ARA recently launched a new compliance monitoring software system to help lenders view the compliancy of all available recovery agents. The new software was created in response to the recent compliance regulations set out by the Consumer Financial Protection Bureau (CFPB).
We’ve also created a set of minimum compliance standards and documents that all members should adhere to in order to become fully compliant. These include:
- Automobile or repossession insurance certificate
- Workers’ compensation certificate
- State license
- Business license
- Site inspection
- National certification.
Once ARA has received all six of the required documents, the company’s compliance lights will then be “turned on”.
ARA’s recovery management software monitors and rates its recovery agents based on a 3-light system. If the agent’s compliant light is green, ARA has received all six of the required documents, meeting ARA’s minimum compliance standards. If the agent’s light is yellow, this is a warning that a compliance document on file is within 10 days of expiring. Lastly, if the agent has a red light, a compliance document has expired, therefore not meeting ARA’s compliance standards.
ARA is working to ensure that all of its members are certified and compliant partners in the recovery and remarketing industry. The new software can be found on ARA’s “Find A Recovery Specialist” component on the association’s revamped website: www.repo.org.
ARA is the only trade association to provide such information to its members. This new compliance monitoring functionality will bring an added value to our members and will ensure that our clients work with the largest network of certified and compliant recovery and remarketing professionals in the country.