Complying With the Consumer Financial Protection Bureau (CFPB)

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.

Wecontinue 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.

Compliance-Complaint Checklist

Our latest document that meets CFPB requirements is the Compliance-Complaint Checklist.  After review of our training programs by a law firm that specializes in reviewing and evaluating CFPB compliance issues, we have been assured that the C.A.R.S. National Certification Program coupled with the Compliance-Compliant Checklist along with staying current with updates on compliance requirements puts a collateral recovery agency in a position to successfully meet the requirements of the CFPB and good business practices in general.

Since there are no clear cut guidelines offered by the CFPB on compliance issues RISC sought the assistance of a nationally known law firm to further solidify what we believed to be the basis of compliance.  Now, a RISC Agent Alliance Member can take advantage of the compliance documents we offer by logging into their membership portal and downloading these valuable documents. View Screenshot

Voluntary – Involuntary Repossessions State by State

Additionally, RISC has completed research regarding how voluntary repossessions are addressed in those states that require some type of licensing or bonding in order to service repossession assignments.  The importance of this document is that it not only outlines those states that require some type of licensing but has examples of why only a professionally trained and properly insured collateral recovery specialist should be called upon to perform this type of work.  This document is meant as a training aide and a marketing tool to be given to your client.  Towers and auto auctions should not be recovering voluntary repossessions unless trained and insured to handle them appropriately and safely.

Disaster Planning Guide & Check List

RISC has also added checklist forms that outline ‘disaster preparations’.  These forms were designed by a global insurance company specifically to handle preparations in the event of a catastrophe or sudden disaster.View Screenshot

As we continue looking for enhancements to the RISC Agent Alliance Member Profile there is now an option to add your company logo to the profile on the RISC website and to the marketing PDF.  More enhancements will continue.  We appreciate your support.

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