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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.

December 6, 2017

F&I Pacesetters: Bob Moore Cadillac of Edmond
F&I Pacesetters: Gerald Jones Auto Group

F&I Pacesetters: Gerald Jones Auto Group

Meet the two operations that were also in the running for the American Financial & Automotive Services Inc.-sponsored F&I Dealer of the Year.

November 14, 2017

Industry Reacts to GM's Disclosure Policy

Industry Reacts to GM's Disclosure Policy

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. Dealer trade groups believe the OEM’s stated goal of enhanced ‘safety and transparency’ is not the real reason for the new policy.

September 18, 2017

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

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.

August 24, 2017

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

July 26, 2017

Republicans Challenge CFPB’s Arbitration Rule

Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..

July 25, 2017

CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.

July 10, 2017

House Approves Dodd-Frank Replacement Bill

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

June 13, 2017

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.

July 21, 2016

Hanging in the Balance

Hanging in the Balance

The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.

June 3, 2016

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.

May 10, 2016