CRYSTAL LAKE, IL – April 15, 2013 – Automotive Compliance Consultants, leading automotive retail compliance experts, cautioned auto dealers today to heed the aggressiveness of the Consumer Financial Protection Bureau (CFPB) in its indirect, but very real review of automobile dealership financing practices.
”Whether dealers like it or not the CFPB is looking at and analyzing all financial practices and compliance with financial regulations by indirectly looking into those entities under CFPB jurisdiction that transact business with the retail automotive industry,” said David Missimer, general counsel for Automotive Compliance Consultants.
Terry Dortch, the firm’s CEO, who last week participated in the American Financial Services Association’s (AFSA) 30th Independents Conference & Exposition in Las Vegas, said Automotive Compliance Consultants joined AFSA to engage with its members and committees to be at the forefront of an ever-changing financial landscape, and more actively monitor the CFPB’s growing influence on auto dealers’ business affairs.
“The CFBP has made recent bold moves that are affecting how auto dealerships finance customers, as it is apparent that auto dealers, though technically not under the CFPB’s umbrella, are being targeted by CFPB to pressure their lenders to modify their lending practices,” Dortch said.
The CFPB emerged from the passage of the Dodd-Frank Act in 2010, whose regulations have affected auto dealers in several ways. Automotive Compliance Consultants continues to train, audit and otherwise prepare auto dealerships to best comply with federal financial regulations and avoid many of the errors and practices that are currently on the CFPB’s radar.
Automotive Compliance Consultants specializes in dealership compliance, providing in-dealership consultations and analysis, compliance audits, and training, and offers solutions for all compliance needs. It also provides document management services.