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CFPB Holds Auto Finance Hearing Following New Rule Proposal

NADA Shows Support for New CFPB Reform Bill

The NADA is urging Congress to pass a new bipartisian bill introduced this month that would nullify the CFPB’s guidance on auto lending and require more transparency from the bureau in the future.

September 11, 2014

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Congress Votes to End Dealer Paperwork Requirement

The U.S. Senate unanimously approved a bill last week that eliminates a provision in the Clean Air Act that requires dealers issue a certificate to consumers that confirms a vehicle’s compliance with the law.

May 27, 2014

NADA: Flat Fees Do Not Eliminate Discretion

A memo released by the NADA this week states that the CFPB’s proposed method for eliminating fair lending risk in the auto lending arena would do no such thing. Instead, dealers would still have discretion when it comes to selecting a finance source for their customers.

May 20, 2014

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.

February 18, 2014

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.

February 6, 2014

NADA Adds Guidance for Dealers about Data

The NADA issued at its annual convention an addendum to the dealer data guidance it released this past summer. It includes a sample vendor agreement that lays out limitations on what data tech vendors can access from dealers.

February 4, 2014

Industry Groups Question Study on Discrimination in Auto Lending

The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.

January 30, 2014

McConnell Ready to Lead NADA in 2014

NADA Chairman Forrest McConnell encouraged dealers at the NADA Convention & Expo in New Orleans this past week to continue to take risks, telling them, “We got your back.”

January 28, 2014

Town Delays Vote in Disparate Impact Case

Town Delays Vote in Disparate Impact Case

A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.

November 7, 2013

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