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According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
August 2, 2018
Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
July 26, 2018
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.
July 9, 2018
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.
July 3, 2018
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.
June 12, 2018
Master the F&I language by eliminating three groups of inappropriate, inaccurate, and legally explosive words from your vocabulary.
May 31, 2018
F&I tracks the rise and fall of the Consumer Financial Protection Bureau’s aggressive but ultimately futile five-year assault on dealer participation.
May 31, 2018
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.
May 21, 2018
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.
May 8, 2018
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.
May 8, 2018
NADA Chairman Wes Lutz laid out the association's priorities and touched on a number of pressing topics at the American Financial Services Association (AFSA)’s 2018 Vehicle Finance Conference.
May 7, 2018
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.
April 18, 2018
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.
April 17, 2018
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.
April 11, 2018
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.
April 10, 2018