2018 GNYADA Membership Directory

Fair Credit Reporting Act (FCRA): Including but not limited to Red Flags Rule, Disposal Rule, and Risk-Based Pricing Rule • Over $3,000 per violation for knowing violations alleged by the FTC. Any violation also violates FTC Act § 5 (Unfair, Deceptive Acts or Practices), with potential for damages of roughly $40,000 per violation. • Private right of action for certain provisions (e.g., permissible purpose, adverse action). • For negligent violations: actual damages. • For willful violations: actual damages or statutory damages up to $1,000 per violation, and punitive damage liability with no cap. Adverse Action Notices • See ECOA and FCRA. • TradingWith the Enemy Act: up to $85,236 • International Economic Powers Act: up to the greater of $289,238 or twice the amount of the underlying transaction • Antiterrorism and Effective Death Penalty Act: up to the greater of $76,351or twice the amount of which a financial institution was required to retain possession or control • Foreign Narcotics Kingpin Designation Act: up to $1,437,153 • Clean Diamond Trade Act: up to $13,066 • Criminal penalties: Fines up to $20,000,000 and up to 30 years imprisonment. UDAP Laws (FTC Act § 5) • FTC Act: up to $40,654 per violation. • The CFPB can assess penalties of up to $1 million per day against independent and buy-here-pay-here dealers for violations. • Private causes of action for actual, statutory, and punitive damages are permitted under most state UDAP laws. Some states allow recovery of treble damages. OFAC • Civil penalties (per violation):

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UDAAP (Dodd-Frank Act, CFPB Small Dollar Rule) • $5,000 per day that the violation continues

• If reckless violation, $25,000 per day that the violation continues • If knowing violation, $1 million per day that the violation continues

Information provided Courtesy of Dealertrack Technologies 888.705.7926; www.dealertrack.com