Remarketers prepare for when feds come calling: Group considers standard audit of consumer data handling

摘要

A group representing auto remarketers, seeking to stay a step ahead of federal regulators, is considering a proposed template for an audit process to help its members review how auction companies handle consumer information. The standards committee of the International Automotive Remarketers Alliance drafted the template as a way to help financial institutions comply with rules being set by the Consumer Financial Protection Bureau, said Dan Heinrich, chairman of the committee. The committee was set to present the proposal to the group's board of directors last Friday, Sept. 20. Heinrich said there will probably be changes to the proposal but the committee hopes the remarketers group and the National Auto Auction Association eventually will endorse it.