BellesLink’s Head Bell Ringer, Paul Kulas, gave a well received speech at the April 2013 North American Repossessors Summit (NARS) in Dallas on the issue of compliance in light of regulations from the Consumer Financial Protection Bureau(CFPB) and the Truth in Caller ID Act. Using a detailed slide presentation, Paul talked in depth about his view on compliance and what that means for auto repossessors, investigators, and skip tracing best practices:
“My view is that compliance is a big opportunity for Repossession companies. I believe the data all points to a boom, just around the corner. However I feel that in order for the industry to realize what I see as significant opportunity, some changes should be considered.
Consider that by making investments in compliance, clients see you thinking ahead. They get that the steps you’re taking result in an investment in their business, which can only strengthen your relationship with them. I believe that investments in compliance will be a competitive advantage.
Car sales are on the rise, on the way to eclipsing the all time high. Used car sales are strong. Delinquencies are at an all-time low, which means they can only go one way from here – up. Put it all together, I feel that the repossession business is poised for significant growth.
If I’m right, an increase in complaints with the CFPB is inevitable. Recently the government/CFPB filed lawsuits against players from the housing crash. More are sure to follow. The CFPB has easy to use websites, they’re on Facebook and Twitter. They’re hiring. Now, with the recent NSA scandal, privacy is on everyone’s minds — more issues for the CFPB. I come to three conclusions:
- enforcement will be on the rise,
- CFPB wants to increase awareness with consumers
- Repossession companies should view it all as great opportunity.
I’m calling for end to the partisanship, the politics that I feel have worked against the industry. Instead, I think the model for the industry going forward is co-opetition.”