In September 2021, the FTC approved technical changes to five regulations implementing the Fair Credit Reporting Act.
Under the Dodd-Frank Act, the CFPB may not exercise any rulemaking, supervisory, enforcement or any...more
In July 2020, the Federal Trade Commission (“FTC”) issued its “Staff Report on Buying and Financing Cars.” The Staff Report consisted of two separate reports – a report from the FTC’s Bureau of Consumer Protection (“BCP”)...more
2/17/2021
/ Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Cars ,
Consumer Confusion ,
Contract Negotiations ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Motor Vehicles ,
Payment Terms ,
Unfair or Deceptive Trade Practices
In July 2020, the Federal Trade Commission (“FTC”) issued its “Staff Report on Buying and Financing Cars.” The Staff Report consisted of two separate reports – a report from the FTC’s Bureau of Consumer Protection (“BCP”)...more
11/5/2020
/ Advertising ,
Automotive Industry ,
Bureau of Consumer Protection ,
Car Dealerships ,
Cars ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Incentives ,
Motor Vehicles ,
Payment Terms ,
Salespersons ,
Unfair or Deceptive Trade Practices
We’ve all heard the jokes about fine print before – the text is so small you could be agreeing to give the dealership your first-born child. However, for regulators the fine print is no laughing matter. The bottom line is...more
Motor vehicle financing can be full of compliance minefields. Defaults and repossessions provide more than their fair share of potential mines. However, there are some steps you can take to try to avoid some key issues that...more
11/26/2019
/ Automotive Loans ,
Car Dealerships ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Financing ,
Default ,
Fees ,
Information Sharing ,
Personal Property ,
Repossess ,
Risk Mitigation ,
Strict Compliance ,
Written Agreements
On April 15, 2019, the Federal Trade Commission and the Office of the Georgia Attorney General presented "Green Lights and Red Flags: FTC Rules of the Road for Business." The program addressed a variety of issues, including...more
When a customer sits down at the finance desk in your dealership, the first step is to take some basic information about them. But, the credit application isn’t just about obtaining identifying information. Federal law...more
Prioritizing compliance with federal and state law may be the last item on your never ending to-do list. Most days, you have bigger fish to fry - you want to increase sales and decrease overhead. However, a small investment...more
6/19/2019
/ Automotive Loans ,
Car Dealerships ,
Civil Monetary Penalty ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Restitution ,
Risk Assessment ,
Risk Mitigation ,
Settlement ,
State Regulators ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices