Compliance- AKA the “Rules” Part 2

This is the second in a multi part series about “Rules”. Last time we raised questions about how important it is to get compliant. As a small business owner and operator, you know it can be tough keeping up on what’s going on in your business, much less what is going on in the world around you. We began a discussion about how you find time to address all the “Rules”. Which rules are more important than others? What are the risks involved in not following a “Rule”? How much are typical fines for an item? Most importantly, how do you know where to spend your time?

In my last blog, I discussed the State Independent Dealer Associations.  Hopefully, you have at least looked around to see what they have to offer. This link will take you to that Blog :https://afsdealers.blog/2019/02/08/compliance-aka-the-rules/

The Bureau of Consumer Finance Protection (BCFP), is another resource you can use. The web site offers many articles and frequently asked questions are answered in a simple, plain English format. Also, there are articles about emerging topics and proposed laws.  For example, how exciting would it be to have a customer come in and ask for a date change on their account, bringing their own spreadsheet and budget with them? The BCFP’s blog page offers just such a spreadsheet for the consumer to use. (https://www.consumerfinance.gov/about-us/blog/adjusting-your-bill-due-dates-can-help-you-stay-top-your-bills-and-manage-your-cash-flow/). You might even be able to get your customer to use the tool kit provided by the Bureau to help them finish paying for their vehicle.

The Bureau also issues reports on what types of complaints they get and from where- see (https://www.consumerfinance.gov/data-research/research-reports/complaint-snapshot-50-state-report/)  to find your state in the list.

Lastly, the Bureau released a new version of its electronic regulation platform called Interactive Bureau Regulations (previously known as eRegulations). Interactive Bureau Regulations includes the most used features that were available through eRegulations, but now allows the Bureau to more quickly and efficiently amend the content of the regulations presented on the Bureau’s website. This means that the information provided will be more accurate and up-to-date than what was previously available through eRegulations. Interactive Bureau Regulations also includes a new feature that allows users to select multiple regulations when conducting a word or term search.   Most notably, this is where you may investigate the regulations that govern much of your business, Regulation “M”, “Z”, and many others. You can see this at: (https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/)

In my next blog, I will discuss some other great resources for you to use when considering Compliance.

There will be further discussion on this and many other issues you face at our next National Dealer Seminar.  Feel free to email info@afsdealers.com for information about the next seminar.

Joyce Guest, February 22nd, 2019