Former CFPB Official to Deliver Keynote Address at Industry Summit 2014
The CFPB’s former point man will be at Industry Summit 2014 this September to deliver a keynote address. He will take attendees inside the media-shy agency and offer insights on how the bureau intends to regulate the automotive retail industry.

TORRANCE, Calif. — Rick Hackett, the Consumer Financial Protection Bureau (CFPB)’s former point man in the auto finance industry, will deliver a keynote address at Industry Summit 2014 on Tuesday, Sept. 9, at 9 a.m., event organizers confirmed this week.
Hackett spent 31 years practicing law before the Consumer Financial Protection Bureau selected him in 2011 as Assistant Director to lead its Office of Installment and Liquidity Lending Markets in its research, markets and regulations division. And until his departure this past August, he helped to chart the bureau’s course into the auto finance industry and co-led the bureau’s strategy team for examination and investigation of finance sources offering dealer participation programs.
In March, Hackett officially joined Hudson Cook LLP as a partner at the firm’s Portland, Maine, office, where his practice will focus on all aspects of state and federal regulation of financial products and services.
“Rick has been on a speaking tour of sorts this year, delivering speeches at conferences geared toward auto finance sources,” said Gregory Arroyo, editor of F&I and Showroom magazine. “Industry Summit will be the former regulator’s first event geared toward dealers, so we’re very excited to have him.”
In the May edition of F&I and Showroom magazine, Arroyo goes one-on-one with the former regulator, an interview that should serve as a preview of Hackett’s address at this year’s conference. And as Arroyo discovered, the former CFPB attorney continues to defend the agency’s scrutiny of dealer participation programs. The interview also offered some clues as to how the CFPB will approach F&I product sales.
“I can’t reveal too much at this point, but I did get the feeling that if it were up to Rick, he’d still be at the bureau,” Arroyo noted. “With recent headlines regarding the bureau’s management practices, I thought I’d be hearing from a disgruntled former employee. That was not the case. Instead, I heard from a former regulator who still believes the bureau has a strong case against certain aspects of the indirect financing model.”
Hackett’s responsibilities at the CFPB included advising all divisions of the bureau with respect to market information and policy issues in the installment and specialty lending areas, including auto finance, student lending and payday lending. Before joining the bureau, he served as a partner and leader of the Banking and Financial Services Group at Pierce Atwood LLP in Boston and Portland, Maine.
Industry Summit 2014 is scheduled for Sept. 8-10 at the Paris Las Vegas Hotel. The annual event includes the new Dealer Sales & Technology track, as well as the F&I, Special Finance, Used Vehicle, and P&A Leadership tracks. For more information, visit www.industrysummit.com.
Originally posted on F&I and Showroom
More Dealer Ops

Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →
