NADA Challenges the FTC’s New Advertising and F&I Rules

The National Automobile Dealers Association has challenged the Federal Trade Commission's proposed rules on dealership advertising and finance and insurance.

Fed Reserve, CFPB Leave TILA, CLA Dollar Thresholds the Same for 2017

WASHINGTON, D.C. — The dollar thresholds in the Truth in Lending Act (TILA)’s Reg. Z and the Consumer Leasing Act (CLA)’s Reg. M for exempt consumer credit transaction will remain at $54,600 for 2017, the Federal Reserve Board and the Consumer Financial Protection Bureau announced on Nov. 23. The Dodd-Frank Wall Street Reform and Consumer ... Read More »

AFIP Issues Guidance on Reg. Z and M Dollar Thresholds for 2016

COLLEYVILLE — The Association of Finance and Insurance Professionals issued guidance this week on the Federal Reserve Board and the Consumer Financial Protection Bureau’s Nov. 25 announcement that 2016 dollar thresholds for Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing Act) exemptions will remain unchanged in 2016. Protections under the TILA and CLA ... Read More »

FTC Approves Final Consent Orders in Two Deceptive Ad Cases

Following a public comment period, the Federal Trade Commission has approved final consent orders involving two auto dealers that deceptively advertised the sale, financing and leasing of their vehicles. Under the settlement orders, Jim Burke Nissan of Birmingham, Ala., and Ross Nissan of El Monte, Calif., are prohibited from misrepresenting in any advertisement the cost ... Read More »

N.Y. Shuts Down Subprime Auto Lender

NEW YORK — The New York State Department of Financial Services (NYDFS) submitted last week a final consent judgment to settle its lawsuit against Condor Capital Corporation, a subprime auto lender based in Long Island, and its sole shareholder, Stephen Baron. Among other violations, the defendants deceptively retained millions of dollars owed to vulnerable borrowers ... Read More »

Top 5 Legal Musts for Agents