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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, 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: Dealer Ops, Digital
TrueCar’s Painter to Step Down

TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.

https://www.autodealertodaymagazine.com/321839/truecars-painter-to-step-down
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: Dealer Ops, Digital
TrueCar President to Lead Google’s Self-Driving Car Initiative

John Krafcik is stepping down this week as president of TrueCar to take on a new role as CEO of the autonomous car division of Google.

https://www.autodealertodaymagazine.com/321900/truecar-president-to-lead-googles-self-driving-car-initiative
Categories: Dealer Ops, F&I

Citing the doctrine of joint venture, the Colorado Court of Appeals ruled last week that a dealership will be held liable for damages caused by a customer...

https://www.autodealertodaymagazine.com/321905/dealer-liable-for-test-drive-accident-appeals-court-finds
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: 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: 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


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