TALLAHASSEE, Fla. – F&I Sentinel announced that Richard (Rick) Hackett, former Assistant Director at the U.S. Consumer Financial Protection Bureau (CFPB), has joined its advisory board. Hackett served under former Director Richard Cordray, focusing on auto lending regulation. His responsibilities included advising all CFPB divisions on market information and policy issues in the installment and specialty lending areas, including vehicle financing.
“We’re thrilled to have Rick join our advisory board,” said F&I Co-Founder and CEO Stephen McDaniel. “His expertise and knowledge in auto financing policy and compliance, coupled with his experience and familiarity working within the CFPB, will significantly help us enhance our service offerings and benefit our customers.”
Hackett helped lead the CFPB’s initial charter into the auto finance industry, tasked with guiding strategy for examining and investigating dealer participation programs. At a 2014 industry conference, Hackett foreshadowed the need for auto finance companies to adopt and execute a comprehensive compliance solution to meet emerging regulatory requirements and policies.
“The F&I Sentinel team’s grasp of the complexity and nuances of F&I product financing and their market intelligence practices and processes have quickly established them as a leader in this space,” said Hackett. “I look forward to advising the executive team as it continues to innovate its service offerings and expand the company.”
Prior to joining F&I Sentinel in an advisory capacity, Hackett spent 31 years practicing law before he joined the CFPB in 2011. He left the agency in 2013, and the following year joined Hudson Cook, LLP, a law firm focused on state and federal consumer and commercial financial services, banking and privacy compliance, regulation, enforcement, and supervision. He retired from Hudson Cook in 2019 and currently serves as an advisor and board member for several companies.
Originally posted on Agent Entrepreneur