Compliance Experts to Dealers: Heed CFPB’s Aggressiveness
Crystal Lake, Ill. — Automotive Compliance Consultants, a group of automotive retail compliance experts, cautions auto dealers 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’s 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 the AFSA to engage with its members and committees to be at the forefront of an ever-changing financial landscape.
“The CFPB 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 the CFPB to pressure their lenders to modify their lending practices,” Dortch said.
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