I was given a .40 cal sub-compact as a gift from my father. I was wondering though if i need to go through any process to have it transferred over and not have his name on it.
If you want to "put it in your name" then you can do an FFL transfer on the gun. However, as guns are NOT registered like cars are, there really is not point to that. And, if as Buzzgun mentioned, provided the requirements are met, there is no legal requirement to "transfer" the gun in your case.
Towards Buzzgun: I was not aware that the same-state requirement was there for family transactions. No, I haven't done any out of state, but just curious.
I do remember my dad getting a rifle as a gift from family out of state, but it was neighboring, which would have been legal to sell FTF anyways.
Private transfers between non licensed people (even family) who live in different states is prohibited under federal law with ONE exception. That exception is when a firearm is received in the settlement of an estate. In other words, the receiver must legally inherit the firearm.
As far as face to face private transfers between residents of adjoining states, there is NO LEGAL EXCEPTION, the transfer MUST go through an FFL.
The transfer you describe (gift), between your dad and an out of state family member, was illegal under federal law.