Legislative Affairs Committee is preparing for a "full court press" (my March Madness reference) in the Senate on our bill limiting the CFPB's 2013 auto lending guidance. This bill was submitted in the Senate earlier this month by Sen. Jerry Moran (R-Kan.) after it passed in the house last November by a wide 332-96 margin. I can assure you that our committee is ready for this effort and we will prevail!
I am serving on the NADA Regulatory Affairs Committee for the first time. While this committee works hand-in-hand with Legislative Affairs on many issues, it is more focused on monitoring regulations and affecting change in regulatory agencies and Legislative Affairs is more focused on the same on the Congressional side.
Each year, NADA publishes "The Regulatory Maze", which documents all of the regulations an automobile dealership is subjected to in each department. It illustrates the mind-numbing challenge dealerships have to keep from running afoul of the federal regulatory process.
After sitting through a six-hour presentation of all the regulatory challenges we face, I had to wonder how any dealer can turn the key in the front door each morning without the benefit of a true compliance officer under his/her employ.
My suggestion to any small/medium dealer is to become familiar with the NADA Regulatory Affairs site. You need to log in to get all the guidance available. If you don't see what you need, give them a call at 800-252-6232. Please let me know if I can help direct you to the right department or person.
Let me finish by suggesting that even though you might not have a full-time compliance officer working for you, you have an incredibly talented staff at your trade association that has your back when it comes to the many threats from our federal government.
NADA Fair Credit Guidance
NADA has an optional program designed to strengthen a dealer's ability to comply with fair credit laws while preserving the competitive benefits of dealer-assisted financing.
In January 2014, the National Automobile Dealers Association (NADA), the American International Automobile Dealers Association (AIADA), and the National Association of Minority Automobile Dealers (NAMAD) released to their members the Fair Credit Compliance Policy & Program. The Fair Credit Compliance Policy & Program is an optional program that is designed to strengthen a dealership’s efforts to comply with fair credit laws.
You can find information on the program here.
If you are planning to attend the 2016 NADA Convention and Expo, you should consider downloading the NADA Convention app. It is the best way to get the most out of your convention experience.
In addition to offering a complete convention schedule, it offers a list of exhibitors and workshops. The planner allows you to schedule your time to make the most of your convention experience. Social media is integrated with the app so you can see what others are doing or find interesting. All of this integrates across platforms (phone, notepad or desktop) to give you plenty of flexibility.