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NAF Association Launches Compliance Certification Program

In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.

by Staff
November 21, 2013
2 min to read


HANOVER, Md. — Thanks to the NAF Association Board and the founding sponsor companies, a new industry compliance certification program has been established. The Consumer Credit Compliance Certification will provide auto finance executives responsible for compliance with a comprehensive educational program that addresses all the federal and state laws and regulations that affect the auto financing industry. 

The Consumer Financial Protection Bureau (CFPB) 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 officers have completed a 35-hour program, have been tested and passed on its content. This will be significant when a CFPB examination occurs.

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“Leaders in the auto lending industry have to start showing their commitment to building a healthier and more sustainable marketplace that makes it easier and affordable for consumers to finance vehicles. The NAF Association believes the certification of future leaders is the first step in achieving these conditions,” said Steve Hall, president of the NAF Association.

The law firm of Hudson Cook LLP has 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. 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.

The program will provide the student with a comprehensive knowledge of consumer credit laws and regulations, preparing graduates to perform in a compliance management role. The course work is rigorous. It is estimated that there will be 15 hours of classroom work, and 30 minutes to an hour to complete each of the 26 online sessions.

After successfully completing the program, the graduate will be recognized as a Certified Consumer Credit Compliance Officer. In order to maintain the Certified Executive status, students must attend a continuing education class every two years. The continuing education will provide updates on statutory and regulatory requirements, and continuing developments.

"Finance companies are looking for people who are compliance knowledgeable and trained, to assist them in conforming to federal and state compliance requirements. We are proud that the association is able to offer such an in-depth program," stated Jack Tracey, Executive Director of NAF Association.

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This program will be available to compliance staff of NAF Association member companies at the price of $2,000 and non-member companies at $2,600. To register, visit nafassociation.com/certs.php.

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