EFG's Karen Klees became one of the first 100 compliance officers to earn certification under the NAF Association's new program. Last April, the company's entire dealer services team earned AFIP certification.
by Staff
February 10, 2015
2 min to read
DALLAS — EFG Companies, a provider of consumer and vehicle protection programs, announced that Karen Klees, the company’s credit compliance officer, has earned certification under the National Automobile Finance Association (NAF)’s Consumer Credit Compliance Certification program.
Klees is one of the first 100 officers to be certified under the association’s new program, which is designed to address the challenges faced by consumer finance companies in maintaining legal compliance in today’s ever-changing regulatory environment. It provides compliance professionals with a deep working knowledge of state and federal laws governing consumer credit.
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The announcement follows last April’s announcement that EFG’s entire dealer services team completed certification with the Association of Finance and Insurance Professionals. According to company officials, EFG will utilize these certifications to help its clients create a governance model to assure ongoing compliance.
“Compliance with both state and federal regulatory requirements is a critical priority in our dealer partners’ businesses; and, with pressure from entities like the Consumer Financial Protection Bureau, it continues to increase in complexity,” said John Pappanastos, president and CEO of EFG Companies. “In our recent client satisfaction study, our dealers rated ‘Compliance Oversight’ as one of EFG’s Top 3 areas of performance. We are committed to continuing our investment in, and the pursuit of, educational and training opportunities that will enable us to facilitate an even higher level of operational compliance on the part of our dealers.”
With four intensive training modules reviewing everything from typical state laws to CFPB initiatives, the NAF program took almost a year to complete.
“Beyond the value of the sheer knowledge, the Consumer Credit Compliance Certification qualifies me to serve as a compliance officer in a lending institution. As you can imagine, this is a critical perspective that can be brought as a significant benefit to our dealer and finance institution partners,” said Klees. “Our goal is to position ourselves ahead of upcoming changes so we can proactively inform and prepare our clients.”
The National Automotive Finance Association is the only trade association exclusively serving the non-prime auto finance industry. Its mission is to lead the way in building a forum of transparency and trust for all industry stakeholders, and to set the standard in cooperation and collaboration that results in an industry that produces transparent and fair finance solutions.
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