OFAC is a database compiled by the Office of Foreign Assets Control which identifies “Specially Designated Nationals” (SDN) with whom you are prohibited from doing business. The penalties for conducting business with a person or entity listed in OFAC are some of the most severe you face as an auto dealer.
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The Privacy Rule requires financial institutions to give their customers privacy notices that explain the financial institution’s information collection and sharing practices. In turn, customers have the right to limit some sharing of their information.
The Safeguards Rule requires financial institutions (defined to include dealers who play any part in financing or leasing) to develop and maintain an “information security program” to protect the confidentiality and integrity of personal consumer information.