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EFG Companies Hits Trifecta at the Stevie® Awards Once Again

Post author By efgmarketing
Post date March 5, 2016

Gold in Business Development Achievement of the Year – Silver in Sales Consulting Practice of the Year – Bronze in Contact Center of the Year (Up to 100 Seats)

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today that the company was recognized at the 10th Annual Stevie® Awards for Sales and Customer Service, a feature of the American Business Awards^SM, the USA’s top business awards program. This marks the second year running that EFG has won awards in three categories, including:

A Gold award in Business Development Achievement of the Year;
A Silver award in Sales Consulting Practice of the Year; and,
A Bronze award in Contact Center of the Year (Up to 100 Seats).

Compliance

Impact of the Toyota Settlement

Post author By efgmarketing
Post date March 2, 2016

Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

After undergoing a stringent investigation by the Consumer Financial Protection Bureau (CFPB) and the Department of Justice, Toyota Motor Credit Corp (TMCC) reached a “voluntary” resolution this past January to address alleged discriminatory practices in its loan pricing.

Of all of the lenders anticipating a CFPB investigation, TMCC was arguably the most prepared, having completed a very thorough overhaul of their compliance procedures based on CFPB industry recommendations. If anyone was going to come out the other end of a CFPB investigation unscathed, it might well have been them.

Nevertheless, it seems that the CFPB’s agenda to use lenders to regulate dealers was not appeased with anything less than sweeping caps on dealer reserve. TMCC joined the growing list of lenders to cap dealer markup at 125 basis points for loan terms up to 60 months, and 100 basis points for loan terms longer than 60 months. And, as with previous settlements with other lenders, TMCC retains the right to pay dealers a flat fee for setting up the loan in addition to the approved dealer markup.

The TMCC settlement is momentous to the industry because the CFPB appears to have settled on a way to regulate auto lending without implementing an industry-wide flat, but rather with capping dealer markup.