June 11, 2019
Automotive News quotes Partners Allen Denson and Eric Johnson on FTC and state regulatory activities focused on auto dealers
On June 10, Automotive News reported that although some auto dealers may have assumed that federal regulation has been scaled back due to leadership changes at the Consumer Financial Protection Bureau (CFPB), attorneys say that the Federal Trade Commission (FTC) and state attorneys general (AGs) have stepped up their regulatory activity in its place.
According to Hudson Cook partner Eric Johnson, regulatory activity aimed at dealers has migrated to state AGs. "It's almost like you went from one entity to be concerned about with the bureau - now you've got however many. You may have up to 50, or 51 if you include D.C.," he said.
Partner Allen Denson agreed, noting that "we've seen more investigations and lawsuits with the attorneys general over the last two years than we had seen in the preceding years."
Eric Johnson is a partner in the firm's Oklahoma office. He assists national and state banks, savings associations, credit unions, mortgage bankers, other licensed lenders, motor vehicles dealers and automotive finance companies in the development and maintenance of nationwide consumer mortgage and automobile finance programs; online motor vehicle sales programs; litigation funding programs; and electronic payment programs.
Allen is a partner in the firm's Washington, DC office. He represents clients before the CFPB, FTC, DOJ, federal prudential regulators, as well as state attorneys general and financial regulatory agencies. Attorneys in Hudson Cook's Government Investigations, Examinations and Enforcement practice area provide support to consumer financial services companies and others facing government scrutiny.
Click here to read the article in Automotive News.