Tag: Steve Roennau

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EFG Companies Enables Dealers to Achieve Greater Compliant Profitability with Common Sense Compliance

Compliance Platform Breaks Through Legalese with Practical, Actionable Information

Common Sense ComplianceEFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced the launch of the company’s Common Sense Compliance® platform. The Common Sense Compliance platform was designed to ease the challenges facing retail automotive dealers and take the difficulty out of compliance by presenting the principles of compliance in an easy-to-understand manner, using layperson language with practical recommendations. For more information, visit http://bit.ly/2mjbvlI.

“We are in a period of immense change, with shifting consumer demands, a technology revolution and increased compliance oversight,” said John Pappanastos, President and CEO of EFG Companies. “This Common Sense Compliance platform better enables us to help dealers take ownership of the management of a compliant yet profitable business. At EFG, we pride ourselves in advancing the industry through our client engagement model.  This platform marks another step towards achieving that goal.”

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Compliance Featured

EFG Companies Advances Compliance Initiative with Consumer Credit Compliance Certification

Steve Roennau Vice President Compliance EFG Companies
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.

naflogoCoupled 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.

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Compliance

CFPB – A Year in Review

Contributing Author: Steve Roennau Vice President Compliance EFG Companies
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

A lot has happened with the Consumer Financial Protection Bureau (CFPB) in the past year. From large settlements to court rulings, the CFPB brought itself under the spotlight.

Let’s start at about this time last year. The House of Representatives passed H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act” with a strikingly majority vote of 332-92. The piece of legislation would direct the CFPB to amend how it issues guidance to indirect auto lenders by:

  • providing a public notice and comment period before issuing the guidance in final form;
  • making publicly available all information relied on by the CFPB, while also redacting any information exempt from disclosure under the Freedom of Information Act;
  • consulting with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and,
  • study the costs and impacts of the guidance to consumers, as well as women-owned and minority-owned small businesses.

In addition, the bill would nullify the CFPB’s “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act Bulletin”. This bulletin instructed lenders to either eliminate dealer pricing discretion, or constrain dealer pricing discretion by monitoring dealership practices and using “controls” to force dealerships to adjust their practices.

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