The Consumer Financial Protection Bureau
CFPB

The Consumer Financial Protection Bureau was created by the Dodd Frank Act and is a US government agency that is charged with making sure banks, lenders, financial companies and anyone who is involved in the credit collection process as a thrid party service provider treats the consumer fairly. The CFPB oversees the activities of numerous consumer orientated government agencies including the Federal Trade Commission and is directed by Rohit Chopra.

More information at www.consumerfinance.gov

Is Your Agent Compliant?

Industry Compliance Standards

Checklist #1
Current copy of required/applicable licenses
  • Business License
    • Repossession Agency
    • Collection Agency
    • Investigation Agency
  • City & State DOT Towing License
    • Truck License
    • Employee CDL
  • Other Required Licenses
Industry Compliance Standards

Checklist #2
Insurance
  • $1 Million General Liability
  • $3 Million Aggregate
  • $1 Million Auto Liability
  • Adequate Direct Primary
  • Garage Keepers
  • On Hook (minimum $100,000)
  • Workers Comp Proof of Coverage
  • Listed as a Certificate Holder

Industry Compliance Standards

Checklist #3
Bonding & Training
  • Employee Dishonesty Policy
  • Trade Association Membership
  • 5 Years in the Asset Recovery Industry
  • 3rd Party Lot Inspection
  • Industry Training (SECT-FACT-SACAT)
  • Owner & Employee Background Checks
  • Minimum of 3 Verified Client References
Industry Compliance Standards

Checklist #4
Compliance Documents
  • Complaint Handling/Response Policy
  • UDAAP Policy
  • Emergency Management/Disaster Plan
  • Education & Training Policy
It is not enough that the service provider gives you the required documents...

It is your responsibility to verify the validity of all provided documents.

 

 

Eagle Group XX
800.411.1844 ph
rbrown@csi-arm.com
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