BMW gets it Right on Fees

EDITORIAL

22 November 2017 – In a world of lenders and forwarders so scared of the CFPB and it’s view of personal property fees that they wantonly and with complete disregard to the efforts and labor involved with the process, are requiring repossession agencies to waive all fees associated with it, it is refreshing to see a lender make a business decision that is reasonable and profitable to the agent.

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Cordray Resigns from the CFPB, Now What?

Treasury Secretary Steven Mnuchin

Washington, DC – 15 November 2017 – Richard Cordray, the Director of the Consumer Financial Protection Bureau (“CFPB”), announced Wednesday that he plans to step down from that post by the end of the month. Cordray’s term was otherwise set to expire in July of 2018.

So, what does this mean for the collections and repossession world?

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RISC Makes Comprehensive Repossession Lot Inspection Reports Available

Palm Springs, CA – 15 November 2016 – The leadership at Recovery Industry Services Co. (RISC) heard panel discussions and networking dialogue from industry participants during Used Car Week about the importance of compliance for third-party vendors. The situation reinforced why RISC rolled out its latest offering on Tuesday.

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The Credit Union Repossession and Remarketing Summit 2017

November 8 – November 10, 2017

Riverton Country Club

Cinnaminson, New Jersey

The Credit Union Repossession and Remarketing Summit 2017 will be THE premier credit union educational event of the year. Industry leaders will be speaking on the topics that are of extremely high importance to the Credit Union collections industry.

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Dumpster Diving – Personal Property Fees

Editorial

Cockroaches scurry for cover under the seats as you open the door of the car that was just repossessed earlier that morning. The sun has been up for a few hours and the car’s interior has fermented it’s contents that greet you with a sour rotting smell. Rubber gloves on and trash bag in hand, you begin the inventory of a half-eaten “Egg MCMuffin”, dirty diapers, assorted papers, shirts and a lot of items belonging to the borrower that makes you wonder why is all of this in their vehicle? This is, no doubt, sometimes the most unpleasant part of the repossession process.

So, why do you do it? You have to! It’s the law. As a legal compromise, the law also allows you to charge for the removal, inventory and storage of this property. So, why would you not charge for this?

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Recovery Industry Fuels All-Time Growth for RISC’s Compliance Certification Program

Nationwide focus on compliance standards leads recovery industry professionals to RISC’s standardized compliance training

FOR IMMEDIATE RELEASE

TAMPA, FL 10/04/2017 – Recovery Industry Services Company (RISC) announces unprecedented growth and adoption of its industry leading Certified Asset Recovery Specialist (CARS) and CARS-FC certification program. For more than 10 years, RISC has lead the way in recovery agent training with its CARS program which has certified more than 10,000 individuals since it was launched in 2002. With an ever increasing focus on compliance, lenders, forwarders and repossession professionals have sought standardized training programs and reporting to internal and 3rd party auditors, such as the CFPB.

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2017 Credit Union Repossession and Remarketing Summit

November 8 – November 10, 2017

Riverton Country Club

Cinnaminson, New Jersey

FOR IMMEDIATE RELEASE

The Credit Union Repossession and Remarketing Summit 2017 will be the premier credit union educational event of the year. Industry leaders will be speaking on the topics that are of extremely high importance to the Credit Union collections industry. Situated just minutes from city center Philadelphia at the historic and scenic Riverton Country Club, this seminar will be tailored to address credit unions specifically, and the day-to-day challenges they face with collections, collateral repossessions, and the remarketing of collateral. You are guaranteed to walk away with insight and knowledge you previously did not previously have, or your admission will be refunded.

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CFPB Faults Forwarders for Wrongful Repossessions

Washington, DC – 12 September 2017 – In a report published September 12th by the Consumer Financial Protection Bureau (CFPB), titled the “Supervisory Highlights, Issue 16, Summer 2017”, the CFPB released their findings from examinations of “servicers” overseeing repossession agents and how repossessions are conducted. Through that work, they identified unfair practices relating to repossessions that had been causing wrongful repossessions of borrowers who had already brought their accounts to current statues.

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Requiring Lender’s Locksmiths Lot Access – Another Encroachment and Contradiction

Editorial

So, you have a fence around your storage yard, perhaps some barbed wire on top and cameras recording everything going on. Why? Security of course. As an agency owner, it is crucial that you secure your business and the recovered collateral. So, why would you give a person you don’t know access to your yard and the vehicles stored on it?

Well, that’s the newest infringement on repossession agencies that is occurring now.

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Response to Pennsylvania forming CFPB

FOR IMMEDIATE RELEASE

There is big news out of Pennsylvania this morning affecting the financial Institution and third-party service provider world. Pennsylvania Attorney General Josh Shapiro announced the formation of a State of Pennsylvania Consumer Finance Protection Bureau.

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