Federal Reserve Temporarily Exempts Dealers from Certain Dodd-Frank Data Collection Requirements
The Federal Reserve Board (FRB) announced June 20 that auto dealers are temporarily not required to comply with certain data collection requirements in the Dodd-Frank Act. Initially, Dodd-Frank amended the Equal Credit Opportunity Act (ECOA) to require creditors to collect and report information from credit applications made by women- or minority-owned businesses as well as small businesses.
The proposed rule falls under the ECOA, also known as Regulation B, and will allow dealers to remain exempt until the final regulations are issued, reported F&I and Showroom.
Although the Consumer Financial Protection Bureau (CFPB) will have the authority to issue rules to implement this provision of the ECOA, the FRB still maintains the authority to issue rules for certain motor vehicle dealers, the statement continued.
Creditors are not obligated to comply with the data collection requirements until the CFPB issues detailed rules to implement the law, so the FRB issued a proposed rule to clarify that its approach also applies to motor vehicle dealers that are subject to the board’s jurisdiction. Comments from the public on the proposed rule are open until July 29.
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →