Over the past decade, there have been several significant F&I regulatory requirements placed on motor vehicle and RV dealers, including the Safeguards Rule, Privacy and Red Flag Rules, and Dodd-Frank Wall Street Reform and Consumer Protection Act. According to the latest RV Executive Today Online from the Recreation Vehicle Dealers Association (RVDA), each brings certain compliance duties for dealers.
Most recently, the FTC held public hearings on motor vehicle finance related topics. Although the agency hasn’t yet announced any proposed regulations, it’s expected to do so soon. Industry analysts anticipate that it may issue rules prohibiting or limiting traditional dealer practices like spot deliveries, rate markups, and certain aftermarket selling practices.
The FTC is already investigating dealership Privacy Rule practices and will likely make examples of several dealerships in the future to highlight the lack of compliance. It’s vital that dealers understand they must have written, regularly updated compliance plans.
RVDA has published compliance guides on many of these subjects and has extensive information on the RVDA Government Relations website. In addition, the August edition of RV Executive Today will include a regulatory overview by RVDA Director of Legal and Regulatory Affairs Brett Richardson.