The Industry's Leading Source For F&I, Sales And Technology

Top News

TAG SEARCH RESULT: compliance

176  -  200  of  262

August 26, 2014 - Industry News

USEA Surpasses $1.3 Billion in Loan Payment Transmissions

US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.

Tags: Auto Loans, compliance, US Equity Advantage

August 7, 2014 - Industry News

NYC Imposes Strict Rule for Used-Car Sales

The city’s Consumer Affairs Department is warning dealers it will issue violations or revoke their licenses to operate if they do not notify consumers who purchased vehicle with unrepaired recall issues.

Tags: compliance, New York, used car sales, vehicle recall

August 6, 2014 - Industry News

Dealer Sentenced to 15 Years for Identity Theft

The owner of Edge Auto Sales used personal identifying information from customer credit applications to forge dozens of fraudulent auto loans and fabricate the existence of two dealerships.

Tags: attorney general, compliance, fraud, identity theft

July 31, 2014 - Industry News

Kan. Dealer Ordered to Pay Customer $2,065

An investigation found that South Auto Sales required consumers financing their vehicle purchase to sign a preprinted repossession waiver that violated state law.

Tags: attorney general, compliance, consumer protection, fine, Kansas

July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, F&I products, Federal Trade Commission, FTC, RouteOne, webinar

June 12, 2014 - Industry News

House Committee Votes to Repeal CFPB Auto Lending Guidance

The House Financial Services Committee passed a bill this week that would bring more transparency to the CFPB’s guidance-making process. If approved by Congress, it would effectively repeal the bulletin the bureau issued last year on indirect auto lending.

Tags: Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, legislation

June 12, 2014 - Industry News

Dealer Settles Complaint Regarding Collections Practices

The Idaho Attorney General has reached an agreement with a dealership that will prohibit it from engaging in harassing debt collection or repossession acts or practices. The dealership also resolved several consumer complaints.

Tags: attorney general, compliance, Debt Collection, Repossessions, Settlement

June 3, 2014 - Industry News

NADA Study: Federal Rules Cost Dealerships More Than $3 Billion Each Year

According to a report commissioned by the NADA, the average dealership incurred $182,754 in costs to comply with federal mandates in 2012.

Tags: compliance, dealer cost, NADA, National Automobile Dealers Association, Study

May 27, 2014 - Industry News

W. Va. Attorney General Files Suit Against Used-Car Dealer

The used-car dealer is accused of selling vehicles with mechanical defects, charging illegal fees and repossessing vehicles without the required legal notices. Twenty-two formal complaints were made against the dealer by the time the suit was filed.

Tags: attorney general, compliance, consumer complaints, Lawsuit, used-car dealer

May 20, 2014 - Industry News

RouteOne to Offer Fair Lending Compliance Webinar

Tomorrow, RouteOne will discuss discretionary dealer markup practices during a complimentary compliance webinar.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Department of Justice, RouteOne, webinar

April 24, 2014 - Industry News

Bank Eliminates Dealer Markup, Cites CFPB Guidance

Photo via Flickr. 

Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.

Tags: Auto Loans, BMO Harris Bank, CFPB, compliance, Consumer Financial Protection Bureau, Finance, flats

March 27, 2014 - Industry News

Va. Dealer Could Lose License Over Gambling, Drug Charges

Virginia regulators are reviewing the case of an auto dealer who pleaded guilty to running an online sports gambling ring and was convicted on drug charges. The state has the right to revoke dealer and vehicle sales licenses due to felony convictions.

Tags: compliance, felony, Virginia

February 20, 2014 - Industry News

Group 1 to Implement NADA Fair Lending Plan

The dealer group not only endorses the association’s fair lending plan, it plans to implement the program in the next several months, officials confirm.

Tags: Asbury Automotive, compliance, Consumer Financial Protection Bureau, Group 1 Automotive, NADA, Penske Automotive Group, Quarterly Earnings

February 18, 2014 - Industry News

Penske Holds Off on Adopting NADA Compliance Program

Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, earnings, F&I sales, NADA, National Automobile Dealers Association, Penske Automotive Group, Quarterly Earnings, reserve

February 6, 2014 - Industry News

Asbury ‘Very Confident’ About Meeting CFPB’s Requirements

Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.

Tags: Asbury Automotive, CFPB, compliance, Consumer Financial Protection Bureau, Fourth Quarter, NADA Convention & Expo, National Automobile Dealers Association, Quarterly Earnings

February 4, 2014 - Industry News

Findlay Signs With Automotive Compliance Consultants

Findlay Automotive Group has selected Automotive Compliance Consultants’ compliance services to ensure the group’s 26 dealerships comply with regulations.

Tags: Automotive Compliance Consultants, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act, Gramm-Leach-Bliley, Red Flags Rule, Regulations

January 28, 2014 - Industry News

NADA Launches Fair Credit Compliance Policy and Program

Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.

Tags: compliance, Consumer Financial Protection Bureau, discrimination, interest rates, NADA Convention and Expo

January 27, 2014 - Industry News

Zurich Helping Dealers Navigate CFPB's Fair Lending Review

Zurich North America worked with Hudson Cook on guidance to help auto dealers protect their dealerships from allegations of unfair lending practices.

Tags: auto dealer, CFPB, compliance, fair lending, Hudson Cook LLP, regulation, Zurich

January 22, 2014 - Industry News

Dealer Marketing Services Hires Director of Credit, Compliance

Dealer Marketing Services Inc. has hired Steve Aeschliman in the newly created position of director of credit and compliance. He will have oversight of the strategic direction, expansion and operation of both credit services and compliance.

Tags: compliance, Credit, Dealer Marketing Services, hiring

December 19, 2013 - Industry News

Reynolds, VADA Partner on F&I Library

Reynolds and Reynolds’ new Reynolds LAW Virginia F&I Library, a comprehensive catalog of standardized, legally reviewed F&I documents, is now available to franchised new-car and -truck dealers in Virginia.

Tags: AFIP, compliance, Reynolds & Reynolds, Virginia Automobile Dealers Association

December 12, 2013 - Industry News

Report on CFPB Reveals Transparency Issues

A new report shows financial institutions aren’t the only ones calling for more transparency from the CFPB. Consumers are also asking the bureau to be more more open about its activities.

Tags: CFPB, compliance, consumer complaints, Consumer Financial Protection Bureau

November 26, 2013 - Industry News

Dorschel Group’s Michele Myers Aces AFIP Exam

The Association of Finance and Insurance Professionals announced that Michele Myers, vice president of financial services for the Dorschel Group, posted a perfect score on its rigorous 200-question Senior Certification Exam.

Tags: AFIP, certification, compliance

November 21, 2013 - Industry News

NAF Association Launches Compliance Certification Program

In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.

Tags: certification, compliance, Consumer Credit, Consumer Financial Protection Bureau, Hudson Cook LLP, legal training, NAF Association

October 31, 2013 - Industry News

N.J. Dealer Agrees to Pay $66K Fine

As part of a settlement for misrepresenting the condition of the cars it sold, Lencore Leasing agreed to pay a $66,000 fine.

Tags: compliance, fine, New Jersey

October 29, 2013 - Industry News

Judge: Ally Violated Bankruptcy Rules

A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.

Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies