This month, the Federal Trade Commission charged an Arkansas auto dealer, Abernathy Motor Company, and its two principals, with failing to display a “Buyers Guide” on used vehicles offered for sale, as required by the FTC’s Used Car Rule. Before being charged, the FTC had visited the dealer in December 2012 and identified issues of
Auto Finance
Consero Financial Services and Insurance Litigation Forum – Miami, FL – May 18-20, 2014
Consero’s 2014 Financial Services and Insurance Litigation Forum will be held May 18-20, 2014 at the Trump National Doral Miami in Miami, FL. Join Troutman Sander’s lawyer, Ashley Taylor at the forum. Consero’s 2014 Financial Services and Insurance Litigation Forum will address current and looming legal and business challenges faced by today’s Chief Litigation Officers…
House Financial Services Committee Turns Up the Heat on Investigation into CFPB Disparate Impact Methodology
Democrats and Republicans in Congress can rarely reach agreement on anything these days, but one bipartisan effort that continues to gain steam is their repeated attempts to learn the methodology by which the Consumer Financial Protection Bureau (“CFPB”) and other federal regulators investigate auto lenders for purported fair lending violations. In a letter dated March…
U.S Chamber of Commerce Requests CFPB to Issue Rules on Auto Lending
The U.S. Chamber of Commerce has sent a detailed letter, dated February 12, 2004, addressed to Director Cordray of the Consumer Finance Protection Bureau (CFPB) in which it expresses its disapproval of the CFPB’s approach of “regulation by enforcement settlement combined with issuance of brief guidance statements” in lieu of utilizing a formal rulemaking process…
NADA Issues Guidance to Members on Dealer Reserve and Fair Lending Compliance
The National Association of Automobile Dealers (NADA) issued a comprehensive manual in late January that includes detailed recommendations to dealers related to dealer reserve and fair lending compliance, in an attempt to assist members with compliance with the Consumer Financial Protection Bureau’s (CFPB) bulletin addressing indirect auto lending and the Equal Credit Opportunity Act (ECOA).…
National Association of Dealers Counsel (NADC) Annual Meeting
By Alan D. Wingfield & Paige Fitzgerald on
Posted in All Entries, Auto Finance
Troutman Sanders’ lawyers, Alan Wingfield and Paige Fitzgerald, will be attending the upcoming NADC Annual Meeting in Palm Beach, FL. NADC’s 10th Annual Member Conference will be held April 27-29, 2014 at the Four Seasons Resort in Palm Beach, Florida. The two day program will provide innovative ideas and valuable insight to meet the…
FTC Targets Deceptive Advertising of Sale, Finance and Lease Terms by Automotive Dealers
By Alan D. Wingfield on
Following up its settlement with two automotive dealers in September 2013, the Federal Trade Commission (FTC) has continued its nationwide targeting of misrepresentations made in print, Internet and video advertisements that relate to the sale, financing and leasing of motor vehicles. The FTC alleged that these dealers’ advertisements falsely led consumers to believe they could…
Federal Efforts to Reform Auto Lending Based on “Disparate Impact” Theory Gain Steam
Few U.S. Supreme Court consumer protection cases over the past year were as closely watched and anxiously anticipated as Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. Scheduled for oral argument on December 4, with a decision anticipated sometime in mid-2014, the housing discrimination case drew attention from cautious onlookers from many…