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Compliance expert gets into the weeds on adverse actions. He explains why you must send a notice to every affected customer, and breaks down your choice of processes.
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The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.
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Issuing adverse action notices for every deal can result in righteous indignation from prime-credit customers. AFIP chief offers a primer on when to send notices and when to keep them to yourself.
Read More →700Credit has released an updated Adverse Action Notice template designed to keep dealerships in compliance with the Dodd-Frank Act.
Read More →The Dealer Services Group of Automatic Data Processing Inc. has launched Deal Review, a new tool that will help dealerships track, monitor and report on their deal compliance efforts.
Read More →The verdict on the impact of the Fed's new rule is still out, but its requirements might just be what the doctor ordered for our business.
Read More →In what is expected to have a big impact on the special-finance marketplace, the Federal Trade Commission (FTC) and the Federal Reserve Board (FRB) issued in late December finalized rules that will require creditors, including dealers, to alert consumers when derogatory credit data causes them to receive less than optimal terms. The rule is expected to take effect Jan. 1, 2011.
Read More →Knowing what triggers an adverse action notice can definitely be baffling, but so can the rules governing content and timing. Legal expert weighs in with part II of PSFI’s series on adverse action notices.
Read More →Automotive Compliance Consultants Inc. (ACC) has partnered with automotive software provider Stone Meta Inc. to provide an online compliance training and auditing solution called Compliance Solved.
Read More →Knowing what triggers an adverse action notice can definitely be baffling, but so can the rules governing content and timing. Legal expert weighs in with part II of F&I's series on adverse action notices.
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