Dealership Compliance
Training Course:
Fair & Accurate Credit Transactions Act:
The Red Flags Rule
Federal Required Staff Training
Overview:
As part of the Fair and Accurate Credit Transactions Act (FACT), the Federal Trade Commission (FTC), federal bank
regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (Red Flags Rules)
requiring financial institutions and creditors to develop and implement written identity theft prevention programs, which must
include staff training.
Fines and penalities for non-compliance regarding federal required staff training and corresponding written policy may easily
total in the hundreds of thousands of dollars.
Length:
Who Should View:
- Entire sales department (At least annually)
- Any other relevant staff (At least annually)
- All Newly-hired staff (Within 30 days of hiring)
Training Course Content:
- Required dealership compliance elements
- Definitions and terminology
- Identification of relevant red flags
- The detection of relevant red flags
- The response to detected red flags
- Required Periodic updates of the program
- Responsibilities of credit reporting agencies
- Responsibilities of report address discrepancies
Knowledge Quiz:
- Yes - Follows immediately after viewing the training video
- Results Immediately displayed and stored in dealership Report Center
Required Dealership Policy:
- Yes
- After viewing the Training Video and passing the Knowledge Quiz, staff member
should dounload, print and sign the Policy as their commitment to abide by the
regulation. Dealership should keep all signed Policies on file.
