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Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry.  In December 2023, the FTC announced its Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. … Continue Reading

On February 2, 2023, the U.S. Department of Justice (“DOJ”) filed a complaint against the City of El Paso, Texas (the “City”) and several co-defendants alleging violations of the Servicemembers Civil Relief Act (“SCRA”) for auctioning off at least 176 motor-vehicles owned by SCRA-protected servicemembers.  According to DOJ, the actions taken by the City constitute enforcement of liens on the property or effects of servicemembers, which is prohibited under the SCRA without first obtaining a court order. … Continue Reading

On April 15, 2022, the U.S. Department of Justice filed a lawsuit against Steve’s Towing, Inc., located in Virginia Beach, Virginia, pursuant to the Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. §§ 3901-4043, for alleged violations of the SCRA’s prohibition against enforcing a storage lien on a servicemember’s vehicle during, or within ninety days after, a period of military service without a court order. … Continue Reading

New York has enacted legislation that requires creditors to provide new disclosures when using devices to remotely disable vehicles, commonly referred to as “kill switches.”  The new law took effect immediately upon its signing by Governor Cuomo on October 2, 2018.

First, the law amended New York’s Uniform Commercial Code to add a definition for a “payment assurance device.” … Continue Reading