In the recovery industry, Consumer Finance Protection Bureau (CFPB) compliance is still the topic everyone is talking about. Compliance has felt like a winter storm you know is coming, but hasn’t arrived yet. For your clients, the auto lenders, it’s a different story. CFPB regulations have hit them hard and created a “comply or die” situation. Now, that storm is hitting repo. As the repo industry begins to grow again, compliance may be what separates the repo winners from the … [Read more...]
Automatic License Plate Recognition – 7 Important Questions for the Repossession Industry
Automatic license plate recognition (ALPR), also know as automatic number plate recognition, is a hot topic in the automobile repossession industry. Over the next posts, we’ll take a close look at ALPR from the perspective of clients, forwarders and repossessors. Like all advances, there's nothing wrong with ALPR itself, it's just a technology—and a pretty cool one. But it has raised a lot of questions and concerns over privacy and civil liberties. So much so that lobbyists and law makers across … [Read more...]
Skip Tracing Will Get Harder if The U.S. Senate Follows Through
Skip tracers and Data Brokers are under the microscope of the U.S. Senate and the Federal Trade Commission. If they follow through on their proposed actions skip tracing will get harder. On December 18, 2013, The United Sates Senate held a hearing reviewing data brokers: “A Review of the Data Broker Industry: Collection, Use, and Sale of Consumer Data for Marketing Purposes.” The director of the Federal Trade Commission's Bureau of Consumer Protection, a Senate committee witness, revealed the … [Read more...]