St. Louis, MO (PRWEB) June 28, 2012
Recovery Compliance Solutions, a provider of recovery and repossession compliance monitoring solutions, now offers a compliance kit for repossession agents that will allow needed compliance with the new CFPB regulations. This compliance kit was created in response to the new regulations passed down from the recently formed government agency “Consumer Financial Protection Bureau” (CFPB). These regulations will have an effect on how lenders in the repossession industry manage their repossession agents. Recovery Compliance Solutions will help ensure the independent recovery and repossession agents abide by the new CFPB third party risk management guidelines.
“We have worked with top attorney’s in the country to develop a compliance kit and monitoring service that will allow all repossession companies to stay compliant with the new CFPB regulations,” said Terry Tonsing, Director of Operations for Recovery Compliance Solutions. “Our lender clients enjoy the comfort of knowing a partnership with us means that as new laws and licensing change, we are able to keep them one step ahead. With the addition of the new CFPB compliance kit, we will make sure each lender and agent is made aware of the current changes. RCS is the only compliance company in the U.S. that works specifically within the auto recovery industry to continuously monitor compliance on a daily basis and ensure that each repossession company is fully compliant with all state, federal and lender requirements. It’s imperative that each lender & recovery agent take steps now to stay ahead of the forthcoming regulations.”
As stated by the Consumer Financial Protection Bureau (CFPB), supervised entities are expected to manage relationships with third party services providers. This ensures that these providers effectively manage compliance with the Federal consumer financial laws applicable to the repossession and recovery services provided. The liability falls on the financial lenders to ensure their repossession vendors have an effective recovery compliance management system in place for their operations. As a result, the new compliance kit offered by RCS will benefit both the repossession agents and lenders.
For more information about Recovery Compliance Solutions and their independent repossession vendor CFPB compliance kit, please visit http://www.recoverycompliance.com/.
About Recovery Compliance Solutions
Recovery Compliance Solutions administers and monitors independent repossession vendors for compliance issues on behalf of automotive lenders throughout the United States. The management staff at Recovery Compliance Solutions has more than 20 years of past experience in the automotive lending and repossession industry. In addition to being directly employed by a national automotive lender, they have been certified thru both Recovery Specialist Insurance Group (RSIG) and Certified Asset Recovery Specialist (CARS). For more information about Recovery Compliance Solutions and CARL, the company’s Asset Recovery Vendor Accountability Solution, visit http://www.recoverycompliance.com or call 314-732-1376.