Pub. 1 2021 Issue 2

8 KENTUCKY AUTO DEALER CONTINUED FROM PAGE 7 Notwithstanding its broad support, the NADA Fair Credit Compliance Program remains optional. Its adoption does not guarantee that a dealer will be protected from liability for a fair credit violation. However, if faithfully adopted, implemented and maintained, the NADA Fair Credit Compliance Program provides a dealer with a well-regarded path forward in a very challenging environment. This should not be overlooked when a dealer discusses how it will ensure its customers’ fair and lawful treatment with its attorney. This article is offered for informational purposes only and is not intended as legal advice. This article was prepared by Paul D. Metrey, Vice President, Regulatory Affairs for the National Automobile Dealers Association. 1 The program and other supporting material are available at www.nada.org/faircredit. 2 In re Pacifico Ford, DOJ Civil Action No. 07-3470 (September 4, 2007) (consent order); In re Springfield Ford, DOJ Civil Action No. 07-3469 (September 4, 2020) (consent order), available at www.justice.gov . 3 Steven H. Rosenbaum, Chief, Housing and Civil Enforcement Section, Civil Rights Division, U.S. Department of Justice. 4 CFPB Auto Finance Forum (November 14, 2013), currently available at www.consumerfinance.gov/about-us/blog/live-from-the-cfpb/. 5 See, for example, the statement made by Rep. Joyce Beatty (D-Ohio) before the U.S. House Financial Services Committee in March 2016 referring to the NADA Fair Credit Compliance Program as a “wonderful document” while Rep. Beatty held up the publication and asked that it be included in the record; and testimonials from 12 prominent industry attorneys expressing support for the program (available at www.nada.org/faircredit) , including from former CFPB Assistant Director Rick Hackett, who stated his belief that the program “can resolve issues raised by the CFPB related to discretionary pricing… assuming it is faithfully executed as described by NADA.” 6 American Bar Association, Resolution 116B (August 3, 2020), available at www.americanbar.org. 7 Taskforce on Federal Consumer Financial Law (TFCFL), CFPB, TFCFL Report Volume II, Recommendation 66 (January 2021), available at www.consumerfinance.gov . 8 In re Bronx Honda, FTC Docket No. Case 1:20 (May 22, 2020) (consent order), available at www.ftc.gov .