FEDERAL REGULATory AUTOMOTIVE TRAINING

Most new requirements went into effect Dec. 9, 2022.

The FTC extended the deadline for certain new provisions to June 9, 2023.

The Red Flags Rule requires creditors to take steps to validate that the customer is who he or she purports to be.

A regulation issued by the FTC (16 CFR 682, effective June 1, 2005) requiring the protection of consumer information when it is disposed of, discarded, abandoned, or destroyed.

OFAC maintains a number of lists of enemies of the United States and endeavors to prevent assistance to those enemies or their supporters.

This policy and procedures represents your organizations requirements and conduct standards with respect to fair credit policy and ECOA compliance.

The policy applies to all employees who interact with customers, however those who collect, report, and act on a customer’s credit and the financing of the vehicle must follow the guidelines closely.

The law that protects consumers and regulates how consumer reporting agencies (CRAs) can access and use their personal information. The FCRA was enacted in 1970 as Title VI of the Consumer Credit Protection Act.

Effective January 1, 2011, the Risk-Based Pricing Rule requires dealers who use credit reports to provide an informational notice to credit applicants.

NPI is information typically obtained by a dealership in the normal course of obtaining financing for a customer and selling some insurance products.