Category: Uncategorized

01
May

NY and VISA Attack Payday Loan lenders Use of Debit Cards

Andrew M. Cuomo & Benjamin M. Lawsky
Governor Superintendent

April29, 2014

Martin Elliott
Senior Director Brand Protection
Visa, Inc.
900 Metro Center Blvd.
Foster City, CA
94404

Dear Mr. Elliott:

The New York State Department of Financial Services (“DFS”) has discovered a disturbing new tactic that online payday lenders are using to illegally withdraw funds from New York consumers’ bank accounts.

As pressure has mounted surrounding online payday lenders’ abuse of the Automated Clearing House (“ACH”) network, some payday lenders are migrating to
debit cards to process illegal payday loan transactions with New Yorkers. Fortunately, this trend appears to be in its early stages and the Visa debit network has strong protections that prohibit the processing of illegal transactions.

This letter confirms proactive commitments that Visa has made in discussions with DFS to quickly halt the processing of illegal payday loans through the
Visa debit network before Continue Reading..

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29
Apr

Lisa Servon, RiteCheck, Check Cashing and Underbanked Myths

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24
Apr
23
Apr

Payday Loan Disruption

Jer Trihouse Consulting

Jer Trihouse

I’m lucky! I’m able to speak with international and domestic small dollar loan lenders, vendors, industry associations, pundits, regulators and the media DAILY.

I’ve learned the best approach is to LISTEN. What have I learned?

Everything is going digital. The “old ways” are just that – old. Serious disruption is now the norm. These are truly fantastic times to be a lender IF you’re willing to change your game. If not, you’re DEAD!

What do you think? Jer@TrihouseConsulting.com 

Jer – Trihouse

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21
Apr

Important Conference-California Financial Service Providers May 2014

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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