EFG Cos. aims to simplify F&I compliance for industry newcomers and veterans through a series of free podcasts and YouTube videos.
“We get a lot of misunderstandings from people that are fearful or don’t have the resources to take what they think is a giant elephant and break it down to make it simpler and easier to understand,” Steve Roennau, vice president of compliance for EFG, told Automotive News.
“Regardless of what happens with the current presidential administration and the Consumer Financial Protection Bureau, dealers wade through a myriad of regulations spanning both the state and federal levels,” Roennau said in a statement. “Compliance is not going away. So, we’re making it much more digestible, with an actionable, clear, and inexpensive method that focuses on enhancing customer service levels, streamlining operations, and positively influencing future profitability in a compliant manner.”
The Common Sense Compliance platform will include monthly podcast episodes hosted by Roennau starting March 22. He will host industry experts, dealer principals, general managers and F&I managers on the show to discuss how dealers can improve compliance. Roennau is working on a series about dealership safeguards and how various dealership positions have a role in safeguarding nonpublic information. Other episodes will explain the Gramm-Leach-Bliley Act and discuss how Regulation B relates to the CFPB.
“We’re trying to take the legal jargon out of it and offer” understandable compliance tips and information, Roennau said.
The video series, which already includes 14 one-to-two minute clips, shares bits of compliance information that dealers can share with employees. Viewers can submit questions through a forum on EFG’s website, efgcompanies.com, that Roennau may address in the videos.
“I’m hoping managers will use it more with new people. They could use it for a sales meeting,” he said.
EFG is also planning a quarterly webinar series and will make a major announcement regarding its ongoing compliance initiative soon, Roennau said.