Archive | Compliance

5 Ways to Fight Compliance Fatigue

5 Ways to Fight Compliance Fatigue

When you hear the term “compliance,” your first reaction may be to roll your eyes or shudder with dread. I don’t blame you. Creating a compliance checklist is one of the most monotonous and tedious tasks you could ever possibly imagine. Today’s business climate forces most industries to juggle a multitude of compliance initiatives throughout … Read More »

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Compliance Best Practices

Compliance Best Practices

Corporate legal departments are constantly challenged to juggle scarce resources while delivering accurate, timely and forward-thinking solutions to protect their organization and clients. Further complicating these challenges are internal counsel’s vested interest in the company’s profitability, reputational risk and relationship with customers and distributors. Much like other areas of the business, legal departments are not … Read More »

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The Return of the Leg

The Return of the Leg

I once made a list of all the ways certain dealers — a very small percentage — fleeced consumers through the F&I process, and the list was a long one. Some of those practices should have disappeared years ago, or so I had thought, based upon litigation and regulator prosecution. But, as in popular styles … Read More »

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Your Brother’s Keeper – You May Now be Responsible for Your Vendor’s Actions

Your Brother’s Keeper – You May Now be Responsible for Your Vendor’s Actions

Adam and Eve begat Cain and Abel. Abel slew Cain. When questioned by the Lord as to the whereabouts of Cain, Abel defiantly asked this question in reply, “Am I my brother’s keeper?” To which the CFPB responded, “Yes, you are.” To quote the CFPB, “A well planned, implemented, and maintained compliance program will prevent … Read More »

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CFPB Auto Finance Guidance Losing Momentum: What’s Next?

CFPB Auto Finance Guidance Losing Momentum: What’s Next?

The much-heralded CFPB Auto Finance Guidance issued in March 2013 appears to be losing its momentum in the first part of 2015. You will recall that the Consumer Financial Protection Bureau (CFPB), which lacks jurisdiction under the Dodd-Frank Act over most franchised automotive dealers, claimed that lenders allowing dealers to mark up lender buy rates … Read More »

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The Past is Prologue- Regulatory Retribution Against Dealers

The Past is Prologue- Regulatory Retribution Against Dealers

To paraphrase the Bible, there is nothing new under the sun. This is also true of consumer law as it relates to the car business. In spite of a new consumer protection agency, the Consumer Finance Protection Bureau or CFPB, and a newly empowered FTC, these agencies pursue the traditional cases against dealers, as they … Read More »

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