When it comes to automotive compliance to regulations, Automotive Compliance Consultants cautions auto dealers to heed the aggressiveness of the new Consumer Financial Protection Bureau (CFPB) in its indirect, but very real review of automobile dealership financing practices.
Discriminatory Markups
One of the biggest issues is "discriminatory markups," as cited in an early bulletin from the CFPB.
The Consumer Financial Protection Bureau (CFPB) released a bulletin explaining that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing. Potentially discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year.
Many issues have been raised by compliance experts and dealers as to what is, and is not, in compliance with CFPB regulations. We have gathered some of the experts together to give their opinions of dealer responsibility going forward. [Read more]The Article Automotive Compliance and the New CFPB Rules appeared first on Automotive Digest.