New Video Busts Repossession Industry Compliance Myths
A new video from MBSi Capital Corp., in collaboration with CRIResource.com, puts to rest some grave misconceptions about how the Consumer Financial Protection Bureau (CFPB) is engaging the repossession industry.
January 22, 2014 (Newswire.com) -
MBSi Capital Busts Repossession Industry Compliance Myths in New Video
PHILADELPHIA (January 23, 2014) -- A new video from MBSi Capital Corp., in collaboration with CRIResource.com, puts to rest some grave misconceptions about how the Consumer Financial Protection Bureau (CFPB) is engaging the repossession industry.
The video shares details of a meeting that took place late last year between Greg Ward, from MBSi's Compliance Made Easy product, and seven representatives from the CFPB, at the agency's headquarters in Washington, D.C. Like many in the industry, Greg went into the meeting expecting to hear from the CFPB how intensely it plans to investigate the repossession industry, But what he heard surprised him, and will likely surprise everyone else in the repossession industry as well.
"It quickly became clear that most of what I had learned about governance from the CFPB, at the very least, is an overreaction to the regulatory climate the financial institutions are facing or, at the very most, a purposely contrived scare tactic to support million-dollar revenue models," Ward said. "Much of what I had read and heard about the CFPB's so-called regulation of the repossession agency are either made up or exaggerated. In fact, they barely even know who we are."
Also included in the video is a set of guidelines that repossession agents can use to make sure that, if and when the CFPB or another regulatory agency comes knocking on their door, they will be ready. Those guidelines offer simple, down-to-earth instructions that repossession agencies can implement quickly and easily and still ensure they will be ready for anything that a client or regulator will inquire about.
To view the video, please go to: http://www.youtube.com/watch?v=ASmBHKXFQoQ.
ABOUT MBSi CAPITAL CORP.
MBSi Capital Corp. was formed in 2003 to provide the repossession service industry with cost effective, easy-to-use repossession software solutions that maximize the return on technology investments. For more information on MBSi Capital, please visit mbsicapital.com.
CRIResource.com is the primary information source for repossession agents, financial institutions engaged in auto lending, and third-party service providers to the recovery sector. The site publishes original news articles and maintains a robust directory of recovery agents, financial institutions, and service providers in order to increase market transparency and spotlight good business practices. The goal of CRIR is to increase industry accountability by acting as a centralized resource of independent, unbiased information. More information is available at www.CRIResource.com.