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Inside this issue
Automakers Oppose Senate Bill to Boost Recall Penalties
GM Compensation Fund Approves 19 Death Claims, Beyond 13 Confirmed by Automaker
CFPB Hosts Field Hearing on Auto Finance Sept. 18
Federal Reserve and CFPB to Increase in TILA and Consumer Leasing Act Thresholds on Jan. 1, 2015
Register Now for Upcoming NADA Webinar: 'Federal Defect and Noncompliance Safety Recalls'
Cadillac's New Chief Vows No Retreat on Pricing Strategy
Buick Winning Sales by Poking a Little Fun in Ads
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Automakers Oppose Senate Bill to Boost Recall Penalties

Automakers will urge a Senate committee to abandon proposals to hike fines for delayed recalls or impose criminal penalties on auto execs who cover up dangerous safety issues. A major trade association representing major automakers also wants Congress to give automakers fuel economy credits for adding safety technology, want research on the impact of marijuana legislation in some states on driving, and are urging Congress to fund cybersecurity efforts for vehicles. The Senate Commerce Committee’s panel overseeing autos will hold a hearing on the future of the National Highway Traffic Safety Administration on Tuesday.
Source: The Detroit News

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GM Compensation Fund Approves 19 Death Claims, Beyond 13 Confirmed by Automaker

The independent compensation fund overseeing claims from the General Motors Co. ignition switch recall approved applications for 19 deaths in its first six weeks — significantly more than the 13 deaths the Detroit automaker has acknowledged. The number of deaths covered by the fund is almost certain to go up as it continues to review more than 100 additional claims for deaths, said Camille S. Biros, deputy administrator of the fund. Lawyers believe the final number will go up dramatically. The fund is accepting applications for compensation through Dec. 31.
Source: The Detroit News

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CFPB Hosts Field Hearing on Auto Finance Sept. 18

Director Richard Cordray will speak at the hearing, which is open to the public

The next field hearing hosted by the Consumer Financial Protection Bureau will focus on auto finance. It is scheduled for 11 a.m. EDT on Thursday, Sept. 18, 2014, in Indianapolis. The hearing will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives and members of the public. This event is open to the public, but an RSVP is required to attend. The hearing will be aired live on the CFPB’s blog.
Source: ACA International

Editor's note: NADA Chief Regulatory Counsel Paul Metrey will participate in a panel that will follow the remarks of CFPB Director Cordray.

In related news, H.R. 5403, a bipartisan bill to reform the CFPB's Auto Lending Guidance, currently has 52 cosponsors. Dealers are urged to contact their House members to cosponsor H.R. 5403 as soon as possible as this is likely the last week Congress will be in session before the November elections. To locate your House member, click here. For the issue brief on H.R. 5403, click here. For the list of cosponsors, click here.
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Federal Reserve and CFPB to Increase in TILA and Consumer Leasing Act Thresholds on Jan. 1, 2015

The Federal Reserve Board and the Consumer Financial Protection Bureau announced that the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions will increase to $54,600 on Jan. 1, 2015.  That represents an increase of $1,100 from 2014, and means that beginning Jan. 1, 2015, consumer credit transactions and consumer leases at or below $54,600 are subject to the protections and requirements of Regulations Z and M. These increases are consistent with the Dodd-Frank Act amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds each year by the annual percentage increase in the Consumer Price Index.
Source: NADA Regulatory Affairs
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Register Now for Upcoming NADA Webinar: 'Federal Defect and Noncompliance Safety Recalls'

Designed for dealers and their staffs, the Sept. 17 safety recall webinar will review the purpose and history of federal safety recalls and how best to access VIN-specific recall information on the National Highway Traffic Safety Administration's new website. Presented by experts from NHTSA and NADA, the webinar will also touch on how recall determinations are made, how recall campaigns are conducted, and how NHTSA oversees the process. Dealership obligations, such as the new vehicle sales prohibition, will also be highlighted.

To register for this free live webinar, click here. A webinar recording will also be made available on NADA University Online in late September.
Source: NADA University Online
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Cadillac's New Chief Vows No Retreat on Pricing Strategy

De Nysschen: Rebuilding brand will take time

Cadillac has no plans to back off its sharply higher sticker prices or sweeten incentives to improve slumping U.S. sales, new brand chief Johan de Nysschen said. De Nysschen, who arrived at General Motors Aug. 1 after a two-year stint at Infiniti and two decades building Audi into a luxury powerhouse, said in an interview that Cadillac must be willing to forgo some traditional buyers as it works to attract the higher-end clientele it's now courting with a revitalized vehicle lineup. "We cannot deny the fact that we are leaving behind our traditional customer base," de Nysschen said. "It will take several years before a sufficiently large part of the audience who until now have been concentrating on the German brands will find us in their consideration set."
Source: Automotive News
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Buick Winning Sales by Poking a Little Fun in Ads

Buick is proving that when brands poke a little fun at themselves, they can generate marketing buzz. Once known as "the doctor's car" (to look prosperous, but not ostentatious) and then for its elderly customer base, Buick is enjoying a surprisingly solid year despite no new products. And the biggest reason is a fresh marketing campaign that acknowledges the elephant in the room: Buick had an image problem.
Source: Detroit Free Press
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Quotable
"It will take several years before a sufficiently large part of the audience who until now have been concentrating on the German brands will find us in their consideration set."

   
-- Johan de Nysschen, Cadillac brand chief, commenting on the automaker's plan to rebuild and attract higher-end clientele, Automotive News, Sept. 15

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