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Compliance

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NewsJuly 8, 2016

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

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NewsJuly 6, 2016

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

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NewsJuly 6, 2016

Registration Opens for Las Vegas Compliance Summit

Organizers of Compliance Summit announced that registration for the Las Vegas event is now open. This two-day event, part of the annual Industry Summit, is scheduled for Aug. 29-30 at Paris Las Vegas.

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NewsJuly 5, 2016

FTC Announces Significant Hike to Civil Penalty Maximums

Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

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NewsJuly 5, 2016

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

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NewsJune 29, 2016

OP-ED: NADA Chairman Calls on Dealers to Rally Behind CFPB-Reform Bill

Introduced in March, U.S. Senate Bill 2663 aims to repeal the bureau's March 2013 guidance on dealer participation and add a few more steps to the regulator's guidance-writing activities. In an op-ed piece posted on the NADA's website, Chairman Jeff Carlson offers his thoughts on the legislation and explains why dealers need to rally behind it.

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NewsJune 28, 2016

RoadVantage Completes Second Annual SSAE 16 Type II Audit

RoadVantage has successfully completed its second annual SSAE 16 (SOC 1) Type II audit, ensuring the company’s controls and procedures continue to conform to industry standards for best practices, according to a company announcement.

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NewsJune 28, 2016

Former Nissan Dealer to Pay $101,986 for Deceptive Practices

About 119 former customers of Saratoga Springs Nissan who were charged illegal fees and sold F&I products without their knowledge will share in $101,986 in restitution, according to the settlement reached between the dealership's former owner and the New York Attorney General's Office.

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NewsJune 27, 2016

EFG Companies Names Vice President of Compliance

EFG Companies has named 30-year industry veteran Steve Roennau vice president of compliance, the company announced last week.

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NewsJune 23, 2016

Supreme Court Rules in Favor of Dealers in Overtime Pay Dispute

In a 6-2 decision, the Supreme Court vacated the 9th U.S. Circuit Court of Appeals' ruling that service advisors qualified for overtime pay because they were not considered “salesmen” under the Fair Labor Standard’s Act (FLSA).

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