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  • Consumer Financial Protection Bureau

    How many lenders who read Repo Industry know how the CFPB regs are going to effect you. These regs will also effect non-bank lenders as well, it effects anyone who touches consumer information including by-here-pay -here, title loans, credit unions, etc.

  • #2
    Mr. Clark, the CFPB is a smoke and mirrors project scheme contrived by the prevailing White House administration. Its creation is a mere attempted stimuli for, shall we say, the much desired impecunious voters to satisfy the lacking votes needed for the president's next 4 years. It does not take a pundit to realize that the CFPB hasn't got the traction, nor the manpower, nor the stoutheartedness to necessitate real enforcement of these regulations.

    Are we venturing to fathom what this means to us? Categorically not. This sheepheaded wastefulness of paper as well as several other inane libtarded edicts will be countermanded by the newly elected White House administration. Therefore, myself and other members of the automobile lending establishment have neither the time nor the propensity to bother to deduce such nonsense.

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    • #3
      Good luck with that

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      • #4
        Originally posted by skip ninja View Post
        Mr. Clark, the CFPB is a smoke and mirrors project scheme contrived by the prevailing White House administration. Its creation is a mere attempted stimuli for, shall we say, the much desired impecunious voters to satisfy the lacking votes needed for the president's next 4 years. It does not take a pundit to realize that the CFPB hasn't got the traction, nor the manpower, nor the stoutheartedness to necessitate real enforcement of these regulations.

        Are we venturing to fathom what this means to us? Categorically not. This sheepheaded wastefulness of paper as well as several other inane libtarded edicts will be countermanded by the newly elected White House administration. Therefore, myself and other members of the automobile lending establishment have neither the time nor the propensity to bother to deduce such nonsense.
        Weirdo alert! Weirdo alert!

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        • #5
          Originally posted by skip ninja View Post
          Mr. Clark, the CFPB is a smoke and mirrors project scheme contrived by the prevailing White House administration. Its creation is a mere attempted stimuli for, shall we say, the much desired impecunious voters to satisfy the lacking votes needed for the president's next 4 years. It does not take a pundit to realize that the CFPB hasn't got the traction, nor the manpower, nor the stoutheartedness to necessitate real enforcement of these regulations.

          Are we venturing to fathom what this means to us? Categorically not. This sheepheaded wastefulness of paper as well as several other inane libtarded edicts will be countermanded by the newly elected White House administration. Therefore, myself and other members of the automobile lending establishment have neither the time nor the propensity to bother to deduce such nonsense.

          not a weirdo at all....i fully agree with this.....king O the first and his czars are on the way out along with ALL this "sky is falling/save the children" silliness ... or as we say here in Texas,,,horse$hit

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          • #6
            Again I say good luck with that. I guess thats why some banks and credit unions in Californis are in the process of auditing the 3rd party vendors (repossession companies they use) to make sure they are compliant.

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            • #7
              jim i fully understand thats the new push from RSIG.....i'm just not a follower....so yall fly that banner, i'm sure it'll be just fine

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              • #8
                Hey Jim...can you throw the dog a bone ???

                I just got notice from a major client that they will be doing a vendor audit review. I guess it has to do with the CFPB.

                Just fininshed my RSIG course, bought another shredder for the office, all computers password protected and made sure the filing cabinets have locks that work.

                Got any suggestions?

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                • #9
                  Drug testing and criminal reports on employees including owner along with copies of state licencee

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                  • #10
                    Originally posted by jclark View Post
                    Drug testing and criminal reports on employees including owner along with copies of state licencee
                    You mean I have to test drugs ???

                    I just needed a good laugh....

                    Thanks though...

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                    • #11
                      How did you like the course Miami

                      You may want to keep records on anything around your office, some you may not have ever thought about

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                      • #12
                        The course was Good. I didn't have any problems with it at all, scored a 94%.


                        It asked a few questions about actual names of cases which I guess are important to know as gray areas of the law are usually answered by going back to case law, but that is way above the average recovery agent level of thought. Nevertheless still good to put it out on the table.


                        One item in particular made me go back and re-think current practices.
                        It had to do with Accession and Accessories, right to retain....my concerns are and always have been with regards to outboard motors on a boat.

                        A hold harmless from a client is great but more more than likely might require legal action to enforce. That can get expensive.


                        I would definatley recommend this course to anyone who cares about doing this profession in a serious manner. All serious professions require continuing education. This course was well worth the money spent.

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                        • #13
                          The case law is very important for all to know in the state they are in, the field agents need to know because they are the ones that get you in court. The new regs with CFPB will require continued education on FCDPA, Gram Leach Briley Act as well as state, including case law which set the state laws. The lenders will be checking for documented proof of this continued education as part of their compliance also.
                          All RSIG members and users of the NAMS platform will have all paperwork for the new compliance regs available as well as the ability to store all the paperwork involved for compliance.
                          Many companies have come into the picture to sell the outline and some of the paperwork the lenders and CFPB must have to be compliant, some are junk others are near what is needed but expensive. Part of the compliance will be an ongoing thing, by the time you figure their cost, bond cost, continued education cost,and insurance the RSIG program may be a bargain as no one can better the insurance coverage, give you an excellent computer program to run your business, bring you new business, give you cheap continued education, plus the best insurance on the market all combined at a reasonable cost. At RSIG it is run by repossessors and always has been, a not for profit group solely about repossessions.

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                          • #14
                            Originally posted by jclark View Post
                            The new regs with CFPB will require continued education on FCDPA, Gram Leach Briley Act as well as state, including case law which set the state laws. The lenders will be checking for documented proof of this continued education as part of their compliance also.
                            So let me ask you this, is the continuing education requirement a requirement for all "AGENTS" or is doucmentation reflecting that the "AGENCY" is actively pursuing continuing education for their agents sufficeint?

                            Also, is this continuing education requirement a time certain item or just once every couple of years ...???

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                            • #15
                              Originally posted by jclark View Post
                              Good luck with that
                              Utter bullocks. Mr. Obama's sojourn as the commander and chief will soon be over once the conterminous battle of political parties proves a republican winner.

                              This CFPB is nothing more than a scheme to line the satin pockets of the federal government, it's nipple suckling employees, the repo associations and and sadly even the insurance coterie. It is a bloviated product created for the lot of you to purloin and filch fees off of struggling auto repossession company owners. For shame on all of you defalcators!

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