October 24, 2013 In Edison, New Jersey
Dealership discretion to set mark-up on finance interest rates is under attack by federal regulators. The Consumer Finance Protection Bureau (CFPB) is applying pressure to lenders to eliminate or further limit dealership discretion to set rates. The CFPB’s efforts are a result of what the Bureau alleges is a widespread minorities-based “disparate impact” in auto loan interest rates.The pressure from the CFPB has forced some lenders to conduct audits and reviews of dealership lending practices and to impose new rules and procedures on dealerships.Join Patrick Cox, NJ CAR’s Director of Legal & Regulatory Affairs, for a half-day Seminar on Thursday, October 24, 2013, at The Mironov Group (2025 Lincoln Highway, Suite 330, Edison, NJ) from 9:30 a.m. until 1 p.m. The cost of the seminar is $189 per person for NJCAR dealer members.The Seminar will review the requirements of the Equal Credit Opportunity Act (ECOA) and provide an overview of the still-unfolding disparate impact issue. Patrick will touch upon the legal and historical background, the CFPB’s statistical evidence, and recommended procedures for documenting compliance to prevent both regulatory enforcement actions and the potential for private class action litigation arising from this issue.You can register for this (or any NJ CAR Academy) Seminar online at the NJCAR Academy Page (http://www.njcar.org/njcarAcademy/dsp_trainingSchedule.cfm) under education on the public side of the Coalition’s Website (www.njcar.org). Simply select the Seminar you are interested in and complete and submit the Registration Form available at the bottom of the course-specific page. We have also attached a Registration Form to this NewsLetter for your convenience.