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EFG Companies Featured

EFG Companies Receives National Recognition for Holistic Approach to Customer Service and Client Development

EFG Honored with Gold American Business Award and BenchmarkPortal Top Contact Center Designation

Last week, EFG was recognized in the 15th Annual American Business Awards, receiving:

  • Gold in Communications Department of the Year
  • Bronze in Communications or PR Campaign of the Year under the Reputation/Brand Management Category
  • Bronze in Marketing Campaign of the Year under the Financial Products and Services Category

With more than 3,600 entries this year, the American Business Awards is the nation’s premier business awards program. More than 190 professionals worldwide participated in the judging process to select this year’s award winners. These judges found EFG’s campaigns and initiatives to be comprehensive, measurable, and holistic.

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Compliance

CFPB Upheaval

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

The Consumer Financial Protection Bureau (CFPB) had a busy first quarter of 2017 defending itself. In Q4 of 2016, the U.S. Court of Appeals for the District of Columbia ruled the CFPB “unconstitutionally structured”. In Q1 of this year, the CFPB began the appeal process and it’s not looking too good for them.

Among those supporting the unconstitutional ruling are:

  • The Department of Justice (DOJ)
  • 15 state Attorneys General
  • American Financial Services Association (AFSA)

The DOJ stated that the ruling should be upheld in its entirety, including the remedy to give President Trump full authority to remove the CFPB’s director at will. In addition, the AFSA submitted a list of other suggested regulatory reforms for the CFPB to the Trump administration.

While the CFPB has been granted a rehearing of the initial case that determined the unconstitutional ruling, the regulatory agency has still had its powers significantly curbed, specifically in the case of Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc.

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Industry Trends

Millennials Need Cars Now

Hollis Goode Regional Vice President EFG Companies
Contributing Author:
Hollis Goode
Regional Vice President
EFG Companies

Millennials – roughly those born between 1980 and 2004 – are late to join the car-buying masses. In fact, they also appear to be late to everything else – leaving home later, getting married later, and having families later. But latest reports indicate that this generation is finally entering the market en masse!

A recent study by J.D. Power’s Power Information Network reported that the share of Millennials in the new car market jumped 28 percent. By 2020, Millennials are expected to capture 40 percent of car sales. This is great news for those who thought the entire generation would forego a car purchase. But the Millennial care-abouts and approach to purchasing a vehicle are very different from traditional car buyers. Are you prepared for these changes?

Vehicle as Utility…not Social Status

In the past, vehicles were viewed as an extension of the buyer’s personality or social status in life. Got a promotion? Get a luxury or a sports car. At the moment, Millennials sacked with college debt don’t have the luxury of thinking this way. For the time being, a vehicle is seen a means of transportation by this generation. It is an easier way to get groceries home or ferry a growing family. In fact, according to a survey by the personal finance website NerdWallet, 43 percent of millennials said owning a car was a hassle!

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