An independent federal agency established by the Dodd-Frank Act to enforce consumer protection regulations and issue new regulations prohibiting unfair, deceptive, or abusive acts and practices, among other things. Auto dealers that sell, lease…
New 2011 Compliance Initiatives May Signal Auto Dealer Scrutiny
The summer of 2011 has brought a dramatic increase in compliance enforcement proceedings against banks and financial institutions. Many of the issues apply to auto dealers as well and dealers will be likely candidates…
Auto Compliance after July 21, 2011: New Rules. New Players. New Risks
July 21, 2011 marked an important date for auto dealers and consumer creditors generally. It was the one-year anniversary of the signing of the Dodd-Frank Act as well as the “designated transfer date” for…
DealerTrack offers FREE support to help dealers comply with the Dodd-Frank Act
DealerTrack is offering new free functionality to help dealers comply with Dodd-Frank Act requirement. This free functionality was available to dealers as of July 20, 2011. The Dodd-Frank Act, which went into effect on July 21, 2011, requires additional information…
The Impact of OFAC on Dealers
Hopefully you know that you must “run an OFAC” on every customer you do business with, both cash and credit customers. But what exactly is OFAC and what does “running an OFAC” mean? What…
DealerTrack Introduces a $25,000 Red Flags Guarantee
DealerTrack is excited to announce the rollout of an unprecedented $25,000 Red Flags Guarantee to current and new subscribers of the DealerTrack Compliance Solution. The new Red Flags Guarantee will cover associated government-issued fines up to…
New Study Finds that Compliance Saves Money
A new study by the identity-theft think tank, Ponemon Institute, finds that data security compliance actually reduces long-term expenses. This conclusion may be particularly appropriate in the auto industry since another study (the Javelin…
New Credit Card Scam Making the Rounds
A new credit card scam is making the rounds and has already victimized auto dealers in the Southeast. Here’s the way it works: A customer comes in to your store to buy a vehicle…
Dealer Slammed with Numerous Compliance Violations
A Michigan consumer had a sordid story to tell the Court. Count the compliance violations and then read on to see how real life compliance violations can cost you in a big way. The…
Class action lawsuit issued against dealership for rate markups and document fees
The Arkansas Supreme Court has not been a friend of auto dealers recently and a decision handed down on April 14, 2011 against a dealership group confirmed very clearly that Arkansas is not where…
Child ID theft on the rise
Originally published April 1, 2011, on msnbc.com: Child ID theft, among the more tragic and vexing 21st Century crimes, is much more common than previously thought, suggests a report being published Friday by a Carnegie Mellon…
Coming soon: new adverse action notice requirements
An important change to dealer adverse action notices is coming on July 21, 2011. As you know, dealers are required by the Equal Credit Opportunity Act and Fed Regulation B (ECOA) and the Fair…
