Complying With the Consumer Finance Protection Bureau (CFPB)

Press Release

By design RISC has been at the forefront of training and compliance. The foundation of RISC is to increase the knowledge and proficiency of the recovery agency owner and respective employees through risk mitigation by thorough and continual training.

We continue to create the latest and most up to date training manuals, documents, and procedures that meet the evolving compliance requirements of the collateral recovery Industry and now the CFPB. And, insomuch as the CFPB compliance requirements continue to evolve, RISC remains very actively involved in having our compliance documents and educational programs continually updated so that RISC Agent Alliance members are assured that they meet the very latest in compliance and educational standards.

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CFPB to Hold Lenders Responsible for Third Party Actions

Washington, DC – May 10, 2012 – Vendor due diligence and lender responsibility for the actions of third parties used by their contractors was highlighted In an announcement made last month by the Consumer Financial Protection Bureau (CFPB). This statement confirms the course of action that may be utilized by the CFPB to regulate the repossession industry as well as all lending service providers.

“April 13, 2012 – The Consumer Financial Protection Bureau (CFPB) today released a bulletin clarifying that financial institutions under Bureau supervision may be held responsible for the actions of the companies with which they contract. The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur. 

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NARS 2012 A Huge Success!

Las Colinas, TX – March 27, 2012 – If you weren’t at this years North American Repossessors Summit (NARS) held at the Omni Mandalay in Dallas, you missed without a doubt, the most important meeting regarding the future of the repossessions industry that’s been held to date. With over 500 Repossession company owners, employees and vendors, this was probably the largest meeting in the industries history. This massive attendance can be largely attributed to the tumultuous times the industry has been going through and this years NARS delivered with some lively and timely debate and conversations from industry leaders addressing many of the important issues facing the industry today.

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