NEWPORT, R.I. - In coordination with discussions at the National Marine Bankers Association conference about increasing federal regulations on the banking industry, the Marine Retailers Association of the Americas released a Federal Regulatory Compliance Guide.
The Dodd-Frank Act contains eight regulations that pertain to marine dealers, but to go in and pick out the small pieces that pertain to them would be tedious and time-consuming, MRAA president Matt Gruhn told Soundings Trade Only Monday at the conference.
To help companies avoid thousands or millions of dollars in fines, the MRAA worked with Priority One Financial Services to come up with a marine handbook that informs dealers about how to develop the policies and procedures to be compliant.
“There are some pieces that apply to bankers and some that apply to dealers, so we’ve helped separate what will apply to our members,” Gruhn said.
The 44-page guide includes forms dealers will need, as well as a compliance checklist, and it is free to members.
“This publication will help our members ensure that they are staying on top of the regulations and ahead of the enforcement of them while providing their customers with a secure pathway to boat financing,” MRAA director of membership and marketing Liz Walz said in a statement. “It is one more example of how the MRAA provides much-needed resources to help its members succeed.”
The topic was a common theme among bankers at the conference Monday in Newport. Several presenters referenced regulations, and sometimes not understanding how to become compliant, as being a major hurdle that the banking industry currently faces.
“There couldn’t be a better time for dealers to gain access to this information,” Priority One president Heather Mariscal said in a statement. “The federal government has been increasing its enforcement of regulations such as the eight discussed in this guide. This guide focuses exclusively on that which is applicable to boat dealers, making it possible for dealers to protect their customers’ information and shield their businesses from fines and penalties that could threaten the financial stability of their dealerships.”
— Reagan Haynes