MANASSAS, Va. -

Recovery Specialist Insurance Group reminded repossession agents about a crucial part of a Consumer Financial Protection Bureau bulletin, especially if these agents have gone through specialized recovery training during the past two years.

RSIG board member Jim Clark focused on whether agencies currently are compliant with the CFPB’s  expectation that the banks and nonbanks conduct thorough due diligence to verify the third party service provider understands and is capable of complying with federal consumer financial law.

Parts of this bulletin include:

— Requesting and reviewing the service provider’s policies, procedures, internal controls, and training materials to ensure that the service provider conducts appropriate training and oversight of employees or agents that have consumer contact or compliance responsibilities

— Including in the contract with the service provider clear expectations about compliance, as well as appropriate and enforceable consequences for violating any compliance-related responsibilities, including engaging in unfair, deceptive, or abusive acts or practices

— Establishing internal controls and on-going monitoring to determine whether the service provider is complying with federal consumer financial law

— Taking prompt action to address fully any problems identified through the monitoring process, including terminating the relationship where appropriate

“As you can see, the training of all staff is a must,” Clark said.  “If you haven’t made arrangements with to have all in your agency to take the certified recovery agents course at RSIG, you need to do so.”

Clark insisted RSIG’s training program can meet the requirement of education as instructed by the CFPB because the firm continuously monitors bureau communications for any update in state and federal law changes.

Clark added RSIG’s training course are state specific, can be taken online and completed following a proctored test without the aid of an open book.

Participants can log into the RSIG University website and study all the sections. When users are ready within a 10-day window, they can log into the site and a test appears on material covered in the course. Participants have a face-to-face connection with an exam proctor who will require identify verification with a driver’s license. Those proctors monitor test takers to make sure no study material is used.

RSIG indicated that upon completion, participants receive a certification certificate.

“This is a true certification,” Clark said. “You must take a refresher course and test every two years. If you’ve certified once, is it enough? Will this initial certification be good forever? No it will not.

“Laws change, new laws come into play and new precedent is set through case law, and some states may require continued education that happens after you take your first course,” he continued. “Most attorneys will tell you a true certification course will require you to have regular refresher courses because of possible changes in the law or new precedents or the fact you may forget important items in the industry you work in.”

RSIG pointed out the cost is less by being a member. The continuing education course is now available online for $109 for RSIG members who were previously certified and $139 for non-members who have previously certified through the RSIG program.

Clark added discounts are also available with group sign-ups.

“Don’t delay as it could save you from having a problem due to either wrong or no education in the law,” Clark said. “And certification and continuing education as a repossessor makes you more valuable to the lenders.”

To get started with RSIG’s ongoing training program, go to www.rsig.com.