Even the freshest law school graduate likely understands the concept of, “If you didn’t document it, it didn’t happen.”

In an intensifying regulatory world where compliance training is becoming more important, the National Automotive Finance Association highlighted how several major institutions already are leveraging a new education program so finance companies can have a document and more to show an agency investigator.

The NAF Association — a Used Car Week Industry Partner — highlighted how several components of its new Compliance Certificate Program are on a “fast track.” Finance company employees not only can complete the requirements in a timely manner, but the successful completion can give executives another important validation arrow in their compliance quiver if a regulatory investigation unfolds.

The new initiative, hosted by NAF Association with online curriculum segregated from the organization Consumer Credit Compliance Program, can assist finance companies in complying with federal and state regulatory requirements by providing compliance professionals the foundation they need to master federal laws and regulations that dictate consumer credit.

The Compliance Certificate Programs will cover the following roles:

— Collector
— Underwriter
— Sales/Dealer Relations
— Contract Auditing/Funding
— Customer Service

Each training module includes two case studies specific to the subject material of the course and tests the knowledge of the laws and regulations as they apply to real world situations.

Of the major finance companies participating, Westlake Financial Services will have 600 associates enroll in the certificate programs.

“Compliance is a chance for us to differentiate ourselves and gain a competitive advantage," said Ian Anderson, group president of Westlake Financial Services and recipient of the SubPrime Auto Finance Executive of the Year Award last year during the SubPrime Forum at Used Car Week.

“The very best thing we can do in this evolving compliance landscape is to invest in training, and ensure our team has the tools and knowledge to always do the right thing for the customer,” Anderson continued.

After completing the rigorous program, the participants will have gained sufficient knowledge of consumer credit laws and regulations, which will allow them to keep their departments compliant with federal and state standards.

"In today’s compliance environment it is critical to have our managers and support personnel up to date on the laws and best practices that govern the collection department,” said Micky Watts, senior vice president of indirect lending at Anderson Brothers Bank.

“I am excited to see the NAF Association provide the collection compliance certificate course that will allow us to certify our front line personnel and retrain them annually as required by government regulators,” Watts continued.

Currently, the Compliance Certificate Program is only available to employees of NAF Association member companies. But NAF Association executive director Jack Tracey is upbeat about the path companies such as Westlake are forging.

“Westlake’s participation in the program demonstrates the company's determination to ensure better business practices, which will drive better customer service,” Tracey said. “We are excited to see Westlake participate and hope this sparks other finance companies to follow in Westlake's footsteps by registering their employees to get certified.”

NAF Association president Mark Floyd — who came out of retirement in 2010 to spend four years as chief executive officer of Exeter Finance before stepping down last November — also highlighted the traction the organization is getting with this new certificate program.

“With over 645 certificate registrations in the first three weeks of introducing the collector and underwriter certificate modules, we’ve decided to fast track the remaining certificate modules for customer service, funding and dealer sales representatives,” Floyd said. “Now all five certificate programs are available to member companies.

“We’re offering these online certificate modules so that our members can use them to build compliance awareness and knowledge in their front line staff — the people who directly engage with the consumer,”

The National Automotive Finance Association is committed to bringing high quality compliance education to the auto finance industry, not just through this Certificate Program but along with the Consumer Credit Compliance Certification Program and the regional Best Compliance Practices groups.

For more details about any of these programs, visit nafassociation.com or contact Tracey at (410) 865-5431 or jtracey@nafassociation.com.