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Brownback Motion Passes Senate 60-30
Vote Sends a
Strong Message to
House-Senate Conference to Preserve Affordable Dealer-Assisted Financing
Options
Yesterday afternoon (May 24, 2010), the Senate passed
Senator Sam Brownback's "motion to instruct conferees" regarding auto
dealer
language as part of the proposed Bureau of Consumer Financial Protection
(CFPB)
and as
part of the Wall Street Reform bill by a bipartisan 60-30 vote. A strong
majority of Senators recognized that making it harder for auto dealers
to
provide financing services to customers would be counterproductive,
especially
since all auto loans would be covered by the CFPB.
Thank you for all your
efforts in educating Senators about dealer-assisted
financing. Maryland Senators Mikulski and Cardin both supported
the motion. Please take the time to call
and thank them for their strong support of our industry. Our efforts are
not yet
over, because, although now both the House (through the Campbell
Amendment) and
Senate have voted to preserve affordable auto finance options, the
House-Senate
conference's final bill will still have to include the auto dealer
language.
MADA will be fully engaged
to ensure that the
Campbell/Brownback language is included in the final Wall Street reform
bill. We will continue to educate our members as to
the progress of this bill and may need to call upon you again in the
future
when we need your support.
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Red Flags Rule Compliance Due June 1st!
The FTC is currently set to begin
enforcing Red Flags Rule compliance on Tuesday, June 1, 2010. All dealers either should have or should be
ready to implement their compliance practices.
Dealers should be ready come Nov. 1st
and should also have created a business-specific policy which aligns with
protocol set forth in the Red Flags Rule.
To review the rule, please Click Here.
NADA
Management Education previously released a guide to assist with U.S. dealer compliance.
A Dealer Guide to the FTC RedFlags and Address Discrepancy Rules:
Protecting Against Identity Theft (L50) explains the requirements under the Rule, and includes detailed,
step-by-step guidance on developing the written program required under the RedFlags Rule, as well as a sample written program, worksheets
and other helpful materials. NADA dealer
members should have received one free copy of this, but if you need additional
copies, please visit the NADA Management Education online catalog at
www.nada.org/mecatalog or call NADA Management Education at (703) 821-7227.
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Upcoming Educational Events
MADA
is pleased to provide the following upcoming educational and training
opportunities for our members:
Health Care Reform
Sessions
Kelly
Benefit Strategies will host two FREE sessions in June which will cover the
recent Health Care Reform. Take this opportunity to interpret recent health care legislation and the effect it may have on your
organization's health care plan. Contribute to the development of your
organization's strategic plan and ensure that your benefit program is compliant
with applicable federal, state, and local laws and regulations.
The
first session will be held on Tuesday, June 8th, 8am at
the Congressional Country Club in Bethesda, MD.
The
second session will be held on Thursday, June 10th,
8:30am at the Hunt Valley Embassy Suites in Hunt Valley,
MD.
Click here to RSVP for either event!
OSHA Compliance
Webinar
KPA will host a FREE webinar covering OSHA compliance
and business preparation for upcoming OSHA inspections. With the increased enforcement of OSHA, EPA
and DOT regulations in the Mid Atlantic region, you must be prepared when an
inspector knocks on your door. This webinar will teach you how to be ready for
a random inspection ahead of time to minimize violations and costly fines. The
webinar is scheduled for Wednesday, June 16th at
10am.
Click here to RSVP for the webinar!
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Your Association in an Election Year
Surprisingly,
very few Marylanders outside of the State government realizes this is an
election year. And it's a fairly big one. The Governor and all
members of the Maryland General Assembly are up for re-election. As
business owners, you may be more familiar with the candidates than most
Marylanders simply because of the constant fundraising mail you receive.
MADA receives all the same fundraiser requests you do. The reasons are
twofold:
1) MADA's lobbying team maintains very close relationships with
legislators throughout the year
2) the MADA Political Action Committee
(PAC) is one of the more financially robust in the state.
MADA makes contributions to legislators that have been friends to our industry.
MADA also makes contributions to those legislators that may hold key positions
when important issues like taxes or health care is up for debate. A member of MADA's legislative team often goes to fundraising events across the
state, but sometimes two events are held at the same time or too far apart
from each other. MADA welcomes dealer members to attend these
events. Legislators would rather see business member constituents at
local events over Annapolis lobbyists. Of course, dealers are
welcome to make personal contributions to legislative campaigns, but feel free
to contact MADA to see if the PAC has already made a donation to a
particular candidate.
While MADA
maintains a healthy PAC, the pot always dries up quickly in an election
year. Financial support requests come in from democrats,
republicans, incumbents, challengers, party leaders and community
activists. The PAC needs to be flush with ample reserves at all
times. MADA temporarily halted fundraising efforts for the PAC during the
last 24 months as the automobile industry struggled to stay on its feet.
As car sales slowly start to rise, MADA asks that you keep the PAC in
mind. The financial power we bring to Annapolis has helped us achieve
past legislative victories, such as stronger franchise laws, the trade-in
difference, and the processing charge fee increase.
Out of all the fundraising requests you receive, the
MADA PAC is the most important as MADA carries the voice on
the entire industry when a contribution comes directly from
us. We strongly urge you to consider a financial contribution to the
MADA PAC in 2010.
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Maryland Automobile Dealers Association 7 State Circle, Suite 301 Annapolis, MD 21401 (800) 526.7423 (Toll-free) (410) 269-1549 (Fax) www.mdauto.org
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Member News
Theft Awareness
MADA has become aware of a recent wave of thefts in
the Baltimore-Metropolitan area. Dealers
in Baltimore County and Harford County have been victimized after regular
business hours. It is important to
inform your Association if you are the victim of theft or other crime, as we
will involve the local police.
***
MADA Holiday Business
Hours
MADA offices will be closed to celebrate Memorial Day,
Monday, May 31st.
We will be open for
normal business on Tuesday, June 1st.
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