Donald Trump will be inaugurated as the 45th president of the United States on Friday. But industry experts have warned dealerships and finance companies not to reduce their compliance efforts despite some deregulatory rhetoric that might have been shared during his campaign.
Compliance expert Randy Henrick recently said via Twitter: “Don’t count on the new president to let up on compliance enforcement. CFPB and FTC staff won't change pro-consumer bias.”
One way managers and other industry professionals can handle the regulatory challenges that might be coming from the Consumer Financial Protection Bureau, the Federal Trade Commission or other places is by completing the Consumer Credit Compliance Certification Program offered by the National Automotive Finance Association.
“Well, I hate to say it, but I still think they’ll need to still continue to focus on compliance,” Hudson Cook partner Eric Johnson said in the video available here and at the top of this page. “It’s still all about compliance in both the near and the far-term future.”
“Now that (dealerships and finance companies) hopefully have their compliance management systems in place, they’ll need to make sure they’re keeping those maintained and updated as new laws, regulations and bulletins and enforcement actions come down from the CFPB,” continued Johnson, who along with fellow Hudson Cook partner Patty Covington serve as instructors of the NAF Association’s program.
“It’s going to be about compliance for the foreseeable future,” he added.
The NAF Association’s certification program is designed to provide the compliance professional with a solid working knowledge of the federal laws and regulations that govern consumer credit, together with a representative overview of state consumer credit law.
The program consists of four modules — two presented in an in-person classroom setting and two in an online format at the student’s own pace. Each module includes multiple sessions; and each session provides a thorough outline and description of the applicable law or regulation. Each session is followed by an online test that must be passed to receive credit for the session.
Another industry professional who completed the program is Ron Keable, who is the Texas field manager for Automotive Compliance Consultants.
“Automotive Compliance Consultants believes it is imperative that its consultants in the field uphold the highest standards and stay abreast of the ever-changing regulatory landscape in retail automotive,” said David Missimer, the firm’s general counsel about Keable’s certification.
“Dealership personnel rely on our consultants daily to assist them with their compliance needs. As such, each professional working for Automotive Compliance Consultants is expected to continue their education, and not only rely on what they may have learned a decade ago,” Missimer continued.
Automotive Compliance Consultants is a member of the NAF Association and recognizes the importance of membership in national and state associations like it that are dedicated to the automotive and finance industry.
“As a company, we believe if you provide compliance to dealerships, but you take no part in associations like NAF you are doing your customers a disservice,” Missimer said.
The NAF Association is hosting another opening model session. The event is set for Feb. 2-3 in Plano, Texas. Complete registration details are available here.
Companies such as Automotive Compliance Consultants will continue to have its consultants certified as consumer credit professionals in the NAF Association program.
“Compliance at dealerships will remain a focal point of state and federal agencies despite the election results. Compliance is just plain good business, and we want our people in the field not only to be good at what they do but be certified professionals,” said Automotive Compliance Consultants president Terry Dortch.
“This company is committed to making continuing investments like NAF training to bring increasing value to our customers,” Dortch added.