Certification
Compliance Officer
The Corporate Compliance Officer, General Manager and Dealer Principal are responsible for all things compliance related. This curriculum provides the information for all things compliance related, including statutory and regulatory requirements, industry adapted best practices for those areas not specifically addressed by statute or regulation and how to audit deals for compliance.
The Corporate Compliance Officer, General Manager and Dealer Principal are responsible for all things compliance related. This curriculum provides the information for all things compliance related, including statutory and regulatory requirements, ...
Course content
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Lesson ACE: Accounting Compliance Checklist (Part 1)
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Importance of the Checklist
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Checkpoint 1
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Components of the Checklist
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Checkpoint 2
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License and Insurance
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Checkpoint 3
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Credit Application
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Checkpoint 4
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F&I Menu
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Summary
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Lesson ACE: Accounting Compliance Checklist (Part 2)
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Buyer’s Order
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Checkpoint 1
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RISC, Form 8300, OFAC, and Customer Copies
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Checkpoint 2
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F&I Issues and State or Dealer Specific Forms
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Checkpoint 3
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Addressing Issues Identified with the Checklist
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Summary
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Lesson ACE: Adverse Actions (Part 1)
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When to Issue Adverse Action Notices
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Checkpoint 1
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Example Situations
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Checkpoint 2
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Model Notices
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Checkpoint 3
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Best Practices
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Summary
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Lesson ACE: Adverse Actions (Part 2)
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Required Content
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Checkpoint 1
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Required Disclosures
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Checkpoint 2
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Incomplete Applications & Document Retention
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Checkpoint 3
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Dealer Liability
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Summary
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Lesson ACE: Cash Reporting
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FinCen Form 8300, Cash, and Suspicious Transactions
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Checkpoint 1
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Related Transactions
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Checkpoint 2
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Responsibilities, Penalties, and Best Practices
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Summary
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Lesson ACE: Conditional Delivery
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Overview
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Checkpoint 1
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Customer Claims
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Checkpoint 2
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Unwinding Deals
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Summary
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Lesson ACE: Credit Applications (Part 1)
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Introduction to Credit Applications
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Checkpoint 1
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Gross and Net Income
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Checkpoint 2
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Questions About Income
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Checkpoint 3
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Signature Issues
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Checkpoint 4
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Customer Copy & Proof of Income
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Summary
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Lesson ACE: Credit Applications (Part 2)
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Additional Income
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Checkpoint 1
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Straw Purchases
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Checkpoint 2
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Fraudulently Altering Income
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Checkpoint 3
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Fake Proof of Income
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Summary
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Lesson ACE: Customer Signature
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Ink and Electronic Signatures
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Checkpoint 1
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Legal Overview
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Checkpoint 2
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Signature Issues
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Summary
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Lesson ACE: Equal Credit Opportunity Act
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Purpose of the Act
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Checkpoint 1
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Other Implications of the Act
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Checkpoint 2
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Applicant and Creditor Rights
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Checkpoint 3
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Applicant Notifications
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Summary
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Lesson ACE: Ethics
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The Golden Rule
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Checkpoint 1
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Your Character
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Checkpoint 2
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What's Our Purpose?
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Summary
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Lesson ACE: F&I Menus
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Compliant F&I Menus
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Checkpoint 1
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Elements of the F&I Menu
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Checkpoint 2
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Product Descriptions and Disclaimer
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Checkpoint 3
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Base Payment and Final Payment
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Checkpoint 4
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Altering Your Menu and Other Disclosures
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Summary
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Lesson ACE: Fair Credit Reporting Act
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Accuracy and Privacy in Consumer Reports
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Checkpoint 1
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Proper Use of Consumer Reports
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Checkpoint 2
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Denying Credit and Best Practices
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Summary
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Lesson ACE: FTC Disposal Rule
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Requirements of the Disposal Rule
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Checkpoint 1
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Shredding & Third Party Contractors
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Checkpoint 2
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What Information Should Be Destroyed?
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Checkpoint 3
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Cloud Storage & Potential Penalties
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Summary
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Lesson ACE: FTC Privacy Rule
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Requirements and Privacy Notices
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Checkpoint 1
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Consumers and Customers
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Checkpoint 2
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Best Practices
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Summary
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Lesson ACE: FTC Used Car Rule
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Overview
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Checkpoint 1
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The Used Car Buyers Guide
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Checkpoint 2
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Warranties
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Checkpoint 3
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Other Requirements and Penalties
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Summary
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Lesson ACE: Holder In Due Course Rule
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Required Language and Understanding the Rule
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Checkpoint 1
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Lawsuits and Consumer Benefits
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Summary
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Lesson ACE: Installment Sales Contracts
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Understanding Installment Sale Contracts
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Checkpoint 1
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Installment Sales & Loans
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Summary
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Lesson ACE: Magnuson-Moss Warranty Act
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Overview
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Checkpoint 1
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Rules and Requirements
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Checkpoint 2
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Tie-In Sales Provisions and Misleading Terms
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Checkpoint 3
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Dispute Resolution and State Laws
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Summary
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Lesson ACE: Menu Vocabulary
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F&I Menu Language
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Checkpoint 1
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Warranty Vs Service Contract
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Checkpoint 2
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"Mandatory Disclosures" and "Waivers"
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Checkpoint 3
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Loan or Lease-Specific Terminology
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Summary
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Lesson ACE: Negative Equity (Part 1)
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Netting
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Checkpoint 1
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Non-Netting
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Summary
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Lesson ACE: Negative Equity (Part 2)
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Case Study
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Checkpoint 1
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Court Findings
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Checkpoint 2
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Damages and Conclusion
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Checkpoint 3
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Dealership Liability
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Summary
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Lesson ACE: OFAC
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Specially Designated Nationals
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Checkpoint 1
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Potential Matches
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Checkpoint 2
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False Positives, Valid Matches, & Violations
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Summary
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Lesson ACE: Preventing In-Dealership Theft
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Common Employee Theft Scams
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Checkpoint 1
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Identifying Theft and Collecting Evidence
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Summary
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Lesson ACE: Quoting Payments
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Payment Packing
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Checkpoint 1
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Discrimination
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Checkpoint 2
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Other Methods
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Summary
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Lesson ACE: Red Flags Rule (Part 1)
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What is a Red Flag?
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Checkpoint 1
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What Actions Does the Rule Require?
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Checkpoint 2
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Identity Theft Prevention Program
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Summary
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Lesson ACE: Red Flags Rule (Part 2)
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Developing an Identity Theft Prevention Program
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Checkpoint 1
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Covered Accounts
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Checkpoint 2
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Alerts and Notifications
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Checkpoint 3
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Suspicious Documents & Information
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Checkpoint 4
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Notices of Identity Theft
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Summary
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Lesson ACE: Red Flags Rule (Part 3)
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Identity Theft Prevention Program
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Checkpoint 1
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Suspicious Activity and Documentation
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Checkpoint 2
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Detecting Discrepancies
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Summary
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Lesson ACE: Red Flags Rule (Part 4)
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Responding to Red Flags
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Checkpoint 1
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Clearing Red Flags
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Checkpoint 2
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Unresolved Red Flags
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Summary
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Lesson ACE: Red Flags Rule (Part 5)
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Mitigating Identity Theft
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Checkpoint 1
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Data Breach Incident Response
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Checkpoint 2
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Who to Notify
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Checkpoint 3
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What to Include in Your Notice
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Checkpoint 4
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Identity Theft Recovery Services
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Summary
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Lesson ACE: Red Flags Rule (Part 6)
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Service Provider Oversight
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Checkpoint 1
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Effective Oversight
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Checkpoint 2
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Service Provider Contracts
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Summary
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Lesson ACE: Red Flags Rule (Part 7)
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Training and Periodical Updates
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Checkpoint 1
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Elements of a Program Review
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Summary
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Lesson ACE: Regulation M (Part 1)
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How is Leasing Different from Buying?
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Checkpoint 1
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Important Terms to Know
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Checkpoint 2
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Disclosures
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Summary
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Lesson ACE: Regulation M (Part 2)
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Advertising Disclosure Requirements
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Checkpoint 1
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Triggering Terms
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Checkpoint 2
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Obtaining Lease Information by Phone
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Checkpoint 3
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Print Ads
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Summary
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Lesson ACE: Regulation Z (Part 1)
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Auto Financing
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Checkpoint 1
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Installment Sale Contract
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Checkpoint 2
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Understanding Customer Priorities
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Summary
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Lesson ACE: Regulation Z (Part 2)
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Disclosure of Consumer Credit Terms in Advertising
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Checkpoint 1
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Triggering Terms
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Checkpoint 2
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Finance Rate Disclosures
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Checkpoint 3
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Credit Advertising Best Practices
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Summary
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Lesson ACE: Regulation Z (Part 3)
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Mandatory Disclosures
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Checkpoint 1
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Amount Financed Itemized
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Checkpoint 2
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Violations, Penalties, & Best Practices
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Summary
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Lesson ACE: Risk-Based Pricing Rule
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Impact of the Rule on Dealerships
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Checkpoint 1
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Who Receives a Risk-Based Pricing Notice?
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Checkpoint 2
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Notice Forms
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Summary
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Lesson ACE: Safeguards Rule (Part 1)
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Non-Public Information
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Checkpoint 1
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Recognizing NPI
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Checkpoint 2
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Employee Responsibility
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Checkpoint 3
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Computer Network
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Checkpoint 4
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Internet Safety
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Summary
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Lesson ACE: Safeguards Rule (Part 2)
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Security Risk Assessment
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Checkpoint 1
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Internet Sales
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Checkpoint 2
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Network Vulnerability Assessments
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Checkpoint 3
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Employee Education
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Summary
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Lesson ACE: Safeguards Rule (Part 3)
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Physical Safeguards
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Checkpoint 1
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Technical Safeguards
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Checkpoint 2
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Administrative Safeguards
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Summary
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Lesson ACE: Safeguards Rule (Part 4)
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Overseeing Service Providers
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Checkpoint 1
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Identifying Service Providers
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Checkpoint 2
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Ensuring Service Providers Comply
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Summary
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Lesson ACE: Safeguards Rule (Part 5)
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Testing for Effectiveness
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Checkpoint 1
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Reviewing Your Program
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Checkpoint 2
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NVAs and Audits
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Summary
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Lesson ACE: Safeguards Rule (Part 6)
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Reacting to Data Breaches
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Checkpoint 1
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Employees and Customers After a Data Breach
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Checkpoint 2
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Learning from a Data Breach
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Summary
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Lesson ACE: Sexual Harassment and Discrimination
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Introduction
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Legal Overview
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Checkpoint 1
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What is Sexual Harassment?
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Checkpoint 2
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Examples of Conduct
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Checkpoint 3
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The Complaint Process
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Checkpoint 4
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Protected Classes
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Checkpoint 5
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Discrimination in the Workplace
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Summary
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Lesson ACE: Telemarketing Sales Rule
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Legal Overview
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Checkpoint 1
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Rules for Calling
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Checkpoint 2
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Requirements and Best Practices
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Checkpoint 3
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Telephone Consumer Protection Act
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Checkpoint 4
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Prior Consent
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Summary
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Lesson Compliance Officer | Study Guide
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Exam Study Guide
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Lesson Compliance Officer | Certification Exam
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ACE: Compliance Officer | Exam
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