Compliance management systems encapsulate every departmental sector within an auto finance institution, but they also affect the way auto finance firms integrate into different markets, both in terms of oversight compliance and more localized geographic regulatory standards.
Attendees at the Auto Finance Compliance Risk & Compliance Summit got a sneak peak of what’s coming in terms of future compliance strategy, and learned about ways to stem possible violations from Jonna Boyle, NewOak’s Director.
“The first step is to review each process and identify the applicable regulatory requirements. For example, every state has different lien release time-frames, so a blanket policy to release liens in 20 days for all states isn’t sufficient,” she said. “The release process needs to satisfy all possible state laws.”
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