3 Lenders to Share Insights on Building Compliance Management Systems
Three auto lenders are poised to share their insights for developing a comprehensive compliance program at this year’s Auto Finance Performance & Compliance Summit.
The session, entitled “Practical Guidance for Developing a Compliance Program,” will take place Thursday, May 10, and include panelists Michael Lavin, executive vice president and chief legal officer for Consumer Portfolio Services; Richard Miller, senior director of compliance at Hyundai Capital America; and Al Palmer, vice president of audit, compliance, quality assurance, and vendor management at Global Lending Services.
Although regulatory guidance in the auto finance space seems to be changing more every day, it’s still no less vital for lenders to develop a comprehensive compliance program. The lenders will discuss how to implement a program to meet supervision requirements, how to promote compliance buy-in from the top down, and ways to adapt policies to conform to tougher rules.
The panelists are no strangers to regulatory scrutiny and this time of transitory power, each having spent many years in the industry in various roles.
Lavin joined CPS in 2001 as the company’s vice president of legal and now leads the subprime lenders entire compliance department. One of Lavin’s priorities throughout 2017 was to get upper management involved and to implement a new white-label compliance management system, he previously told Auto Finance News.
“What we ended up doing was — myself and another compliance attorney — we spent six months taking the 16 policies and procedures [from the CFPB] and pairing it with our actual business practices,” he said. Those six months consisted of meeting with the business-line managers, meeting with the vice presidents, and finding out what they are doing on a day-in and day-out basis, and then weaving those practices within the CMS, he added.
Lavin sat down with AFN in mid-2016 to discuss the latest compliance practices of the time:
Miller manages compliance, ethics, and vendor management for the captive arm of Hyundai Motor America and Kia Motors America. Prior to joining Hyundai Capital America, Miller built compliance programs in his role as vice president of compliance and privacy for CoreLogic Inc., a large data and services provider to the financial services industry.
Palmer rounds out the panel with his experience at Global Lending Services, an Atlanta-based subprime lender. Prior to joining GLS in 2015, he worked as a regulatory remediation consultant assisting client banks by addressing requirements of consent orders and other formal agreements.
The Auto Finance Performance & Compliance Summit takes place May 9 and 10 at the Omni Dallas. Register here.
Watch Miller discuss compliance training in an AFN video interview below:
