13 Nov

Two Recent Cases Show Need For a Compliance Management System


Two recent cases, one in Pennsylvania, the second in Arizona, have resulted in or are seeking large monetary damages awards against dealers and their principals personally.  Both involved situations in which the dealers failed to have in place a Compliance Management System (CMS).  The case already resolved—the one in Pennsylvania—required the dealership to implement a Code of Conduct and CMS to avoid further damage liability.
 

27 Jul

What auto finance guidance repeal could mean for dealers


CHARLESTON, S.C. — On May 21, President Trump signed legislation passed by Congress to
repeal the Auto Finance Guidance issued by the Consumer Financial Protection Bureau in March
2013. The legislation prohibits the CFPB from issuing similar rules or regulations without first
obtaining Congressional approval and is a win for auto dealers and lenders everywhere.
The guidance was an attempt by the CFPB to do an end-run around the agency’s lack of authority
over auto dealers. By using flawed statistics to claim that dealers and the lenders who bought