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Senate Committee Narrowly Confirms Trump’s Pick to Head BCFP

WASHINGTON, D.C. — Kathy Kraninger, current associate director for general government at the Office of Management and Budget (OMB), was approved by the U.S. Senate Committee on Banking, Housing on Urban Affairs to lead the Bureau of Consumer Financial Protection (BCFP) by a narrow 13-12 vote. Thursday’s vote sends President Donald Trump’s pick to head ... Read More »

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EEOC Files Sex Bias Suit Against Ferman’s Tampa Harley-Davidson

TAMPA, Fla. — The U.S. Equal Employment Opportunity Commission (EEOC) is suing Ferman Automotive Group and Cigar City Motors, which operates Tampa Harley-Davidson and other car and motorcycle dealerships there, for discriminating against a female employee. In its lawsuit filed on Monday in the U.S. District Court for the Middle District of Florida, Tampa Division, ... Read More »

FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

WASHINGTON, D.C. — Three weeks after announcing the completion of a seven-state sweep regarding compliance with its Used Car Rule, the Federal Trade Commission announced on Wednesday it has charged a group of four dealerships with a range of illegal activities, including falsifying consumers’ income and down payment information on credit applications and misrepresenting financial ... Read More »

FTC, 12 Partner Agencies Conduct Used Car Rule Compliance Sweep

WASHINGTON, D.C. — The Federal Trade Commission, working jointly with 12 partner agencies in seven states, conducted the first compliance sweep of car dealerships since its amended Used Car Rule took effect earlier this year, the regulator announced today. The sweep was conducted in 20 cities nationwide between April and June 2018. According to the ... Read More »

Compliance Isn’t Solely F&I’s Responsibility

Phil Gramm, Jim Leach, Tom Bliley, and You

CFPB Official Who Sued Trump Resigns, Drops Suit

WASHINGTON, D.C. — Leandra English, who former Consumer Financial Protection Bureau Director Richard Cordray’s picked to succeed him as acting director, is ending her court battle to unseat Mick Mulvaney as acting head of the bureau and her employment with the embattled regulator. On Friday, English’s attorney, Deepak Gupta, posted a statement on Twitter that English is ... Read More »

EFG Companies: Dealers Must Embrace Industry Paradigm Shift

DALLAS, Texas — Staffing and customer engagement models are the top issues impacting the future health of the retail automotive industry, EFG Companies President and CEO John Pappanastos said today. The F&I product provider’s chief executive delivered his comments as part of a state of the industry address the company posted on its website. Pappanastos encourage ... Read More »

House Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

WASHINGTON, D.C. — The U.S House approved on Tuesday its version of the resolution of disapproval of the Consumer Financial Protection Bureau’s dealer participation guidance. The resolution now heads to President Trump’s desk, where it is expected to be signed. The 234-175 vote was cast largely along party lines, although 11 Democrats crossed the aisle ... Read More »

Appeals Court Rules CFPB Structure Is Constitutional