What’s your #1 challenge in the small dollar loan space today? Take 30 seconds to tell me and I’ll share the results of our 10K+ readers.
To learn and share, Visit Google Docs:
What’s your #1 challenge in the small dollar loan space today? Take 30 seconds to tell me and I’ll share the results of our 10K+ readers.
To learn and share, Visit Google Docs:
Whoop de doo! Wow! $5M in fines and $14M in “payback.” Cash America (CSH) had $46M in net INCOME for the 3rd quarter 2013. This will devastate them. Buy CSH; go long… This is OLD NEWS! CSH discussed their Ohio issues as early as last December. They already began issuing “reimbursements.” So their stock takes a big hit! Only the “little” guys failed to see this coming. Enova, their ecommerce platform is “killing it.”
Guys, if the media is reporting it today, you know this is of little consequence and already factored into the stock price.
Read The Washington Post article article anyway.
Press Release
FDIC Issues Final Guidance Regarding Deposit Advance Products
FOR IMMEDIATE RELEASE November 21, 2013 |
The Federal Deposit Insurance Corporation (FDIC) today issued final supervisory guidance to FDIC-supervised financial institutions that offer or may consider offering deposit advance products. The guidance is intended to ensure that banks are aware of the credit, reputational, operational and compliance risks associated with deposit advance products and have taken steps to mitigate these risks effectively. This guidance supplements the FDIC’s existing guidance on payday loans and subprime lending, as well as the FDIC’s guidelines on small dollar loans.
Jer Ayler at Trihouse: FDIC Chairman Martin J. Gruenberg said, “The final supervisory guidance released today aims to alert financial institutions to the risks posed by certain deposit advance products and to encourage institutions to meet the demand for small-dollar loans through affordable products that are prudently underwritten and designed.”
Deposit advance products are a type of small-dollar, short-term credit product that some depository institutions offer to customers maintaining a deposit account, reloadable prepaid card, or similar deposit-related vehicle. The customer takes out a loan, which is to be repaid from the proceeds of their next direct deposit. Deposit advance products share a number of characteristics seen in traditional payday loans, including high fees; short, lump-sum repayment terms; and inadequate attention to the consumer’s ability to repay. As such, banks need to be aware that deposit advance products can pose a variety of credit, reputational, operational, compliance and other risks.
The FDIC recognizes the demand for responsible small-dollar credit products for consumers that are underwritten with attention to the customer’s ability to repay the loan without needing to borrow repeatedly to meet necessary expenses. The FDIC’s 2007 Affordable Small-Dollar Loan Guidelines encourage insured institutions to offer small-dollar loan products that have affordable, reasonable interest rates with no or low fees and payments that reduce the principal balance of the loan. If structured properly, small-dollar loans can provide a safe and affordable means for borrowers to transition away from reliance on high-cost debt products. A number of banks are currently offering such small-dollar loans to their customers. The FDIC encourages banks to continue to offer these products, consistent with safety and soundness and other supervisory considerations. The FDIC also encourages banks to develop new or innovative programs to effectively meet the need for small-dollar credit.
Attachment:
Final Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products – PDF (PDF Help)
Collection Manager – Manage Loan Operations and Loan Customer Care
This is a management level position held accountable for the booking of all loans and the subsequent customer servicing whether initiated by customer inquiry, company policy, customer delinquency, or centralized outbound marketing. This position also manages the recovery of property pledged by customers to the company and other recovery of loss assets by legal, collection agency, asset sales or other methods.
NOTE: Candidate must be willing to relocate to a South East State
Responsibilities:
Job Requirements
We’re in the $70K – $85K salary range in a state in the South East!
Apply here: https://trihouse.wufoo.com/forms/m1u7wmj311aggns/
Tom Nix’s “Nixland” is just as its title states, “My Wild Ride in the Inner City Check Cashing Industry.” I laughed out loud many times as I read Tom’s exploits in the “loan shark industry.” In polite society, we refer to it as (AFS) Alternative Financial Services. Payday loans, car title lending, check cashing…
Tom’s descriptions of growing up in San Pedro, his first days at USC and his altercation with Coach John McKay, his Los Angeles County Sheriff experiences, ramping-up his family’s check cashing business into a California powerhouse for serving the inner city by providing jobs and opportunity – all the while achieving PROFITS (an ugly word for many), leave no doubt that the time you “invest” in “Nixland” is a 100% ROI.
“Nixland” is a real world example of what a singular minded entrepreneur can accomplish in any vertical, albeit highly controversial. Not only will the reader find this book impossible to put down, but, you’ll be inspired, more business savvy, and optimistic regarding what can be accomplished through hard work and determination.
I’m proud to be a member of the AFS industry and I’m extremely glad I discovered ‘Nixland!”
Here’s a link to Tom’s book and no, it’s not a mickey-mouse Amazon affiliate link :o)
Jer – Trihouse