Compliance is an area every dealer is constantly trying to stay ahead of as rules and regulations continue to evolve and new laws are introduced.
In the past year, the Federal Trade Commission finalized its vehicle shopping rule with new disclosures and record-keeping measures. The Consumer Financial Protection Bureau monitored lending practices, while the Internal Revenue Service rolled out the ability for consumers to use EV credits to purchase used vehicles.
Dealers will have the unique opportunity at the NIADA Convention and Expo to hear from and ask questions to representatives from all three federal agencies – the FTC, CFPB and IRS – during compliance breakout sessions. Registration for the convention is open at niada.com. Early-bird registration closes May 20 along with the deadline for discount hotel rates at the Wynn Las Vegas.
Fireside Chat with the IRS
2:15 p.m., Wednesday, June 19
The federal government has provided millions of dollars to incentivize the sale of used electric vehicles.
Sherri Sales, a Public Affairs Specialist with the IRS, will discuss the Clean Vehicle Tax Credit and other IRS rules and regulations related to the used car industry during her session.
Sales earned her bachelor’s degree from the State University of New York, Brockport with a specialty in accounting and started her career with the IRS in 1995. She was an IRS agent with the Small Business, Self Employed division for 17 years before her current position as a Public Affairs Specialist with Tax Outreach, Partnership and Education.
Sales will explain the Clean Vehicle Transfer Credit and the time of sale reporting during the discussion.
Fireside Chat with the FTC
4:15 p.m., Wednesday, June 19
Malini Mithal, the Associate Director of the Federal Trade Commission’s Division of Financial Practices, will answer questions during a 45-minute session about the Combatting Auto Retail Scams rule and recent enforcement actions by the FTC.
Mithal supervises investigations and enforcement actions challenging unfair or deceptive practices in the provision of non-bank financial services, including in the areas of fintech, lead generation, short-term loans, debt collection, student loan debt relief, mortgage relief and automobile advertising and financing. Under her leadership, the division has also engaged in significant policy initiatives, including hosting workshops or issuing reports on dark patterns, marketplace lending, blockchain, artificial intelligence, peer-to-peer payments, crowdfunding, lead generation, mobile payments, and mobile cramming.
Mithal has held numerous positions at the FTC, including counsel to the Director of the Bureau of Consumer Protection. Before joining the FTC in 2005, Mithal served as a law clerk for the Honorable Alan S. Gold of the U.S. District Court for the Southern District of Florida. She received her law degree from Columbia Law School and her undergraduate degree from Georgetown University.
Fireside Chat with the CFPB
10 a.m., Thursday, June 20
Ben Litwin, Financial Analyst for Auto Lending within the CFPB’s Office of Consumer Credit, Payments, and Deposits Markets, will discuss recent developments in the auto finance market and trends the agency is following to measure the health of the market.
In his role at the CFPB, Litwin combines data analysis with market knowledge to understand current trends in auto finance. Before his current role at the bureau, he worked as a statistician at the FTC, working on anti-trust cases and in the CFPB’s Office of Research, focusing on the credit card market and consumer credit access. He graduated from George Washington University with a Master of Public Policy and Gettysburg College with a BA in Economics and Public Policy.
See all the compliance sessions here.
