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June 2009 — It seems like more Acts aimed at easing the woes of the financial and auto industries are introduced every day. This edition of ComplianceCast helps to keep you informed of the potential opportunities, and requirements, ahead. Also, it’s a good bet your employees are “Twittering” at work, so make sure they’re keeping it legal. |
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Administration’s Regulatory Overhaul a Tall Order
As the recession marches on and the Obama administration continues their effort to right our failing financial system, new regulations loom on the horizon. Gregory Arroyo, executive editor at F&I Management and Technology, provides an overview of the most recent plan to “modernize financial regulation and supervision,” and provides clues as to what this means to your business.
F&I Management & Technology
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Can Congress Save 3,300 Doomed Auto Dealerships?
The Automobile Dealer Economic Rights Restoration Act of 2009, aims to “restore the economic rights of General Motors and Chrysler car dealers as they existed prior to each company’s bankruptcies.” Just what does this mean for your dealership, and is it the right solution?
Wall Street Journal Blogs: Deals Journal
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As Communications Tech Evolves, So Should Corporate Policies
Personally, you may think of social networking websites such as Facebook, Linked-In and Twitter as old pals or total strangers. But chances are high that you are unaware as to how often your company, and your employees, use them. Whether it’s the CEO or your most recent hire, how can you be sure they’re not posting something that is a violation of company policy? Find out how to take better advantage of market opportunities with these new communication technologies while avoiding the legal consequences of non-compliance.
IT BusinessEdge
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Compli Red Flags ALERT
Compli recently held a Red Flags Q&A Webinar with Michael Benoit, partner with Hudson Cook, LLP. One of the most popular questions that applies to your business is answered below:
Q. If the FTC were to audit a Red Flags Program can they ask to see other compliance areas such as: GLBA, Adverse Action, etc… ?
A. The short answer is yes. Once the FTC (or any enforcement agency with jurisdiction) is undertaking a review of a business's Red Flags Rule compliance, it can seek information about any rule or law it administers. This could happen if the FTC has reason to believe that the business is out of compliance with other rules, a belief that can be formed based on the level of compliance the business demonstrates with regard to the Red Flags Rule. The weaker the level of compliance, the stronger the belief. While you may be in perfect compliance with other rules, to the extent you are not, it gives the FTC additional leverage in its dealings with you.
As to who else has authority to enforce the Red Flags Rule: if the FTC chooses not to use its enforcement authority, then the state Attorney General has authority to come in and step into the shoes of the FTC. A consumer cannot sue you directly for not having a Red Flags Program in place, but failure to have a Program may be an “unfair and deceptive practice” under state law. Many state UDAP laws provide for private causes of action, including class actions. Administrative fines and civil liabilities can mount up quickly if a business is tagged for not observing its compliance obligations, and may put the business into financial distress.
As Michael Benoit describes above, it doesn't take much to find yourself subject to rigorous scrutiny and financial liability. Some believe that complying with the Red Flags Rule and combating identity theft is complex and costly. With Compli it is not. Our solution combines the legal content and process automation you need to simplify the drafting and implementation of your Red Flags Program.
Take action NOW or face significant risk of regulatory action, financial liability and damage to reputation and brand. Don't leave your business and customers exposed, call Compli today 1-866-294-5545 or visit www.compli.com to learn more. |
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Catch Them If You Can: Guarding Against Fraud at Your Dealership
The current economic conditions, with layoffs and remaining overworked employees, can create an environment ripe for fraud. WATCH NOW as Ron Sompels, Executive-in-Charge of Crowe Horwath's Retail Dealer practice, reviews recent fraud examples and outlines the essential actions you can take now to analyze and adjust your internal controls to mitigate the risk of fraud at your dealership.
To view the archived webinar, go to: http://www.compli.com/contact/form_webinar_catch_them_if_you_can.php.
Other Upcoming Webinars & Seminars:
July 16th, 2009 Seminar in Bloomington, MN: The New Dealership Era - How Auto Dealers Can Succeed in the New Marketplace. Speakers to include: Randy Wittenberg of Compli, Steve Skalbeck and Brent Fossey of Wells Fargo, John Donovan of Fisher & Phillips LLP, Michael Benoit of Hudson Cook LLP, Kirk Kleckner of Automotive Development Group LLC and Greg Johnson of GJohnson Law PLLC
July 22nd, 2009 Compli Webinar with ACG: Pitfalls and Opportunities when Buying Insurance at your Dealership
August 5th, 2009 How to Protect Your Dealership from Employee Lawsuits Seminar in St. Louis, MO: Presented by Compli and the St. Louis Auto Dealers Association
September 10th, 2009 Seminar in Denver, CO: Presented by Compli, Crowe Horwath LLP, and Fisher & Phillips LLP
For more information, contact Jonica Smith at jonica@compli.com.
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Copyright ©2009 Compli.
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