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CFPB ruled “UNCONSTITUTIONAL”, so what does that mean to us…to five time undefeated Jeopardy Champ Richard Cordray…and the Donald vs. Hillary drama?
Let me start by saying I have no clue who I am voting for, and every day my mind changes based on what Robert De Niro or Donald Trump says, or said years ago. However, I do think its worth noting that Donald Trump said last May that sweeping financial reforms put in place under […]
Big Government Moves into Debt Collection – Part III
Today the CFPB once again showed they do not mess around. They fined Wells Fargo $185m for creating a half a million credit card accounts without customer authorization. Wells and the Regulators have known about this for years, and over the past couple years Wells fired over 5000 employees as a result. The $185m was […]
Big Government Moves into Debt Collection – Part II
The proposed new debt collection laws released last month by the CFPB clearly states Dodd-Frank empowers the CFPB. They have “decided to consider issuing debt collection regulations that implement the FDCPA and other statutory authorities and that cover the activities of debt collectors and debt buyers. THEY’RE CHANGING THE RULES AND IT WILL IMPACT US, […]
Big Government moving into Debt Collection – Part I
We thought the CFPB would be rewriting the FDCPA, but with the release of the 117 page “SMALL BUSINESS REVIEW PANEL FOR DEBT COLLECTOR AND DEBT BUYER RULEMAKING OUTLINE OF PROPOSAL UNDER CONSIDERATION AND ALTERNATIVES CONSIDERED” document on July 28th, it’s now clear they are just adding new language and new rules, still without an […]
2016 Compliance Must Have: Tracking via Technology
In September 1963, a young singer-songwriter-poet named Bob Dylan wrote an anthem for change. The last verse gave warning those who don’t keep up with the times and changes taking place: “The line it is drawn the curse it is cast The slow one now will later be fast As the present now will later […]
A senseless tragedy and a call for continuing education to our industry – Lenders and Vendors
Who’s responsible for this tragedy? It’s easy to blame the repo company, but what if they had an good employee who simply didn’t have enough training on how to handle these situations and he made a horrible mistake? What if he’d been working contingent assignments for a week with no income and he got to […]
NARS2016…The Evolution of the Repossession Industry
This photo is three of the more successful women in the repo industry, and they represent many women in our industry who have made a difference. They all shared lunch at NARS and discussed the challenges each face in their respective businesses, balancing family and work, and managing the issues they face in their respective […]
Scrub Your Data!
[vc_row][vc_column][vc_column_text]ATTACK your “dirty data” With such a high percentage of business project failures based on poor quality data, an automated, compliant and repeatable process for scrubbing your data prior to and during the use of data must be addressed. In the world of auto finance, there are typically two types of data scrubs that should […]
They Want Your Name…Why This New Law May Keep You Up at Night
When I started working for Chrysler Credit Thirty-Four years ago today, there were no rules centered around the acquisition of public record data, or how it was used. The FDCPA was released in 1977, but I don’t recall hearing that term until at least the mid 80s. The word compliance was not a part of […]
