Dealers who ignore rules and regulations they’re required by law to comply with and instead hope to fly under the radar unnoticed by the Federal Trade Commission and Consumer Financial Protection Bureau might want to ask themselves the following questions posed by Attorney Tom Hudson in this article.
Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.
There are risks involved with all third-party relationships. Chip Zyvoloski, senior attorney within the Indirect Lending business at Wolters Kluwer Financial Services, explains that to protect the dealership’s reputation, dealers should complete due diligence on your third-party vendors.
Technology has impacted every dealership department, and technology expert Allen Dobbins explains how the F&I department has been impacted by technology.
Attorney Thomas Hudson poses two scenarios about how dealers comply with the Safeguarding Rule. One scenario is about a dealer who initially had good intentions but allowed compliance cobwebs to build up, the other is about a dealer who implements and maintains a compliant process.