Why You Should Care
As part of EFG Companies compliance initiative, the company achieved the Consumer Credit Compliance Certification from the National Automotive Finance Association in 2016. This certification program addresses 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.
This certification demonstrates EFG’s ongoing commitment to addressing one of the top three “stay awake” issues for dealers. EFG utilizes the Consumer Credit Compliance Certification to help its clients create a governance model to assure ongoing compliance. This includes 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.
The National Automotive Finance Association is the only trade association exclusively serving the non-prime auto finance industry. Their mission is to lead the way in building a forum of transparency and trust for all industry stakeholders, and to set the standard in cooperation and collaboration that results in an industry that produces transparent and fair finance solutions.
With four intensive training modules reviewing everything from typical state laws to CFPB initiatives, the NAF program enhances EFG’s ability to positively impact the long term success of its clients. The certification qualifies EFG’s Vice President of Compliance to serve as a compliance officer in a lending institution. This is a critical perspective that can be brought as a significant benefit to both dealer and lending partners.