Dealertrack Introduces New ECOA/Fair Lending Compliance Resources
September 10 2013 - 8:00AM
Business Wire
To assist dealerships in developing a fair lending policy and
better defending themselves in credit discrimination audits,
Dealertrack (Nasdaq: TRAK) has introduced an Equal Credit
Opportunity Act (ECOA) Model Fair Lending Compliance Policy
Template and Model Exception Rate Justification Sheet for
Dealertrack Compliance subscribers.
Earlier this year, the Consumer Financial Protection Bureau
(CFPB) issued guidance on credit discrimination in the indirect
automotive finance market, putting dealerships and lenders on
notice about potential audits and punishments. In response,
Dealertrack recommends that dealers adopt and implement an ECOA
Fair Lending Policy, including complete documentation of any
deviation from a dealer’s buy rate markup policy in the deal
jacket.
“We believe that it is critical that dealerships adopt a
comprehensive fair lending policy to deliver on their commitment to
equal credit opportunity for all, and to protect their businesses,”
said Randy Henrick, associate general counsel, Compliance,
Dealertrack. “The ECOA Model Fair Lending Compliance Policy
Template and Model Exception Rate Justification Sheet were
developed by Dealertrack to assist dealerships in developing their
fair lending policy to address audits by lenders and regulators
concerning ‘disparate impact’ credit discrimination.”
The ECOA Model Fair Lending Compliance Policy Template and Model
Exception Rate Justification Sheet are available exclusively to
Dealertrack Compliance Solution subscribers. For more information
about Dealertrack’s Compliance offering, click here.
On September 19, Dealertrack will host a free webinar to provide
an overview of the ECOA Model Fair Lending Compliance Policy
Template and Model Exception Rate Justification Sheet, and how it
can be used by dealerships to develop their own fair lending
policy. Click here to register for this webinar.
About Dealertrack Technologies
(www.dealertrack.com)
Dealertrack Technologies’ intuitive and high-value web-based
software solutions and services enhance efficiency and
profitability for all major segments of the automotive retail
industry, including dealers, lenders, OEMs, third-party retailers,
agents and aftermarket providers. In addition to the industry’s
largest online credit application network, connecting more than
20,000 dealers with more than 1,300 lenders, Dealertrack
Technologies delivers the industry’s most comprehensive solution
set for automotive retailers, including Dealer Management System
(DMS), Inventory, Sales and F&I, Interactive and Registration
and Titling solutions.
Safe Harbor for Forward-Looking and
Cautionary Statements
Statements in this press release regarding the benefits of
Dealertrack’s Model Fair Lending Compliance Policy Template and
Model Exception Rate Justification Sheet , as well as all other
statements in this release other than the recitation of historical
facts are forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995). These statements involve
a number of risks, uncertainties and other factors that could cause
actual results, performance or achievements of Dealertrack
Technologies to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements.
Factors that might cause such a difference include the
performance and acceptance Dealertrack and other risks listed in
our reports filed with the Securities and Exchange Commission
(SEC), including our Annual Report on Form 10-K for the year ending
December 31, 2012. These filings can be found on Dealertrack
Technologies’ website at www.dealertrack.com and the SEC's website
at www.sec.gov. Forward-looking statements included herein speak
only as of the date hereof and Dealertrack Technologies disclaims
any obligation to revise or update such statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events or circumstances.
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