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
Join us for our September webinar focusing on:
Unfair, Deceptive, or Abusive Acts and Practices
presented by Dave Kennedy of First Credit Resources
Wednesday, September 28, 2:00 p.m. CDT / 3:00 p.m. EDT
OR
Thursday, September 29, 11:00 a.m. CDT / 12:00 p.m. EDT
ARA members must register online for the webinar with individual email addresses to receive a certificate of completion. If computer sharing is necessary, please provide a list of employee names and email addresses in an excel spreadsheet to tricia@americanrecoveryassn.org.American Recovery Association provides a free continuing education webinar series for recovery and remarketing professionals. The one-hour webinar offers education about the latest recovery laws and regulations, compliance policies and industry issues.
We are also excited to announce that the state of Louisiana now recognizes all ARA webinars as part of the eight hours of continuing education that is required to renew state licenses.
If you have any questions or feedback about our continuing education webinar series, please contact ARA Home Office at 972-755-4755 or homeoffice@americanrecoveryassn.org.
American Recovery Association would like to give a shout out to Torie Baker of Baker Recovery in Tulsa, Oklahoma. Torie and her husband, Sam, were in attendance at the ARA Convention in Denver this past July. Torie, we love your enthusiasm, support and awesome attitude!
Click HERE to see what Torie thought about this year’s convention.
This month we feature a rising star within the American Recovery Association, Brent Hoel from Charleston, West Virginia. As a third-generation ARA member, Brent has grown up in the industry, attending conventions with his father and getting ready to take the reins of the family business. After graduating from Fairmont State University with a business degree, he has continued to build on a strong legacy with his memberships in YPRC, TFA and Eagle Group XX. As one of the first members of YPRC, he recognizes the responsibility and opportunities ahead for his generation: “I’m trying to become more hands on, since we are going to be the ones in the positions to make changes and decisions. I’ve been around these organizations for so long, but never really had a voice.”
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