Tag: Compliance

EFG Companies Advances Compliance Initiative with Consumer Credit Compliance Certification

Post author By efgmarketing
Post date November 29, 2016

Steve Roennau
Vice President
Compliance
EFG Companies

EFG’s Compliance Oversight Rated as Top Area of Performance by Dealer Partners

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced the Consumer Credit Compliance Certification of EFG Compliance Vice President, Steve Roennau.

The National Automotive Finance Association (NAF) specifically designed the Consumer Credit Compliance Certification Program to address the challenges faced by consumer finance companies in maintaining legal compliance in an environment characterized by ever-changing federal and state regulatory requirements. It provides compliance professionals with a deep working knowledge of the federal laws and regulations that govern consumer credit along with an overview and general examination of state consumer credit law.

Coupled with EFG’s AFIP certification of its dealer services field team, this certification further demonstrates EFG’s commitment to addressing the number one “stay-awake” issue for dealers. Going forward, EFG will utilize these certifications to help its clients create a governance model to assure ongoing compliance. This will include acting as a facilitator, training on compliance best-practices, educating clients on the magnitude of what lenders are facing, and preparing them for future compliance initiatives.

Tags AFIP, Compliance, EFG, EFG Companies, John Pappanastos, NAF, National Automotive Finance Association, Steve Roennau

Uncategorized

EFG Companies Names Steve Roennau as Vice President of Compliance

Post author By efgmarketing
Post date June 23, 2016

Position increases focus on boosting dealership profitability through compliance

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the appointment of Steve Roennau as Vice President of Compliance, reflecting the company’s ongoing mission of driving operational compliance for its retail dealership clients.

Roennau brings a 30-year history of driving bottom-line results in automotive F&I, sales and product management, giving him strategic insight into the compliance hurdles facing both dealers and lenders. His experience includes compliance consulting and training/operational development for Chrysler’s Five Star initiative, Chrysler Capital, Santander Consumer USA, Hyundai, General Motors, Ford, Mitsubishi, Volkswagen, and numerous dealer groups throughout the country. He is an AFIP Senior Certified Professional in Financial Services, and has conducted numerous training courses.

“Today’s dealers are facing a much greater level of compliance oversight, affecting everything from finance margins to advertising practices,” said John Pappanastos, President and CEO of EFG Companies. “Dealers need forward thinking partners who can successfully navigate the myriad of changes on local, state and federal levels. With Steve leading our compliance initiative, we are in a strong position to stay ahead of upcoming changes and proactively prepare our clients. In 2014, EFG’s dealer clients rated compliance as one of EFG’s top three areas of performance. In 2016, we expect Roennau to raise the bar for our clients and the industry.”

“At EFG, we are committed to facilitating the highest levels of operational compliance for our dealer partners,” said Roennau. “Our very progressive work will provide our clients with a sophisticated analysis of their current compliance procedures, and prepare them for upcoming changes that will enhance customer service, compliance alignment and increased profitability.”

Tags AFIP, Association of Finance and Insurance Professionals, Chrysler Capital, Chrysler’s Five Star initiative, Compliance, EFG, EFG Companies, Ford, General Motors, Hyundai, John Pappanastos, Mitsubishi, Santander Consumer USA, Steve Roennau, Volkswagen

Compliance Dealership Training

Juggling the Compliance Acronym Soup: CFPB, ECOA, FCRA

Post author By efgmarketing
Post date March 30, 2016

Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

Compliance has been a hot topic going on three years in the auto finance space. Lenders, such as Ally Financial, Toyota Motor Credit, and the American Honda Finance Corporation, have reached resolutions with the CFPB based upon dealership practices. We’ve all known that the CFPB has been trying to regulate dealerships through lenders. With this heightened sensitivity to compliance, other regulatory bodies that have jurisdiction over automotive dealerships, such as the FTC, are now turning their gaze to dealership practices.

While everyone is frustrated with the ambiguity of the CFPB, there are some well-defined actions dealerships can take to ensure compliance with entities like the FTC. With this in mind, now is the time for dealers to brush up on their F&I practices to ensure compliance, starting with this simple question: When a dealership sells a car and secures financing, who is the creditor at the time of sale?

If you said the dealer is the creditor, you would be correct. However, many F&I managers often think that the lender is the creditor. This mindset opens the door for non-compliant behavior as the F&I manager could think that their actions have fewer repercussions. As a dealer who knows about the legal repercussions, wouldn’t you rather have an informed staff that takes accountability for their actions?

Tags Ally Financial, American Honda Finance Corporation, CFPB, Compliance, ECOA, FCRA, FTC, Toyota Motor Credit