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Categories: Auto Finance, Compliance, Dealer Ops, F&I

CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a...

https://www.autodealertodaymagazine.com/321941/cfpb-accused-of-using-junk-science-to-regulate-auto-lending
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to...

https://www.autodealertodaymagazine.com/321932/fifth-third-bank-to-cap-dealer-markups
Categories: Compliance, Dealer Ops, F&I
Santander Faces Class-Action Over ‘Worthless’ GAP Coverage

A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of...

https://www.autodealertodaymagazine.com/321929/santander-faces-class-action-over-worthless-gap-coverage
Categories: Compliance, Showroom, Training
CNCDA Says Tesla’s Referral Program Violates Bird-Dogging Ban

The California New Car Dealers Association has called on the California Department of Motor Vehicles to investigate Tesla Motors’ referral program, which...

https://www.autodealertodaymagazine.com/321878/cncda-says-teslas-referral-program-violates-bird-dogging-ban
Categories: Auto Finance, Compliance, Dealer Ops
CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to...

https://www.autodealertodaymagazine.com/321845/cfpb-says-santander-violated-fair-lending-laws
Categories: Auto Finance, Compliance, Dealer Ops, Digital, F&I, Showroom, Training

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the...

https://www.autodealertodaymagazine.com/321802/sonic-cautious-about-cfpb-but-revs-up-hybrid-fi-push
Categories: Auto Finance, Compliance, Dealer Ops, F&I
CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused...

https://www.autodealertodaymagazine.com/321790/cfpb-doj-reach-24m-settlement-with-honda-finance
Categories: Auto Finance, Compliance, Dealer Ops
Supreme Court Upholds Disparate Impact

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who...

https://www.autodealertodaymagazine.com/321757/supreme-court-upholds-disparate-impact
Categories: Compliance, Dealer Ops

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who...

https://www.autodealertodaymagazine.com/321748/cfpb-consumers-will-soon-receive-ally-payout
Categories: Compliance, Dealer Ops, F&I

After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena...

https://www.autodealertodaymagazine.com/321721/n-y-ag-goes-after-dealer-for-payment-packing
Categories: Compliance, Dealer Ops

The enforcement division of the Texas DMV has closed its case against CarGurus after the vehicle-shopping site made revisions to its used-car...

https://www.autodealertodaymagazine.com/321663/texas-dmv-closes-case-against-cargurus
Categories: Compliance, Dealer Ops

The Texas Department of Motor Vehicles Enforcement Division has pulled back on its plan to fine dealers with listings on CarGurus.com after the department...

https://www.autodealertodaymagazine.com/321640/texas-dmv-halts-plan-to-fine-dealers-with-cargurus-listings
Categories: Compliance, Dealer Ops
Texas Dealers Could Face Fines Over CarGurus’ Business Practices

Last week, the Texas Department of Motor Vehicles Enforcement Division issued a cease-and-desist letter to CarGurus and the state’s dealer association,...

https://www.autodealertodaymagazine.com/321639/texas-dealers-could-face-fines-over-cargurus-business-practices
Categories: Auto Finance, Compliance, Dealer Ops
NIADA Takes on Oregon BHPH Legislation

The NIADA, its newly-formed BHPH Commission and Oregon’s independent dealer association are tackling legislation the industry believes could damage the...

https://www.autodealertodaymagazine.com/321598/niada-takes-on-oregon-bhph-legislation
Categories: Compliance, Dealer Ops, F&I

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining...

https://www.autodealertodaymagazine.com/321540/cordray-cfpb-disagrees-with-conclusions-of-cra-study
Categories: Auto Finance, Compliance, Dealer Ops, F&I

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s...

https://www.autodealertodaymagazine.com/321493/cps-ceo-finance-source-ahead-of-the-compliance-curve
Categories: Compliance, Dealer Ops
Conn. Dealer Association Launches Controversial Anti-Tesla Site

The website, called “Tesla Crash,” was launched by the Connecticut Automotive Retailers Association in response to a bill that would allow the electric...

https://www.autodealertodaymagazine.com/321463/conn-dealer-association-launches-controversial-anti-tesla-site
Categories: Compliance, Dealer Ops, F&I

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain...

https://www.autodealertodaymagazine.com/321350/credit-acceptance-subpoenaed-by-doj
Categories: Compliance, Dealer Ops

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are...

https://www.autodealertodaymagazine.com/321317/toyotas-captive-issues-statement-regarding-cfpb-doj-allegations
Categories: Compliance, Dealer Ops
Competition Driving Increased Risk in Auto Finance, Regulator Says

A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the...

https://www.autodealertodaymagazine.com/321271/competition-driving-increased-risk-in-auto-finance-regulator-says
Categories: Compliance, Dealer Ops, Digital, Showroom, Training
Court Rules Yelp Can Manipulate Business Ratings

This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit...

https://www.autodealertodaymagazine.com/321177/court-rules-yelp-can-manipulate-business-ratings
Categories: Compliance, Dealer Ops
11 Consumer Groups Ask FTC to Crack Down on CarMax

A coalition of consumer-protection groups asked the FTC to investigate CarMax for selling recalled vehicles. CarMax officials claim the chain is doing the...

https://www.autodealertodaymagazine.com/321015/11-consumer-groups-ask-ftc-to-crack-down-on-carmax
Categories: Auto Finance, Compliance, Dealer Ops, F&I
7 Financial Organizations Back Disparate Impact Amendment

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would...

https://www.autodealertodaymagazine.com/320980/7-financial-organizations-back-disparate-impact-amendment
Categories: Compliance, Dealer Ops
DOJ Investigating Fifth Third Bank’s Auto Lending Practices

Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to...

https://www.autodealertodaymagazine.com/320940/doj-investigating-fifth-third-banks-auto-lending-practices
Categories: Compliance, Dealer Ops

The court’s decision will allow the case pitting 148 defunct Chrysler dealerships against the U.S. government to proceed. The dealerships were closed as...

https://www.autodealertodaymagazine.com/320864/u-s-court-of-appeals-rules-in-favor-of-dropped-chrysler-dealers
Categories: Compliance, Dealer Ops
‘King of Lemon Laws’ Files Suit Against Tesla

Wisconsin Attorney Vince Megna filed a lawsuit against Tesla Motors this week, claiming that the car it sold to his client was a lemon.

https://www.autodealertodaymagazine.com/320859/king-of-lemon-laws-files-suit-against-tesla
Categories: Compliance, Dealer Ops
FTC: Sunday Auto Sales Ban Harms Competition

The Federal trade Commission issued a letter last week in support of legislation that would overturn Illinois’ long-standing ban on Sunday car sales....

https://www.autodealertodaymagazine.com/320843/ftc-sunday-auto-sales-ban-harms-competition
Categories: Compliance, Dealer Ops, F&I
CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings...

https://www.autodealertodaymagazine.com/320819/cfpb-is-least-accountable-federal-agency-lawmaker-charges
Categories: Compliance, Dealer Ops, F&I
Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC...

https://www.autodealertodaymagazine.com/320825/evergreen-bank-moves-to-flat-fees-due-to-regulatory-pressures
Categories: Auto Finance, Compliance, Dealer Ops

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...

https://www.autodealertodaymagazine.com/320762/penske-holds-off-on-adopting-nada-compliance-program


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