FTC Attorney Answers Dealer Questions

LAS VEGAS – Dealers from the National Independent Automobile Dealers Association heard from a Federal Trade Commission attorney during a wide-ranging discussion last month at the group’s convention.

Shaun Petersen, of Buckeye Consulting, moderated the discussion with Dan Dwyer, an FTC staff attorney in the Division of Financial Practices.

Dwyer is the chief regulatory counsel for FTC’s proposed trade regulation rule focusing on advertising and F&I.

Dwyer said the FTC has a whole division dedicated to both consumer and business education -- it’s not waiting around for consumers to complain so it can drop an enforcement act.

One big issue was the June deadline for compliance with the new Safeguards Rule, which requires non-banking financial institutions to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe.