On the latest episode of the Smart Compliance Podcast, National Auto Finance Association’s Jack Tracey chats with us about the single most important thing finance companies need to be on top of right now. Listen in…
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Here are some notable highlights:
A caution though I think to the finance world out there, the CFPB, when it was formed, allowed a lot of the administration to be handled at the state levels by state AGs, and depending on the political climate in a particular state, the individual states now could be as problematic as the CFPB has been for the past five or six years. Finance companies need to be aware of that, and concerned, and on top of it.
I would say that the single most important thing a finance company needs to be on top of is the complaint management system. That’s the pulse of what’s going on in your company. I think you need to look at it critically and use it as a tool to evaluate how you’re doing, what you’re doing.
My members this year are more focused on fraud than they have been for many years. It may be a reaction to the cycle that the industry’s in. Right now, originations, or the front end of the business, isn’t where management’s attention is being drawn. It’s to the back end trying to optimize the operational side of the business and collections and what not. Fraud has emerged as something that is keeping my members up at night.