Proper desking and finance practices and internal management training on policies focused on preventing credit discrimination claims.
Now that dealer finance reserve is on the enforcement radar screen of the Federal Trade Commission and the new Consumer Finance Protection Bureau, some suspect that these agencies are trying to eliminate it altogether. The FTC and CFPB may be trying to garner support for this proposition by focusing on fair lending practices. If they can establish that finance reserve is paid inconsistently and/or in a discriminatory fashion, then that might give them the ammunition they need to put severe restrictions on this important revenue center.
For Part 1 of the FTC Watch Series, watch as Compli and Rob Cohen from Auto Advisory Services and Arent Fox, LLP discuss why it is absolutely critical that dealers focus on proper desking and finance practices as well as internal management training on policies and procedures aimed at preventing credit discrimination claims.
This webinar focuses on: