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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

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

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 29, 2016 - Industry News

Nine-Store Los Angeles Group Charged With Payment Packing, Yo-Yo Financing

The Federal Trade Commission today charged nine Los Angeles-area dealerships and their owners with a wide range of deceptive, and unfair sales and financing practices, including payment packing and using "yo-yo" finanicng tactics.

Tags: compliance, Dealership, Deceptive Advertising, FTC, Regulation M, Regulation Z, TILA

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

August 16, 2016 - Industry News

Pew: CFPB Small-Dollar Rule ‘Would Not Adequately Protect Borrowers’

The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.

Tags: auto finance, Auto Title Loans, CFPB, compliance, Payday Lending

August 11, 2016 - Industry News

700Credit Signs Distribution Agreement With Kiss Concepts

The master agent, which operates in 33 states, will distribute 700Credit’s credit reports, compliance and prescreen products and services.

Tags: 700Credit, compliance, credit prescreening, credit reports, F&I process, KISS Concepts Group

August 11, 2016 - Industry News

Radogna to Present ‘Reduce Your Exposure’ at Las Vegas Compliance Summit

Jim Radogna, a San Diego-based compliance expert and trainer, will serve as the luncheon speaker at the upcoming Compliance Summit, organizers announced Thursday.

Tags: Car Buyer's Bill of Rights, compliance, Compliance Summit, Jim Radogna, Regulations

August 2, 2016 - Industry News

Crisorio to Helm Processes and Controls Panel at Compliance Summit

Organizers of the upcoming Compliance Summit have announced that United Development Systems Inc. (UDS)’s Brian Crisorio will lead a panel discussion dedicated to “Easy-to-Implement Processes and Controls” at the 2016 event, which will be held Aug. 29–30 at Paris Las Vegas as part of the annual Industry Summit.

Tags: Brian Crisorio, CNA National, compliance, Dealer Safeguard Solutions, F&I Express, F&I manager, UDS

August 2, 2016 - Industry News

Maledon to Lead Rules and Regs Panel at Compliance Summit

Attorney and compliance expert Michael Maledon will serve as moderator for a panel discussion devoted to rules and regulations at the upcoming Compliance Summit, organizers announced Tuesday.

Tags: Alpha Warranty Corp., Compli, compliance, Compliance Summit, EFG Companies, F&I manager, Michael Maledon

July 27, 2016 - Industry News

FTC Issues Refunds to Buyers of Bogus "Extended Auto Warranties'

The Federal Trade Commission (FTC)'s six-year effort to collect on a $4.2 million judgement against a telemarketer of “extended auto warranties” came to a end last week. The telemarketer, which did business under the name My Car Solutions, led victims to believe it was affiliated with auto dealers and manufacturers.

Tags: compliance, extended warranties, F&I products, FTC, Robocalls, telemarketing, vehicle service contracts

July 21, 2016 - Industry News

Trade Groups Call on U.S. Senators to Support CFPB-Reform Bill

The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.

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

July 20, 2016 - Industry News

3 States Charge VW Execs With Fraud in New Lawsuits

Regulators in Maryland, Massachusetts and New York charge that the emissions scandal and alleged cover-up was orchestrated and approved 'at the highest levels of the company, up to and including former CEO Martin Winterkorn.'

Tags: compliance, emmissions, Volkswagen, Volkswagen Scandal

July 20, 2016 - Industry News

Dent Wizard Appoints New Regional Operations Director

Paul Spears, regional operations director for Dent Wizard's Mid-South Region.

The new director, Paul Spears, will be responsible for leading the company's safety and compliance efforts, as well as providing additional operational support for the company's paint shops and Frontline Fast dealer clients.

Tags: compliance, Dent Wizard, Hiring

July 19, 2016 - Industry News

O’Loughlin to Tackle ‘Rules and Regulations’ at Compliance Summit

Terry O’Loughlin, director of compliance for Reynolds and Reynolds and a former regulator, will serve as a featured speaker at the upcoming Compliance Summit, scheduled for Aug. 29-30 at Paris Las Vegas.

Tags: compliance, Compliance Summit, F&I, Reynolds & Reynolds, Terry O'Loughlin

July 19, 2016 - Industry News

Lunt to Deliver Opening Keynote at Compliance Summit Las Vegas

Organizers of Compliance Summit announced that attorney and compliance expert Aaron Lunt will deliver the opening keynote address at the inaugural Las Vegas event, scheduled for Aug. 29-30 at Paris Las Vegas

Tags: Aaron Lunt, compliance, Compliance Summit, F&I products, Industry Summit, The Warranty Group

July 12, 2016 - Industry News

Ganther Leads First Wave of Compliance Summit Speakers

Leading attorney and compliance expert James S. Ganther has agreed to speak at the upcoming Compliance Summit Las Vegas, organizers announced Tuesday. The event is scheduled for Aug. 29–30, 2016, at Paris Las Vegas, as part of Industry Summit.

Tags: compliance, Compliance Summit, Event, 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

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 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

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

April 19, 2016 - Industry News

Consumers Prefer Compliant Dealerships, Survey Shows

A survey that targeted both consumers and car dealers found that the majority of consumer respondents favored dealerships that adhere to federal regulations. However, survey results also reveal that the majority of dealerships polled did not offer their employees comprehensive compliance training.

Tags: compliance, Consumer Buying Habits, Survey, Total Dealer Compliance