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.
“Compliance with both state and federal regulatory requirements is a critical priority in our dealer partners’ businesses; and, with pressure from entities like the CFPB, it continues to increase in complexity” said John Pappanastos, President & CEO, EFG Companies. “In our recent client satisfaction study, our dealers rated Compliance Oversight as one of EFG’s top 3 areas of performance. We are committed to continuing our investment in, and the pursuit of, educational and training opportunities that will enable us to facilitate an even higher level of operational compliance on the part of our dealers.”
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. “Beyond the value of the sheer knowledge, the Consumer Credit Compliance Certification qualifies me to serve as a compliance officer in a lending institution. As you can imagine, this is a critical perspective that can be brought as a significant benefit to our dealer and finance institution partners,” said Roennau. “Our goal is to position ourselves ahead of upcoming changes so we can proactively inform and prepare our clients.”
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.