In the September/October issue of the NAF’s Non-Prime Times Magazine, Partner Eric Johnson cautions dealers that although the Consumer Financial Protection Bureau (CFPB) may seem to have shifted its focus from enforcement to education since Director Kraninger took the helm, the agency is still very much an active enforcer. In addition, the Federal Trade Commission (FTC) and state regulators and attorneys general are picking up the perceived “slack” in federal enforcement efforts.

Eric advises that the best way to prepare your organization is to appoint a compliance officer and set aside a compliance budget. The officer will also need training. Eric is the co-creator and an instructor with NAF’s Consumer Credit Compliance Certification Program, which provides initial certification training as well as re-certification classes.

Click here to read the Non-Prime Times article on page 4.

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