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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signature stands in the way of the industry’s more than five-year campaign to get the CFPB’s controversial guidance repealed.
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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.
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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.
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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.
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When installations are completed in mid-July, Hendrick Automotive Group will be the largest single user of Reynolds’ docuPAD system in the United States.
Read More →The regulator had charged in an administrative complaint that the proposed sale violates federal antitrust laws. The two companies subsequently announced they are abandoning the proposed merger. Auto/Mate officials said the technology company is no longer for sale.
Read More →The D.C. Circuit Court of Appeals vacated the FCC’s rule clarifying what devices qualify as automated telephone dialing systems, saying the agency’s explanation ‘invites conclusions that all smartphones are autodialers.’
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Compliance guru outlines the simple steps every dealer must take to avoid violations of federal OFAC, Used Car, Red Flags, and IRS standards — and the steep fines that accompany them.
Read More →The CFPB’s acting director tells state regulators there will no longer be ‘regulation by enforcement,” but the editor believes there’s a long list of regulators waiting to take up the torch.
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Compliance expert lists four steps dealers and F&I professionals can take to fill the gaps in your documentation process and prepare your dealership for regulatory inquests.
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