CRYSTAL LAKE, Ill. –

Given the drumbeat of the Consumer Financial Protection Bureau and its increasing influence on dealership F&I practices and consumer finance, Automotive Compliance Consultants emphasized that dealership professionals must be fully equipped to understand and comply with regulations.

Automotive Compliance Consultants president Terry Dortch pointed out that one such regulation specified by the CFPB is the use of a compliance management system (CMS).

“There is an unfortunate misconception that a CMS is software or some other ‘easy’ compliance technology,” Dortch said. “It is not, so lenders and the auto and powersports dealers they do business with should not be mystified.

“Instead, a CMS, according to CFPB, is a process to ensure a dealer’s compliance with consumer protection regulations. Usually, a proper CMS is a defined process for auditing, inspecting, and documenting lending and F&I practices so they conform to federal consumer finance laws,” Dortch continued.

Dortch and the Automotive Compliance Consultants expert staff will discuss CMS and other consumer lending topics at the American Financial Services Association’s 19th annual Vehicle Finance Conference this week in San Francisco.

“The regulations change rapidly — and the CFPB is always causing ripples that often cause lenders and dealers to shudder over their potential impact to their businesses and how they service consumers’ finance needs. Continuing education is so recommended for any party engaged in automotive retailing and finance,” Dortch said.

“We invite AFSA attendees to discuss the ins-and-outs of a compliance management system that will cover all facets of dealership consumer finance requirements,” he added.

For information, contact Dortch at [email protected] or visit www.compliantnow.com.