Pub. 2 Issue 2

7 SUMMER 2014 8 The study is part of a major new “Get The Facts” initiative from NADA to promote the benefits of America’s franchised new-car dealership network. The initiative includes animated videos, a Web site and variety of multimedia resources avail- able at www.nada.org/GetTheFacts. Source: NADA Public Affairs CFPB Hearing Reinforces Need for Transparency Legislation Consumer Financial Protection Bureau (CFPB) Director Richard Cordray told a congressional panel recently that the bureau may offer some insight into its effort to end dealers' flexibility to discount the interest rate offered to car and truck buyers. However, the CFPB only offered to provide informa- tion on its analysis of the proxy methodology. The Bureau does not seem to be willing to provide information regarding other critical aspects of the analysis, including how the bureau ensures that it is only comparing similarly situated customers. This reluctance reinforces the need for the Bureau Guidance Transparency Act (H.R.4811), which would increase CFPB transparency. NADA has long asked the CFPB to provide greater detail regarding the methods used to develop its guid- ance issued last year. NADA urges dealers to contact their members of Congress and ask them to cosponsor the Bureau Guidance Transpar- ency Act (H.R. 4811). This bill rescinds the bureau's 2013 auto guidance and requires a more transparent process prior to the bureau issuing future guidance. The bill also requires a public comment period and public access to documents supporting the guidance. NADA Foundation Seeks to Increase Charitable Giving through Ambassadors Pro- gram The Ambassadors program of the National Automobile Deal- ers Charitable Foundation will provide more than $250,000 in grants to hundreds of local organizations across the country this year and the Foundation hopes to continue increasing the number of Ambassadors. To become an Ambassador, an individual, association or company must makes a tax-deductible contribution of $10,000 in their name or in recognition of someone living or deceased. They are then eligible to provide a $1,500 grant to an organi- zation of their choice every three years in perpetuity. Today, there are 670 Ambassadors, representing 54 state and metro dealer associations. Thirteen of the 54 dealer groups have three or more ambassadorships and are designated Ambassa- dors of Distinction. They can provide $2,000 grants each year. For more information or to become an Ambassador, contact the NADA Foundation at (703) 821-7102 or foundation@nada.org . 2014 NADA Convention Recorded Workshops Are Available Online Recorded workshops from the 2014 NADA Convention & Expo are available at NADA University Online (www. nadauniversity.com) . There are 64 recorded sessions, which cover seven tracks: Dealer/Executive, Human Resources, Legal and Regulatory, Internet and Marketing, Sales, Busi- ness Office/F&I, Parts, and Service/Body Shop. Some of the workshops address hot topics like healthcare reform, and hiring and holding on to millennials. Premium subscribers to NADA University Online can access the workshops after log- ging in. Non-subscribers can purchase the workshops in the NADA University store at www.nadauniversity.com . 