Greetings to everyone we met at this year’s American Financial Services Association conference! We had a blast at the 21st Annual AFSA Vehicle Finance Conference and Expo, hanging out in New Orleans (shoutout to Pat O’Brien’s and Lafitte’s Blacksmith Shop Bar—the oldest bar in the US) and participating in numerous worthwhile conversations with auto lenders and F&I professionals.
As we hoped, the 2017 AFSA conference was chock-full of innovative technology and insight from the industry’s top thinkers and decision-makers. If you didn’t have the chance to attend, here’s some of what you missed:
- The future is now: the new norm is for consumers to get approved for a loan in minutes, rather than days.
- In fact, with the latest fintech, it’s possible to complete financing in as little as 30 seconds.
- More and more nontraditional automakers—like Tesla, Apple, and Google—are stepping foot into the industry, and challenging conventional wisdom about what consumers want in terms of mobility.
- Vehicles are quickly becoming “apps on wheels.”
- Ridesharing isn’t going anywhere soon, and presents loads of opportunities (such as partnerships) for dealerships and lenders.
- Millennials have become the largest vehicle buying group, and the automotive industry is pivoting quickly to meet the demands of younger generations.
And then there’s compliance. Technology, speed, and the millennial impact were major themes in the regulatory conversation, as well. According to several AFSA keynote speakers, change isn’t 10 years ahead—it’s happening now. It’s imperative for organizations to streamline and modernize their complaint tracking and third-party compliance processes to keep pace with technology and consumer expectations.
Fortunately, Compli is already ahead of the curve. Our compliance management system solution automates many time-consuming, manual HR processes and helps companies let go of dusty binders and paperwork—which is even more important now, as regulations are anything but fixed, with the current political upheaval in Washington.
Yes, naturally, the Trump administration was another common conversation topic at AFSA this year. What will happen with the CFPB? What is the future of Dodd-Frank?
The consensus is that the CFPB most likely won’t go away, but that there will probably be some modifications and changes ahead for the agency. Will Richard Cordray finish his term, or will Trump replace him? Will the Bureau be led by commission rather than a sole director? Where will the CFPB focus its rulemaking and enforcement agenda now that Republicans dominate every branch of government?
Fair Lending in the Trump Era
While these questions may not have been answered in full at AFSA—after all, there were no clairvoyants in attendance—we have an opportunity to present some answers at the end of this month. Compli would like to invite you to join us on February 28th for “Fair Lending in the Trump Era,” an exclusive webinar hosted by Michael Benoit, partner at Hudson Cook, and Kynzie Sims, Compli’s legal content product manager. With regulatory news promulgating from the White House every day, we’ll take a much-needed pause and review what you need to know and do to make sure your business remains compliant.
Click here to register for the free webinar. Hope to see you there!