Archive for the ‘Recovery Industry News’ Category

Banks Closing Recovery Accounts

Dec 13, 2017 • Recovery Industry NewsComments Off on Banks Closing Recovery Accounts

Members,

As you are well aware, there are repossession companies having their bank accounts closed by the very banks employing them, allegedly because they don’t meet the bank’s “risk profiles.” Although recent actions at the highest levels of our government should go a long way toward resolving this issue, those wheels are infamously slow to turn. Meanwhile, American Recovery Association is proactively working to correct individual wrongs as well as working with others to present a united front for the entire industry to our legislature, banks, and the Department of Justice (DOJ).

If you and your business have been directly affected by this issue, contact ARA and please be sure to inform us of the particulars. 

On background, Operation Choke Point was a 2013 initiative of the United States Department of Justice to investigate banks and their business associations that the DOJ believed to be a high risk for fraud and money laundering. The program, which purportedly was to use legal and regulatory pressure to “choke off” financial support for businesses that were exploiting consumers, unfortunately had a far wider effect.

Banks were being pressured to separate themselves from legal businesses of which the previous administration disapproved (like payday loans, gun dealers, etc.). Obviously, the effect has gotten wider, yet.

Fortunately, things are changing.

On Monday, the House of Representatives passed a bipartisan bill to prohibit any future Operation Choke Point initiatives.

American Recovery Association insists the closure of accounts of professional collateral recovery agents who have been held to the highest levels of personal and business standards in the financial arena is unlawful and unconscionable – this practice must be stopped and all accounts reinstated. We have been in contact with Representative Hensarling’s office and Senator Ted Cruz’s office about this matter. Rest assured we will continue this fight until we win.

Dave Kennedy
President
American Recovery Association

Compliance Will Separate Repo Winners From Losers

Oct 30, 2014 • Recovery Industry NewsComments Off on Compliance Will Separate Repo Winners From Losers

Compliance

Photo courtesy of BellesLink.com

Paul Kulas shares his thoughts on compliance. The original version can be found HERE.

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. (more…)

Skip Tracing: The Lost Art of Conversation

Sep 26, 2014 • Recovery Industry News, Tools & InsightsComments Off on Skip Tracing: The Lost Art of Conversation

ARA friend and colleague, Alex Price, recently wrote a guest blog for BellesLink regarding the art of communication in the skip tracing field. The original version can be found HERE

For years I have used my writings to advocate the power of networking, and have gone so far as to acknowledge that most of the success I have had in life is due to my ability to network. I have never thrown a business card away. I even carry a small recorder with me at all times to record some simple highlights of a conversation so that I can document it at a later time, as the old memory is not what it once was, and the gems gleaned from impromptu conversations are sometimes the most valuable. (more…)

The Implications of an Expanding Repo Industry

Aug 1, 2014 • News, Recovery Industry NewsComments Off on The Implications of an Expanding Repo Industry

Auto Finance Excellence featured ARA in a recent article about the recovery industry. The original version can be found HERE

Led by automobiles, the repossession business is poised to enter five relatively fat years following five lean years, bolstered by a stronger economy, greater sales of new vehicles and increased lending to borrowers with less than perfect credit, according to a new report.

Repo companies that do their business “the right way” – i.e., by complying with stricter federal regulations and lender oversight – are likely to take a greater share of the expanding business. (more…)

Automatic License Plate Readers Putting Clients at Risk?

Jun 30, 2014 • Recovery Industry News1 Comment

Paul Kulas shares his thoughts on Automatic License Plate Recognition. The original version can be found HERE.

Across the automobile finance and recovery industries people will tell you that automatic license plate reader (ALPR) technology has been a valuable recovery method. As one BellesLink customer says, “Anything that helps me locate a vehicle is good. ALPR is one more tool in my toolbox.” But ALPR is not without downsides.

(more…)

Automatic License Plate Recognition

May 5, 2014 • Recovery Industry NewsComments Off on Automatic License Plate Recognition

Paul Kulas shares his thoughts on Automatic License Plate Recognition. The original version can be found HERE.

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 the political spectrum are tracking this issue closely. At the start, here’s what you need to know about ALRP.  (more…)

Has Our Passion Been Lost?

Mar 5, 2014 • Recovery Industry NewsComments Off on Has Our Passion Been Lost?

The following is a guest post by Alex Price.

Greetings from the great State of Alabama! ROLL TIDE ROLL!!

Passion:  (noun) any powerful or compelling emotion or feeling.

I know I’m not the only one asking, “Where did the passion go?”  Not to sound like a grumpy old man here, but it was not too long ago that a person got up each morning with one desire: to be the best in their chosen profession. We woke up each morning and did what it took.  We worked long hours, studied, read anything we could get our hands on to figure out how to do the job better.  We went to seminars, took notes, networked with our peers and shared information in an effort to reach our pinnacle of success. (more…)

New York Attorney General Issues a Warning to Repossessors

Jan 6, 2014 • Recovery Industry News1 Comment

The New York State Office of the Attorney General recently issued a detailed letter to repossessors doing business in the state of New York regarding the acceptance of specific assignment types that could be illegal as defined by New York State law. Review the full letter below:

New York Attorney General

STATE OF NEW YORK OFFICE OF THE ATTORNEY GENERAL (more…)

MasterFiles: “The Three Types of Tracing”

Dec 18, 2013 • Recovery Industry NewsComments Off on MasterFiles: “The Three Types of Tracing”

The following is a guest post by Alex Price.

MasterFiles is proud to present a FREE webinar broadcast on the Three Types of Tracing. You can view the webinar Wednesday, December 18 – Friday, December 20 at 1:30PM or 2:00PM CST.

Seminar Description

In this class, we will cover the three types of tracing:  Micro-Tracing, Macro-Tracing and Skip-Tracing. Before you move forward in your process, it’s important to understand where you’re going and why. (more…)

The Three Types of Tracing

Dec 10, 2013 • Recovery Industry NewsComments Off on The Three Types of Tracing

The following is a guest post by Alex Price.

Greetings from the great state of Alabama – Roll Tide Roll!!

Today, we’re going to cover an important topic – the three types of tracing. So you ask, why all these threes?  The number three is generally attributed with a meaning of completeness:  A beginning, middle, an end.  Birth, life, death.  Past, present, future.  Sun, Moon, Earth.  Two lines cannot connect without a third line to form the heavily symbolic triangle.  Notwithstanding the obvious allusion to the Holy Trinity in Christianity – religions of many varieties are chock full of occurrences of threes.  And, when have you ever heard a Genie offer less than three wishes?  Oh yeah, one helpful bit of advice when you’re outside: “Leaves of Three: Let them be!” (poison ivy) (more…)

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