PALS 2014 Keynotes

Former CFPB Official to Address P&A Leadership Summit

TORRANCE, Calif. — Rick Hackett, a former official with the Consumer Financial Protection Bureau (CFPB), is on the cover of F&I and Showroom magazine’s May 2014 issue. He revealed to Editor Gregory Arroyo his views regarding F&I product sales, which he will delve into in more detail when he addresses attendees of the P&A Leadership Summit (PALS) on Tuesday, Sept. 9, at 9 a.m.

The former regulator, who joined Hudson Cook LLP in March as a partner in the firm’s Portland, Maine, office, told the magazine he believes the CFPB has jurisdiction over products that are tied into consumer vehicle financing, such as GAP and credit insurance, or are connected to consumer financial protection laws through the Truth in Lending Act. He also revealed that the buy-here, pay-here industry presents an opportunity for the bureau to learn more about how F&I products are sold.

“I think the F&I office does suffer from nontransparency of product value and price. When I buy a car, I know what the value of that product is,” Hackett told the magazine. “Then I go to the F&I office and you offer me a service contract. Where do I go to look for competitive pricing for a service contract? How do I compare the coverage of contract A and B? There’s no place to do that.”

Hackett also questioned how dealers priced F&I products. “There is a variable markup in many aftermarket products, and the delta over the wholesale price is very significant. Why is that?”

The former regulator spent 31 years practicing law before the CFPB selected him in 2011 as assistant director to lead its Office of Installment and Liquidity Lending Markets in its research, markets and regulations division. And until his departure this past August, he helped chart the bureau’s course into the auto finance industry.

“Rick’s stint in public service might be over, but it was clear to me during our interview that the regulator within him remains,” Arroyo said. “I’m excited to see how he’s received by product providers and administrators at this year’s summit.”

While at the CFPB, Hackett was responsible for advising all divisions of the bureau with respect to market information and policy issues in the installment and specialty lending areas, including auto finance, student lending and payday lending. Before joining the bureau, he served as a partner and leader of the Banking and Financial Services Group at Pierce Atwood LLP in Boston and Portland, Maine.

“We are excited to have Rick at this year’s summit. His address will be a must-attend session,” said David Gesualdo, show chair and publisher of F&I and Showroom and Auto Dealer Monthly. “As we all know, the CFPB hasn’t been very transparent about its activities. This will be the industry’s opportunity to hear from a former CFPB official on how the bureau views F&I product sales.”

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Braskamp to be Keynote for P&A Leadership Summit and Industry Summit

Las Vegas — Organizers of the annual for P&A Leadership Summit announced that Steve Braskamp of Capital One Auto Finance will deliver the evening keynote address at this year’s event, which will be held Sept. 8–9, 2014, at Paris Las Vegas.

Braskamp is director of national sales and originations for Capital One, which is among the industry’s leading noncaptive finance companies. He will welcome P&A Leadership Summit and the Industry Summit attendees on the evening of Monday, Sept. 8 when he delivers the joint keynote address. The evening’s welcome reception will immediately follow.

Rick Hackett, former assistant director for the Consumer Financial Protection Bureau (CFPB), agreed to speak on Tuesday morning. Hackett was the CFPB’s point man to the automotive industry and supported the agency’s efforts to regulate dealer-arranged sales and financing.

“We are very lucky to have both of these gentleman speak at the P&A Leadership Summit this year. They are both industry veterans with significant expertise and experience in the finance and regulatory segments of the industry,” said David Trinder, advisory board chair and CEO, F&I Administration Solutions. “With all the current concerns and doubts about the initiatives of the CFPB, it will be interesting to hear the perspectives of both of these keynote speakers.”

Braskamp’s 15-year career at Capital One includes leadership positions in several consumer-lending segments. In his current role, he oversees a team of more than 900 associates that generates more than $17 billion in prime, nearprime and subprime auto contracts on an annual basis. Prior to joining the company, Braskamp worked in investment banking and management consulting.

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2017 Conference Team

Conference Management

David Gesualdo
Group Publisher and Show Chair
727-947-4027
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Kate Spatafora
Associate Publisher, MG Business Media
631-561-7586
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Registration & Sponsorship Fulfillment

Allison Delmonico
Executive Assistant, MG Business Media
(727) 480-8979
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Exhibit & Sponsorship Sales

Eric Gesualdo
National Sales Manager, MG Business Media
727-612-8826
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