Important Conference-California Financial Service Providers May 2014

By | Apr 21, 2014
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From: Thomas Leonard, Executive Director of The California Financial Service Providers. (Added note by Paul Soter.)

INVEST a few minutes to consider a VERY IMPORTANT CONFERENCE AT THE JW MARRIOTT RESORT IN PALM DESERT, CA , MAY 17-20.

OUR Industry is very challenged by pending federal regulations from CFPB and new regulations from our CA regulator, the DBO (Dept of Business Oversight). These will be addressed at the conference by DBO Commissioner Jan Owen and CFPB Western Assistant Regional Director Laura Fiene. ADDITIONALLY, I AM PLEASED TO ANNOUNCE, LAURA UDIS, Payday & Small Dollar Lending Program Manager Deposits, Cash, Collections, and Reporting Markets FOR CFPB WILL ALSO JOIN US.

The Agenda has been designed to provide excellent presenters, exhibitors with products & services than can enhance profits, and some fun time where we can all enjoy functions/events and most importantly each other as we face these CHALLENGING TIMES TOGETHER. You can see the agenda, register for the conference, and book your great hotel room at cfsponline.com

This conference is a MAJOR financial investment by your association. Should we not meet room block requirements and support the conference with registrations, there will be serious impacts. FOREMOST, POOR ATTENDANCE WILL CERTAINLY MAKE A STATEMENT TO THE REGULATORS OF OUR INTEREST LEVEL AND PASSION FOR THESE PRODUCTS AND OUR INDUSTRY. In the current political climate, where we are facing serious threats at every level – Federal, State and Local, your participation is urgently needed.

TAKE 10 MINUTES NOW, REGISTER FOR THE CONFERENCE AND BOOK YOUR ROOM, AS THE BLOCK WILL EXPIRE IN A COUPLE OF WEEKS.

(From Paul Soter, legal counsel extraordinaire for lending in California: “Jan Owen is our primary state regulator. She understands the industry well and has been a tough and fair regulator. Laura Fiene, who came from the OTS, is one of the most knowledgeable and communicative regulators I have ever dealt with. Laura Udis, was the Colorado Credit Administrator, has been actively engaged with the industry for 20+ years and is candid and forthcoming as to how the regulators view the industry.”)

This industry, this association NEEDS YOU NOW. COME AND BE SEEN, STRONG ATTENDANCE MATTERS!

Thomas Leonard
Executive Director
California Financial Service Providers
559 299 9609
Go to www.cfsponline.com and register – May 17-20, 2014 – JW Marriott, Palm Desert Ca.

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Payday Loan Good News: Florida Bank Commissioner Comments

By | Apr 18, 2014
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Some good news from a man who is obviously not an “ivory tower” economist or an academic! Drew Breakspear, Florida’s banking commissioner, comments on banks that dropped deposit advance products (payday loans), virtual currencies, regulatory issues and consolidation in the financial services industry.

Is there a way for banks to offer short-term small-dollar loans? [From "RepubHub]

I tell a story about a conversation I had with someone. We were chatting and for some reason payday loans were mentioned. The person said, ‘I used a payday loan once.’ I said, ‘For how much?’ ‘$300.’ ‘How long?’ ’30 days.’ ‘How much did you pay?’ ‘$42.’ I said, ‘Didn’t you feel that was a lot?’ And the response was, ‘It was the only way I could feed my family next week. I would have paid $100.’

I’m always concerned about eliminating a pool of credit [payday advances] that may be the only source of credit for a segment of the population if you don’t have something better to replace it.

I constantly hear about how expensive it is. I don’t think people always understand the fixed-cost element. If you are doing payday lending, you have to have a storefront, utilities, staff. You have to fill out paperwork. When someone walks in for a $300 loan, there is a certain fixed cost. Let’s say it costs $20 to make a loan. I’m not saying that is the actual number. But let’s just say $20 on $300 is 6.6%. If it was a $3,000 loan, $20 is 0.6%. It’s the same fixed cost.

To read this piece in its entirety: RepubHub. It’s not long and is certainly worth your time!

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Payday Loans: State Bank Regulators Upset with Feds

By | Apr 16, 2014
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Kevin Wack, with American Banker, wrote an interesting piece regarding state bank regulator uneasiness with the Fed’s interference in the payday loan industry.

Kevin quotes Margaret Liu, senior vice president at the Conference of State Bank Supervisors: “It is one thing to be ensuring that a business partner, the client of a bank, is operating legally,” she said. But a line is crossed when a payday lender “is being denied banking services because of concern about a federal agency advancing its own policy agenda, beyond appropriate supervisory responsibilities.”

Here’s a link to Kevin’s piece: American Banker (Subscription Required) Also on RepubHub

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PDL ACH, ODFI and Operating Accounts Solutions

By | Apr 14, 2014
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Finally, some good news for the payday loan industry!

You know the PDL industry has been “on the ropes” since last August. Dollar delivery systems have been under heavy attack. President Obama launched “Operation Choke” and multiple AG’s have squeezed lenders hard.

In spite of all this noise, millions of consumers continue to “vote” every month to employ our products to solve their financial challenges. Likewise, savvy payment processors launch new, exciting, state-of-the-art money transfer conduits enabling lenders to continue to service our demographic.

Today, I announce TWO NEW processors worthy of your consideration. They offer the following:

* ACH for tribe, state, and very soon, offshore lenders
* ODFI’s in the U.S.
* PDL operation accounts
* Consumer savings plans
* 7 methods for borrowers to make a payment
* Plug-n-play API’s
* Custom Card Issuing with reloadable debit card programs
* Legacy portfolio importation
* Competitive rates you can “digest”
* And much more…

To arrange a private, DISCRETE introduction to the “solutions” go here: Private Request for Intro.
This will enable your Team to discuss your unique, individual needs directly with the processors and to access a 10 minute video that further explains one of these two new platforms. NOTE: The longer your Team waits to find out more, the closer you’ll be to the bottom of the stack of applications. This isn’t B.S. You already know ACH processors and state licensing license issuers are BURIED!

Jer@TrihouseConsulting

PDL ACH, ODFI and bank accts.

PDL ACH, ODFI and bank accts.

Consumer Savings Plans

Consumer Savings Plans

#4-small-350X217

Borrower Repayment Plans

Borrower Repayment Plans

#2-small-350X254

PDL Control Panel

PDL Control Panel

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Tribe Payday Loans: $968M FTC Fine

By | Apr 11, 2014
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“Debt collectors cannot garnish consumers’ wages without a court order, and they cannot sue consumers in a tribal court that doesn’t have jurisdiction over their cases,” said Jessica Rich, director of the FTC’s Bureau of Consumer Protection. “Regardless of tribal affiliation, debt collectors must comply with federal law.”

Webb and his companies, under terms of the settlement, agreed to a $550,000 civil penalty for violating the Credit Practices Rule, which prohibits payday lenders from requiring borrowers to consent to have wages taken directly out of their paychecks in the event of a default. The defendants surrendered $417,740 stemming from their prior practice of attempting to garnish consumers’ wages without court orders, according to a partial judgment in favor of the FTC in September 2013.

Along with the monetary payment imposed on the defendants, the settlement bans… Read More

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