2014-11-19 Important NABD Tax and Compliance Update for 2015
President / Founder NABD
week I participated in the NIADA Leadership Meetings in Washington, D.C. This allowed me to discuss matters of great
importance to the BHPH Industry with both regulators and members of Congress.
Here are some take aways from those meetings:
Several members of Congress indicated that the
“tax extender” provisions will likely be approved by Congress before they
recess in December! This indicates that
tax refunds should not be delayed significantly in 2015. I anticipate these tax
refunds will begin around February 1st provided that Congress acts as they
indicated. The competition for these
refunds has increased as subprime lenders, credit unions, and franchise dealers
compete for BHPH customers. Operators
must be very proactive in this tax season to recapture market share.
The CFPB and Department of Justice continues to
closely monitor our industry for deceptive advertising, alleged unfair and
deceptive lending practices, data privacy, collection abuses, and
discrimination. Operators must avoid these problem areas in 2015 to be
compliant. You can’t afford to make legal and regulatory mistakes if you want
to succeed. Appointing a Chief Compliance / Privacy Officer to implement a
compliance management system is the first step.
Training dedication of resources must come next.
In recent discussions with BHPH operators around
the nation they indicate that “the old ways are just not working like they used
to!” This results from increased competition, and from economic and regulatory
changes. You can’t expect to do the same
things in 2015 and have better results. It
is time to rethink your business model, implement technology, learn from your
losses, and get compliant.
response, NABD will hold a “Best Practices Conference” on January 18-20, 2015
in Dallas, Texas to provide training on prudent operating and compliance practices
so operators can successfully navigate through the BHPH challenges which are
ahead. For more information or to
register visit www.bhphinfo.com or call 832-767-4754. Early
registrations and room discounts will expire soon. So you are encouraged to register soon before