Dealers and finance companies must be in compliance with the CFPB’s new arbitration agreement rule by March 19, 2018.
Following action by the CFPB, the DoD made a decision to prohibit allotments for military auto loans.
Creditors engaging in unfair, deceptive, or abusive debt collection practices may be subject to enforcement action.
Ally Financial will pay $98 million to settle alleged lending discrimination resulting from dealer markup policies.
The CFPB is recommending indirect auto lenders impose controls on dealer markups in order to comply with the ECOA.
The CFPB expects companies to self-police to detect violations of federal consumer protection laws and to voluntarily report identified violations.
Details of self-policing, self-reporting, remediation, and cooperation actions.
The FTC has issued the Final Rule regarding changes to the Buyers Guide. Rule changes are effective January 28, 2017. Existing stock of current forms may be used until January 28, 2018 (one year after effective date.)
The FTC is proposed changes to the Buyers Guide to include the requirement for dealers to indicate whether a history report has been pulled on a vehicle.
The FTC announced settlement of complaints against nine dealerships relating to deceptive advertising charges. Action against a tenth dealership is ongoing.
BHPH / LHPH dealers should take note of the FTC’s settlement with Aaron’s, Inc. Requiring disclosure of product location tracking technology.
The first FTC action against a debt collector who used text messaging to attempt to collect debts in an unlawful manner results in a $1 million penalty.
Proposed orders place constraints on the dealerships’ advertising efforts and remain in effect for the next 20 years.
FTC is asking internet retailers to ensure that complete product warranties are available for online purchases.
FTC and CFPB studies of the credit reporting industry reveal the extent of inaccuracies in consumer reports.
At the FTC’s request, Court orders $5.1 million reimbursement in telemarketing car-buying scam.
Auto dealers are now being required by third-party lenders to provide proof of a written Customer Identification Plan as a condition of their lending agreement.
Auto dealers are receiving pressure from third-party lenders to provide proof of compliance with OFAC requirements. OFAC regulations require dealers to check terrorist/drug trafficking lists before transacting business with any given customer. More on OFAC compliance.