The recently approved resolution to repeal the Consumer Financial Protection Bureau’s (CFPB) dealer participation guidance by both the U.S. Senate and House of Representatives got me thinking about the struggle dealers are having in preserving their often relied-upon dealer reserve. My conclusion: This important profit center is in jeopardy regardless of what the CFPB is up … [Read more...] about Dealer Reserve Remains in Jeopardy, Even With CFPB Rollback
Consumer Financial Protection Bureau
Birmingham, AL — December 5, 2017 —President Donald Trump’s signing of an executive order designed to scale back the Dodd-Frank Act could have major ramifications in the automotive industry. An Alabama lawyer who represents auto dealers says they should be aware of the implications for automotive compliance with the Consumer Financial Protection Bureau (CFPB), which was … [Read more...] about Trump Administration Could Have Big Effect on CFPB and Auto Industry Compliance
On July 10, the Consumer Financial Protection Bureau (CFPB) announced it was moving forward with the arbitration rule proposed last year. Under the rule, companies may not use arbitration clauses to stop consumers from taking part in class actions. The rule will be effective 60 days from the date it is published in the Federal Register. Should a company wish to include … [Read more...] about Does July’s CFPB Rule Signal the End of Consumer Arbitration?
April is the month when spring kicks into gear, and traditionally coincides with the time of year when Americans start thinking about hitting the road for getaways and vacations—or just upgrading from the old beater to something shiny with that great new car smell. It’s also the month of Tax Day, an event that many dread, but which can be good news for dealerships, because … [Read more...] about The Road Ahead for F&I and Compliance
Compliance remained a hot topic of conversation this year at the NADA Convention, and at the American Financial Services Association Vehicle Finance Conference, which preceded it. Unlike the discussions at last year’s convention about big fines and the assault on auto finance, the talk this year centered on a variety of topics. Questions and comments revolved around what … [Read more...] about What Dealers Need to Know About Adverse Action Notification