After hitting an all-time low during the 2008 financial collapse, the automotive industry is hot again. As auto sales continue to rise and lenders experience higher rates of return on their investments, now is an optimal time for those looking to re-enter or expand into the indirect lending market. However, as lenders begin to take on significantly greater volumes, their risk of non-compliance also increases.
With the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB) placing significant regulatory burdens on lenders within the next few years, now is an ideal time to begin preparing. A good starting point is to review your existing compliance documentation and processes to ensure they satisfy all current state and federal requirements before even more changes come your way.