuit Court of Appeals vacated the FCC’s rule clarifying what devices qualify as automated telephone dialing systems, saying the agency’s explanation ‘invites conclusions that all smartphones are autodialers.’

Tags: compliance, digital marketing, Federal Communications Commission, marketing, Robocalls, Telephone Communications Protection Act

March 8, 2018 - Industry News

Auto Lands at No. 2 on N.Y. Attorney General’s Complaint List

The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.

Tags: auto finance, compliance, Credit Forget It, Eric T Schneiderman, payment packing

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 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 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

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