Tag Archive | "compliance"

FTC Announces Significant Hike to Civil Penalty Maximums


WASHINGTON, D.C. — Violations of the Federal Trade Commission’s prohibition on unfair or deceptive acts or practices are going to get more expensive come Aug. 1. That’s when the commission’s interim final rule aimed at increasing a variety of civil penalties takes effect.

According to its website, the FTC has approved final amendments to Commission Rule 1.98 that adjust the maximum civil penalty dollar amounts for violations of 16 provisions the regulator enforces, as required by the Federal Civil Penalties Inflation Adjustment Act Improvement act of 2015. The act directs agencies to implement a “catch-up” inflation adjustment based on a prescribed formula.

The maximum civil penalty amount will increase from $16,000 to $40,000 for the following violations and others listed in the Federal Register Notice:

  • Section 5(l) of the FTC Act: Final commission orders issued under section 5(b) of the FTC Act
  • Section 5(m)(1)(A) of the FTC Act: Trade regulation rules issued by the commission under section 18 of the FTC Act that address unfair or deceptive acts or practices, and other laws enforced by the commission that provide for civil penalties by reference to section 18
  • Section 7A(g)(1) of the Clayton Act: Premerger filing notification requirements under the Hart-Scott-Rodino Improvements Act

The Commission vote to publish the Federal Register Notice amending Commission Rule 1.98 was 3-0.

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Ganther Leads First Wave of Compliance Summit Speakers


TAMPA, Fla. — Leading attorney and compliance expert James S. Ganther has agreed to speak at the upcoming Compliance Summit Las Vegas, organizers announced Tuesday. The event is scheduled for Aug. 29–30, 2016, at Paris Las Vegas, as part of Industry Summit.

“I’ve been privileged to have participated in each of the Compliance Summits since the initiative was launched in Miami in 2014,” Ganther said. “Each one has been better than the last, so I know the Las Vegas version will be a winner!”

Ganther will serve as the featured speaker for the Your Responsibilities portion of the event’s agenda, which will also include featured presentations and panel discussions dedicated to Rules and Regulations and Easy-to-Implement Processes and Controls.

As with past events, the educational sessions will be capped by “Is It Compliant?,” an open forum among Compliance Summit speakers and attendees. Unlike past events, Compliance Summit Las Vegas will continue with a comprehensive review session followed by an opportunity for attendees to sit for an exam to earn Certified Automotive Compliance Specialist status. Attendees are also invited to take part in the rest of Industry Summit, which also includes two full days of sales and F&I training.

“In words and deeds, Jim Ganther has been a stalwart advocate of front-end compliance and supporter of Compliance Summit,” said David Gesualdo, show chair and publisher of Auto Dealer Today and F&I and Showroom. “We are honored to have him back.”

Registration for Compliance Summit Las Vegas is open at the event’s website. Attendees who register by July 29 will enjoy a $100 discount. For more information about Compliance Summit, including sponsorship and exhibition opportunities, contact David Gesualdo via email hidden; JavaScript is required or at 727-947-4027.

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Compliance Summit Adds Certification Component


TAMPA, Fla. — Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas, as part of the annual Industry Summit.

David Gesualdo, who serves as show chair and as publisher of Auto Dealer Today and F&I and Showroom, said the addition of a certification component was in response to demand from past attendees.

“I can’t tell you how many times we have heard, ‘I need something I can take back to the dealership,’” Gesualdo said. “That is a perfectly reasonable request and, with the help of our speakers, we are going to make it happen.”

Certification will require participation in a comprehensive, four-hour review session on Tuesday afternoon and successful completion of a written exam. The review will be given by Compliance Summit speakers and focus on the following topics:

Part 1:

  • Ethics
  • Reg Z
  • Reg M
  • Risk-Based Pricing Rule
  • Adverse Actions
  • ECOA
  • FCRA
  • Credit Applications
  • Signature Issues
  • Conditional Delivery
  • Monroney Labels
  • Addendum Stickers

Part 2:

  • Magnuson-Moss Warranty Act
  • Used Car Rule
  • Red Flags Rule
  • Safeguards Rule
  • FACT Act
  • Cash Reporting
  • OFAC
  • USA PATRIOT ACT
  • Discrimination
  • Fair Credit Policies
  • UDAP
  • EH&S Basics

Compliance Summit is a series of regional events that began in Miami in November 2014 and has made stops in Chicago, Austin and Tampa. Attendees are invited to take part in the rest of Industry Summit, which also includes two full days of sales and F&I training, at no additional cost.

To register for the Las Vegas event, visit www.dealercompliancesummit.com. Attendees who register by July 29 will enjoy a $100 discount. For more information about Compliance Summit, including sponsorship and exhibition opportunities, contact David Gesualdo via email hidden; JavaScript is required or at 727-947-4027.

Posted in Auto Industry News, Summit UpdatesComments (0)

RoadVantage Successfully Completes Second Straight SSAE 16 (SOC 1) Type II Audit


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the successful completion of its second annual SSAE 16 (SOC 1) Type II audit, ensuring the company’s controls and procedures continue to conform to industry standards for best practices.

RoadVantage sought the SSAE 16 Type II audit, conducted by SSAE 16 Professionals, LLP, again this year in order to reinforce its commitment to excellence while experiencing ongoing rapid growth.

“The SSAE 16 Type II evaluates how well an organization adheres to critical internal controls and processes,” said Gary Pennington, Partner at SSAE 16 Professionals, LLP. “Successful completion of this audit provides assurance to customers that RoadVantage operates consistently within operational standards.”

The audit undergone by RoadVantage was conducted in accordance with the AICPA SOC reporting standards by SSAE 16 Professionals (http://www.ssae16professionals.com), a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.

“We sought the SSAE 16 Type II audit again this year to demonstrate our ongoing commitment to best practices,” said Garret Lacour, CEO of RoadVantage. “The growth we’ve experienced is all the more reason to ensure our operational standards remain best in class.”

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EFG Companies Names Steve Roennau as Vice President of Compliance


DALLAS, TX – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the appointment of Steve Roennau as Vice President of Compliance, reflecting the company’s ongoing mission of driving operational compliance for its retail dealership clients.

Roennau brings a 30-year history of driving bottom-line results in automotive F&I, sales and product management, giving him strategic insight into the compliance hurdles facing both dealers and lenders. His experience includes compliance consulting and training/operational development for Chrysler’s Five Star initiative, Chrysler Capital, Santander Consumer USA, Hyundai, General Motors, Ford, Mitsubishi, Volkswagen, and numerous dealer groups throughout the country. He is an AFIP Senior Certified Professional in Financial Services, and has conducted numerous training courses.

“Today’s dealers are facing a much greater level of compliance oversight, affecting everything from finance margins to advertising practices,” said John Pappanastos, President and CEO of EFG Companies. “Dealers need forward thinking partners who can successfully navigate the myriad of changes on local, state and federal levels. With Steve leading our compliance initiative, we are in a strong position to stay ahead of upcoming changes and proactively prepare our clients. In 2014, EFG’s dealer clients rated compliance as one of EFG’s top three areas of performance. In 2016, we expect Roennau to raise the bar for our clients and the industry.”

“At EFG, we are committed to facilitating the highest levels of operational compliance for our dealer partners,” said Roennau. “Our very progressive work will provide our clients with a sophisticated analysis of their current compliance procedures, and prepare them for upcoming changes that will enhance customer service, compliance alignment and increased profitability.”

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Over 80% Of Consumers Would Not Purchase A Car From Dealership With A Data Breach


New York, NY—Total Dealer Compliance (TDC), a car dealership compliance-auditing firm, today announced key findings from its second car dealership survey which targeted both consumers and car dealers. Among the survey’s key findings are results indicating that nearly 84% of consumers would not buy another car from a dealership after their data had been compromised, while only 30% of dealers employ a network engineer with Computer Security certifications/training.

“As car dealerships continue to be a real target for cybercriminals, with fewer data-protection measures in place than most other industries, we set out to discover the effect this is having on a car dealership’s bottom line,” said Max Zanan, President of TDC. “Our report discovered that more than 70% of dealers are not up to date on their anti-virus software, and nearly a third of consumers lack confidence that their personal data is secure when purchasing a vehicle.”

Highlights from the dealer survey include:

  • Nearly 85%have a contract with a 3rd party vendor to handle more complex IT work
  • Only 30%of dealers employ a network engineer with Computer Security certifications/training
  • Only 25%hired a 3rd party vendor to try to hack into their networks to test their vulnerability
  • More than 80%employ an IT engineer to handle basic day-to-day work
  • More than 70%of dealers are not up to date on their anti-virus software

Highlights from the consumer survey include:

  • Nearly 33%of consumers are not confident in the security of their personal and financial data when making a purchase at a car dealership
  • Just under 84% of consumers will not go back to buy another car from a dealership after their data has been compromised

Dealerships should regularly conduct IT vulnerability scans, Windows security checks, provide online courses on networking, as well as implement a solid computer security policy. TDC conducts vulnerability scans by using independent “White Hat” hackers to discover a dealership’s cyber vulnerabilities and based on those vulnerabilities discovered, create policy.

“Car dealerships need to put procedures in place to help prevent cybersecurity attacks. We help dealers focus on social engineering and how not to fall victim to hacking,” continued Zanan. “As ever, our report turns a spotlight on the hot topic of data security, revealing the necessity of having strict policies and procedures in place that are being adhered to by all employees to ensure consumer confidence and loyalty.”

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