Is the FTC Seeing Red?
Was inflation behind the FTC’s recent penalty hike? F&I’s Gregory Arroyo finds out.
Was inflation behind the FTC’s recent penalty hike? F&I’s Gregory Arroyo finds out.
First Advantage CREDCO LLC, a provider of specialty credit reports to the automotive industry, announced Monday the integration of its credit-based information solutions with Finance Express, a provider of Web-based financial services and technology for independent auto dealerships.
Automotive Compliance Consultants Inc. (ACC) has partnered with automotive software provider Stone Meta Inc. to provide an online compliance training and auditing solution called Compliance Solved.
The Federal Trade Commission (FTC) upped the ante on abuses of the FTC Act by increasing the maximum civil penalty for unfair and deceptive acts and practices from $11,000 to $16,000 per violation.
Compli, a provider of dealership compliance management software, said the use of its Dealership Compliance Management System (DCMS) by Group 1 Automotive in Houston, Texas, has helped the dealership group reach a 98 percent Red Flags compliance level in less than two weeks.
NADA Regulatory Affairs Directory Paul Metrey and attorneys from the Federal Trade Commission (FTC)’s Division of Privacy and Identity Protection — which drafted and enforces the Red Flags Rule — will present a virtual seminar “A Deeper Dive into the FTC Red Flags Rule” on March 26 from 1 to 3 p.m. EST.
A Red Flag is a pattern, practice or specific activity that indicates the possible existence of identity theft.
Red Flags identified by regulators in final Red Flags Rule
Dealers will need to know how to react when a red flag is raised, and will have to document each situation.
Before you start searching for the finalized document on the Red Flag Rule, understand that it's 256 pages.
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