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On May 21, 2018, President Trump signed legislation passed by Congress to repeal the Auto Finance Guidance issued by the Consumer Financial Protection Bureau (“CFPB”) in March 2013. The legislation prohibits the CFPB from issuing similar rules or regulations without first obtaining Congressional approval and is a win for auto dealers and lenders everywhere.
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AuthorRandy Henrick is a leading auto industry compliance consultant. This article is not intended as legal or compliance advice due to the unique nature of a dealer's situation in each state. Randy's articles do provide issues and best practices that you may want to discuss with your attorney or compliance advisor for possible adoption in your dealership. Email Randy at AutoDealerCompliance@gmail.com Archives
January 2021
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