Compliance: CFPB-Proof Your Dealership
Friday, November 10
9:15 - 10:15 a.m.
James Ganther, Esq.
Mosaic Compliance Services, LLC
The Consumer Financial Protection Bureau expects RV dealers to have both a Fair Credit Policy and Program and a Compliance Management System in place. While accurate data are unavailable, anecdotal evidence suggests that many RV dealers do not meet either one of these mandates. Rather than a lack of good will, a lack of understanding is probably behind this deficiency. This workshop is intended to fill that gap. We will use the NADA Fair Credit Policy & Program as an example of one approach to the fair credit issue, but also discuss slightly different approaches that may more closely fit the unique circumstances of RV dealers.With respect to Compliance Management Systems, this workshop will identify the four specific elements the CFPB expects, as well as how to practically implement them without undue financial or procedural hardship.
Attendees will be provided a checklist that itemizes the requirements covered in the workshop. This can be taken home and immediately serve as a practical measure of how the dealership is doing in those two areas, and exactly what still needs to be done.
During this workshop, attendees will learn:
- What the CFPB expects your dealership to do with respect to compliance
- How your dealership can accomplish compliance effectively and efficiently
- The consequences if your dealership doesn't take action