Pennsylvania Attorney General, Josh Shapiro, has announced that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”
The announcement indicated that the new unit will focus on lenders that prey on seniors, families with students, and military service members, including forprofit colleges, mortgage and student loan servicers.
The new unit will be led by Nicholas Smyth, a former Federal Consumer Financial Protection Bureau (CFPB) enforcement attorney.
PAA encourages dealers to become informed on the following to keep dealerships compliant:
Fair Credit Compliance:
• Equal Credit Opportunity Act; and
• Dodd Frank Act.
F&I Sales Practices:
• Dealer Reserve;
• Discrimination in Lending/ Disparate Impact;
• Risk Based Pricing;
• Adverse Action;
• Privacy Notices; and
• Proper Credit Application Procedures
NADA has an optional program designed to strengthen a dealer’s ability to comply with fair credit laws while preserving the competitive benefits of dealer-assisted financing.
Information on the NADA/NAMAD/ AIADA Fair Credit Compliance Policy & Program which was released in 2014 is available online at: https://www.nada.org/regulatory_affairs/faircreditlanding.
Courtesy of Bulletin No 15 • August 15, 2017