Consistent F&I pricing key to compliance, from Automotive News.
As regulators scrutinize auto lending practices, companies in the F&I space have made compliance with state and federal rules a priority too.
F&I product administrator EFG Cos., of Dallas, is one such company. About a year ago, it appointed Karen Klees to fill the new role of compliance specialist. Klees recently amended her title to certified consumer credit compliance specialist after completing the Consumer Credit Compliance Certification Program from the National Automotive Finance Association.
Klees explained to Automotive News Special Correspondent Jim Henry how she would put her training to work at dealerships in 2015.
The talk at auto finance industry conferences centers on compliance as the growing arena in the CFPB era. Is that your experience, too?
Everyone I’ve come into contact with recently has identified … stresses they are under from the Consumer Financial Protection Bureau and other regulators. It’s been a huge kind of coordinating task.