The Automobile Finance and repossession industries have experienced a lot of change since the passage of The Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which created the Consumer Finance Protection Bureau.
Dodd-Frank required that businesses involved in debt collections, debtor communications and consumer finance adopt new practices which met the regulatory requirements.
Belles Camp Communications, makers of SkipTracy and BellesLink, were early champions of regulatory compliance and supported it within both products. Belles Camp has always required its customers to use our products in ways which are fully-compliant with all rules and regulations.
As early as November 2007, three years prior to the Truth in Caller ID Act of 2009 being signed into law on Dec 22, 2010, Belles Camp updated its software to require all users to verify the compliance of each call made using SkipTracy. As experts in telephone communications, Belles Camp has always counseled its clients on how to incorporate best practices for regulatory compliance into their businesses.
The BellesLink Platform
Anticipating that Dodd-Frank would be signed into law, Belles Camp developed BellesLink, a new communications platform for the automobile finance and repossession industries.
The BellesLink platform integrated public records information, phone, text and email communications and case management. The purpose of BellesLink was to provide a single system which met all regulatory requirements for lenders and their agents. BellesLink made compliance easy to achieve.
BellesLink went live on July 1, 2013. Current customers were migrated to the new system and the SkipTracy product was discontinued the same day.
The New Normal: Compliance
Belles Camp Communications continued to champion the cause of CFPB compliance. Our Head Bell Ringer, Paul Kulas, became a recognized expert and featured speaker at industry events such as NARS 2014 and 2015.
When Dodd-Frank was passed there was a lot of confusion about the new requirements. Once again, Belles Camp took the lead. Through BellesLink, Belles Camp educated customers, and the market, on the business opportunity of compliance. At the time, the marketplace saw compliance as a burden and an added cost. BellesLink strove to change that perception by publishing numerous articles on compliance, such as:
- Spoofing and the Caller ID Act of 2009. What You Need to Know. May 14, 2012
- Spoofing: How it Violates the Law. Are You In Compliance? June 12, 2012
- Auto Repossession Compliance: A Forward View Aug 8, 2013
- What Will You Do When the Lender Calls Nov 18, 2013
- Caller ID Spoofing is Dead May 12, 2014
You Can’t Change History
Since 2002, Belles Camp has been an innovator in telecommunications technology. Our development team has pioneered many advances that are becoming the cornerstone of the automobile services providers industry, including browser calling and call recording.
Belles Camp has consistently spoken out against caller ID spoofing and other non-compliant practices. It was Belles Camp that led the way with fully-compliant caller ID control and best practices for debtor communications.
The Actions of One Don’t Speak for the Many
It’s clear some did not adopt compliant best practices in their operations. That can be seen in the recent ruling by the CFPB. This is the exception, and not the norm, as proved by the success of our customers and our industry.
The automobile services providers industry has embraced compliance requirements, affirming their role as good corporate citizens and a necessary part in the fabric of American business. They are businesses, mom & pop shops to fortune 100 companies, to be proud of. Belles Camp Communications is proud to serve them and we’re honored to support their success.
Head Bell Ringer
Belles Camp Communications LLC