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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

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

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 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 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 27, 2017 - Industry News

Two’s a Crowd: Battle for Control of CFPB Heads to Court

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

Staffers with the CFPB returned from the Thanksgiving break on Monday to two acting directors, a lawsuit, dueling emails, and a bag of doughnuts.

Tags: CFPB, compliance, Donald Trump, Leandra English, Mick Mulvaney, Richard Cordray

November 16, 2017 - Industry News

Wells Fargo Dealer Services Adds $5.4M to 2016 Military Repo Settlement

The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.

Tags: auto finance, compliance, Servicemembers Civil Relief Act, Wells Fargo Dealer Services

November 16, 2017 - Industry News

EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty

John Pappanastos, president and CEO of EFG Companies

EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.

Tags: CFPB, compliance, Customer Service, digital retailing, EFG Companies, general agents, new-vehicle sales, parts and service, service drive

November 15, 2017 - Industry News

Cordray Tells CFPB Staffers He Is Stepping Down

In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.

Tags: auto finance, CFPB, compliance, dealer participation, Richard Cordray

November 9, 2017 - Industry News

Bloomberg: Senate Banking Chair Closing In on Bipartisan Dodd-Frank Rollback

Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.

Tags: auto finance, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act

November 6, 2017 - Industry News

Norm Reeves Dealerships to Pay $1.4 Million for Violating 2014 FTC Order

The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.

Tags: compliance, Consumer Leasing Act, Federal Trade Commission, Norm Reeves, Truth in Lending Act

October 25, 2017 - Industry News

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

Tags: Arbitration, CFPB, compliance, F&I products

October 24, 2017 - Industry News

Consumer Advocacy Group Calls for Regulatory Review of F&I Product Pricing

The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.

Tags: auto finance, CFPB, compliance, dealer markups, F&I products

August 28, 2017 - Industry News

Santander's Jason Kulas Resigns

Jason Kulas

Replacing Kulas, who was named CEO in July 2015 and president in February 2016, is Scott Powell, who will maintain his titles as CEO of Santander Holdings USA Inc. and as Santander Group's United States country head.

Tags: auto finance, compliance, Santander Consumer USA

August 24, 2017 - Industry News

GM: Dealers Must Disclose Non-GM Parts, Service Contracts

General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealers who don’t comply face possible termination of their franchise agreement.

Tags: aftermarket accessories, California New Car Dealers Association, compliance, General Motors, NADA, National Automobile Dealers Association, Regulations, vehicle service contracts

August 21, 2017 - Industry News

N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation

Three days after the New York attorney general's office reached settlement with a dealer for tacking on etch after customers agreed to prices for vehicles and often without their knowledge, New Jersey Attorney General Christopher Porrino reached an agreement with Sansone Hyundai to settle similar charges.

Tags: Christopher S. Porrino, compliance, Etch, New Jersey Attorney General, payment packing, Sansone Hyundai, vehicle service contracts

August 17, 2017 - Industry News

‘Father of F&I Menu’ to Hold Court at F&I Think Tank

George Angus, referred to as the ‘Father of the F&I Menu,’ will be at Industry Summit’s F&I Think Tank to take attendees down F&I’s memory lane during a special lunchtime address. They will be entertained and enlightened, as this legendary trainer shares the good, the bad, and the ugly of the F&I profession.

Tags: auto finance, compliance, F&I products, George Angus, Team One Group

August 16, 2017 - Industry News

'Total Loss Protection' at Center of NY Dealer's $298K Settlement With State AG

New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,000 in restitution and penalties to settle charges relating to the dealership’s “Total Loss Protection” theft-deterrent program. Photo courtesy New York State Office of the Attorney General

The office of New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,211 in restitution, penalties and fees to settle claims the dealership charged hundreds of car buyers thousands of dollars for an ‘unwanted and bogus’ theft-deterrent product.

Tags: compliance, Eric T Schneiderman, Etch, F&I products, New York, Nissan of New Rochelle, payment packing, Total Loss Protection

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