Lenders Should Prep for Regulation, EFG’s New Exec Says

canstockphoto13993697It is “only a matter of time” before the Consumer Financial Protection Bureau turns toward the powersports industry, said Steve Roennau, EFG Companies’ new vice president of compliance.

“While the powersports players might think they are insulated from the regulation affecting automotive retail, it’s important to remember that everything has a timeline,” he said. “The auto industry is already adjusting to lowered rate caps and increased compliance.”

It’s possible for dealers and lenders to engage in unintentional, non-compliant behavior, and not even realize it, without ongoing training and documentation, he added. “The good news is that powersports lenders and dealers have some time to familiarize themselves with the regulation affecting the space,” Roennau added. “The first step is always training.”

Steve Roennau, Vice President of Compliance, EFG Companies

Steve Roennau, Vice President of Compliance, EFG Companies

EFG Companies appointed Roennau to the newly created role of vice president of compliance in April, as part of the company’s ongoing mission of driving operational compliance for its retail dealership clients, according to a company press release. Roennau served with EFG since 2007 as both vice president of lender services and vice president of training services.

In his new role, Roennau will lead EFG compliance efforts by “continuously improving our delivery of compliance training and field compliance audits within our accounts,” he said. “This starts with gaining an understanding of where our clients currently stand in their compliance efforts and implementing go-forward plans to continue their evolution, through documentation, and ongoing training and audits.”

His primary focus will be to train EFG clients on regulations that affect their daily operations and provide real-word examples, he added. “The next step would be to document all compliance policies and procedures to help train new employees and hold all dealership personnel accountable.”

Roennau brings 30 years’ experience in auto F&I, sales, and product management to his new position. His previously worked at Chrysler Capital, Santander Consumer USA, Hyundai, General Motors Co., Ford Motor Co., Mitsubishi, and Volkswagen AG.

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