HANOVER, Md. — Compliance has been a buzzword uttered during
staff meetings and conference cocktail parties throughout 2013. The NAF
Association finalized plans to give lenders tools to make compliance more than
just a conversation topic.

Created by board leadership and founding sponsor companies,
the association rolled out a new industry compliance certification program,
mixing in-person and online training modules for both NAF Association members
and non-members.

"Finance companies are looking for people who are compliance
knowledgeable and trained, to assist them in conforming to whatever the
compliance requirements are. We are proud that the association is offering such
an in-depth program," NAF Association executive director Jack Tracey said.

Tracey pointed out the Consumer Finance Protection Bureau
expects a compliance management system to be functioning in all of its
"supervised" companies. This certification will extensively complement a
company's current compliance program by being able to confirm that a company's
compliance officer(s) has completed a 35-hour program, has been tested and
passed on its content.

The Consumer Credit Compliance Certification program will
provide executives responsible for compliance within the auto finance sector a
comprehensive educational program that addresses all the federal and state laws
and regulations that affect the auto financing industry.

The respected law from of Hudson Cook LLP developed the
extensive program curriculum. The certification consists of four modules – two
presented in an in-person classroom setting and two in an online format at the
student's own pace.

Each module includes multiple sessions with each session
providing a thorough overview of the applicable law or regulation. The online
sessions are followed by an online test that must be passed to receive credit
for the session.

Module 1 Highlights

Introduce the student in a classroom setting to the
regulation of consumer auto finance, covering the basics including how indirect
auto finance works.

• The Basics: How indirect financing works, federal laws,
typical state laws and transaction documents

• Meet the Federal Regulators: the Consumer Financial
Protection Bureau, the Federal Trade Commission, the Federal Communications
Commission, the Office of Foreign Assets Control

• Meet the State Regulators: Motor vehicle dealer
regulators, consumer credit regulators and attorney general's office

• Overview of Federal Compliance Responsibilities

• Overview of State Compliance Responsibilities

• Collections and Repossession Issues: Convenience fees, GPS
and starter interrupt

• Repossession Issues: Right to cure, reinstatement,
redemption, strict liability notices, notice of intent to sell,
explanation/notice of deficiency

Module 2 Highlights

Course matter on specific federal laws and regulations that
apply in consumer auto finance in an online session with tests after each set
of session materials covering laws and regulations such as:

• The Truth & Lending Act & Regulation Z

• Consumer Leasing Act & Regulation M

• Equal Credit Opportunity Act

• Fair Credit Reporting Act

• Dodd-Frank Act's Prohibition on Unfair, Deceptive and
Abusive Acts and Practices

• Electronic Funds Transfer Act

• Federal Advertising Rules

• Gramm-Leach-Bliley Act

• Fair Debt Collection Practices Act

• Telemarketing Sales Rule

• Telephone Consumer Protection Act

• Servicemembers Civil Relief Act

Module 3 Highlights

Course matter on typical state laws and regulations that
apply in consumer auto finance in an online session with tests after each set
of session materials covering laws and regulations such as:

• Retail installment sales act

• Leasing act

• Selected Uniform Commercial Code provisions

• State anti-discrimination laws and regulations

• State service member protection laws and regulations

• State motor vehicle dealer laws and regulations applicable
to consumer credit

• State privacy laws and regulations

• State collection and servicing laws

• State "plain language" laws and regulations

Module 4 Highlights

Classroom setting for a comprehensive review of the
enforcement and regulatory actions taken by the Consumer Financial Protection
Bureau (CFPB) and a discussion of the current CFPB developments, trends and
priorities, including:

• Dodd-Frank Wall Street Reform and Consumer Protection Act

• Getting the board and senior management engaged and behind
compliance

• Establishing a compliance management system

• Creating a culture of compliance

• Performing internal audits, monitoring and testing

• Risk management measures

• Establishing and maintaining a consumer complaint
resolution program

• What to do if a civil investigative demand (cid) is
received

• Monitoring the CFPB and its priorities

Sponsors

Platinum: $10,000
J.D. Byrider
PassTime
Santander Consumer USA
United Auto Credit

Gold: $5,000
Anderson Brothers Bank
Driversselect
Easterns Automotive Group
Exeter Finance
Flagship Credit Acceptance
Regional Acceptance Corp.
Westlake Financial

Silver: $2,000
AFS Acceptance
Automotive Personnel
Professional Financial Services
Turner Acceptance
MarkOne Holdings


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