Dealership Compliance
Training Course:

Equal Credit Opportunity Act:
Fair Credit Compliance

Federal Advised Staff Training

Overview:

On March 21, 2013. the Consumer Financial Protection Bureau ("CFPB") issued a fair lending guidance bulletin to indirect auto finance sources (which the CFPB refers to as indirect auto lenders) stating "that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing" and that lender policies "that allow auto dealers to mark up lender established buy rates and that compensate dealers [for originating credit contracts] in the form of dealer [participation]" create a "significant risk" of fair lending violations.

Length:

Who Should View:

Entire service sales department (At least annually)
All Newly-hired staff (Within 30 days of hiring)

Training Course Content

Enforcement responsibilities of Consumer Financial Protection Bureau(CFPB)
Enforcement responsibilities of Federal Trade Commission (FTC)
Prohibited practices
The Equal Credit Opportunity Act -- Regulation B
NADA Dealer Participation Certification Form
Rules for taking credit applications
Notifications
Record retention

Knowledge Quiz:

Yes - Follows immediately after viewing the training video
Results immediately displayed and stored in Dealership Report Center

Required Dealership Policy

Dealership ComplianceTraining Course:

Equal Credit Opportunity Act:Fair Credit Compliance

Overview:

Length:

Dealership Compliance
Training Course:

Equal Credit Opportunity Act:
Fair Credit Compliance