THE BLOG

28
Apr

Car Title Loan Biz for Sale

California Title-Finance Company Business For Sale – LA County:

Asking Price $ 3,900,000
Includes about $ 2,000,000.00 in loan Portfolios
Over 30 Title Loan Locations Throughout Southern California
3 Pawn License included in the asking Price
Potential to increase revenue by adding more accounts and remote lending outside of California * Rated A+ by Better Business Bureau

  • Gross Sales about $ 3,600,000.00 Annually
  • Nets over $ 600,000.00 Annually
  • Business Started in 2006
  • About 125 new loans per month
  • Average interest rate charged is 9% per month
  • About 2500 sqft of office space (relocatable)
  • Loans on ATV’S, Boats, Trailers, Planes, Art, Jewelry motorcycle, RV and much more
  • 15 Full time employees and about 30 part-time employees
  • Take this great opportunity to own this great business and take it to another level by bringing additional lending capital in, take advantage of the name and history of this business!
  • No gimmicks, no hidden fees, just straight shooting and fast cash!

Los Angeles, Ventura, San Bernandino and Orange County.

More Information available ONLY upon signed NDA and proof of funds!

Email Jer@TrihouseConsulting.com. Include Your name, company name, phone. Insert “Calif  Title Company” in “Subject.”

 

23
Apr

ACH Alternative for Payday Lenders

Bank for payday loan businessIs your ACH processor threatening you? Is your “return rate too high?” Is your state, similar to California, contemplating  banning payday loan lender access to electronic access to consumer bank accounts?  No worries! When 35 million consumers demand access to a product, entrepreneurs always find a way. There’s a fix for this! If you need an alternative to ACH, I’ve got it. Reach out. It’s cheap, proven and works. Jer@TrihouseConsulting.com It’s called Image Check Letter (ICL) and it’s a new, exciting way to enable nearly any business (no porn or pharmaceuticals) to easily collect payments. You can easily make deposits as well! Want more info? Inquire about ICL Click HereICL is a great backup for state, tribe, store-front and internet lenders! Get ready for the future.

No more worries about ACH termination

 

ICL System: No deposits, 1-2 day clearing of funds, return notification in 1-2 days, no worries about return percentages, funds deposited directly into your account, and no worries about receiving a termination letter from your ACH processor.

ACH Alternative processing payday loans

“California will track consumers who take out payday loans and ban letting online payday lenders getting electronic access to customers’ bank accounts under a new regulatory proposal, according to American Banker.”

“The new rules would require payday lenders to secure loans with a paper check instead of electronic account access. That would make it much harder for online payday lenders to do business — but those lenders are typically much more expensive than storefront lenders and generate more fraud and abuse, and most online lenders don’t have state licenses, according to a 2014 Pew Charitable Trusts report.”

 

22
Apr

California Bans ACH for Payday Loans

Bank for payday loan businessCalifornia bans ACH for payday loans? No worries! When 35 million consumers demand access to a product, entrepreneurs always find a way. There’s a fix for this! If you need an alternative to ACH, I’ve got it. Reach out. It’s cheap, proven and works. Jer@TrihouseConsulting.com It’s called Image Check Letter (ICL) and it’s a new, exciting way to enable nearly (no porn or pharmaceuticals) to easily collect payments. Want more info? Inquire about ICL Click Here.

ICL System: No deposits, 1-2 day clearing of funds, return notification in 1-2 days, no worries about return percentages, funds deposited directly into your account, and no worries about receiving a termination letter from your ACH processor.

“California will track consumers who take out payday loans and ban letting online payday lenders getting electronic access to customers’ bank accounts under a new regulatory proposal, according to American Banker.”

“The new rules would require payday lenders to secure loans with a paper check instead of electronic account access. That would make it much harder for online payday lenders to do business — but those lenders are typically much more expensive than storefront lenders and generate more fraud and abuse, and most online lenders don’t have state licenses, according to a 2014 Pew Charitable Trusts report.”

“A payday lender trade group, the California Financial Service Providers Association (CFSP), said the new rules “would have a high probability of forcing many or most” of its members out of the payday loan business. The group’s members are all state licensed, it said.”

“But a spokesman for the California Department of Business Oversight said that reducing online payday lending “may not necessarily be a bad thing. The spokesman, Thomas Dresslar, added, ‘The more the scope of payment instruments expands beyond paper, the more dangerous the market becomes for consumers. It’s not the storefront operations that are the problem. It’s the activity on the Internet.”

20
Apr

Bank Discontinuance: Anti-Money Laundering Compliance Program

Bank Discontinuance: Anti-Money Laundering Compliance Program“Bank Discontinuance” Issues and Strategies for avoiding this devastating occurrence in your small dollar lending business.

 NOTE: This document is intended to outline steps you can take to ensure that your compliance program is adequate. Perhaps you were sleeping? You somehow missed this:

Justice Department Hits Community Bank in Second Choke Point Case

by Victoria Finkle

MAR 10, 2015 5:04pm ET

WASHINGTON — The Department of Justice announced a $4.9 million settlement Tuesday with CommerceWest Bank over charges that the Irvine, Calif., bank knowingly worked with a third-party processor to make illegal withdrawals from consumer accounts.

The deal is the latest development in the law enforcement agency’s initiative to combat crime and consumer fraud through the banking system, known as Operation Choke Point. It’s the second case associated with the effort, which has come under fire in recent months from Republican lawmakers and the banking industry.

“CommerceWest Bank ignored a parade of red flags indicating that a third-party payment processor was defrauding hundreds of thousands of innocent victims,” said Benjamin Mizer, acting assistant attorney general of the Justice Department’s Civil Division, in a press release. “[W]e will hold financial institutions accountable when they choose unlawfully to look the other way while fraudsters use the bank’s accounts to steal millions of dollars from American consumers.”

The move is a win for government officials who have faced considerable pushback from bankers and lawmakers concerned that Operation Choke Point is chilling business activity for legal but controversial industries like gun dealers and payday lenders.

The Federal Deposit Insurance Corp. told banks in January that they should carefully evaluate the activities of businesses they contract with, but clarified that they don’t need…” READ MORE.

BANK SECRECY ACT (BSA)/ANTI-MONEY LAUNDERING (AML) COMPLIANCE PROGRAMS

INTRODUCTION

Given the importance of compliance with the anti-money laundering requirements to the protection of our financial system and our national security, MSBs that fail to comply with even the most basic requirements of the Bank Secrecy Act, such as registration with FinCEN if required, not only are subject to regulatory and law enforcement scrutiny, but also are likely to lose banking services that enable them to function.

Like other financial institutions subject to the Bank Secrecy Act, MSBs must assess the risks of their operations as a step in developing effective anti-money laundering programs. MSBs seeking to obtain or maintain account relationships with banking organizations should be prepared to provide information or explanation to their banking organizations about the risks associated with the services offered, the customer base, the markets served, and the locations of the money services business.

Department examiners will assess the adequacy of your AML compliance program to determine whether you have developed, administered, and maintained an effective program for compliance with the BSA and all of its implementing regulations.  Review of the MSB’s written policies, procedures, and processes is a first step in determining the overall adequacy of the BSA/AML compliance program.  The document provides guidance and elements for designing an effective MSB compliance program. The degree to which elements should be implemented are dependent upon the MSB’s risk profile.

ANTI-MONEY LAUNDERING COMPLIANCE PROGRAMS 

Each MSB is required by law to have an effective anti-money laundering (AML) compliance program.  An effective anti-money laundering program is one that is reasonably designed to prevent the MSB from being used to facilitate money laundering and the financing of terrorist activities.  The regulation requiring MSBs to develop and maintain an AML compliance program is contained in 31 CFR103.125.  Each program must be commensurate with the risks posed by the location, size, nature and volume of the financial services provided by the MSB.  For example, a large money transmitter with a high volume of business located in large metro area is at higher risk than a small check casher with a low volume of business located in a rural area.  Therefore, the large money transmitter would be expected to have Continue Reading..

15
Apr

PAYDAY LOANS-OBAMA FIGHTS BACK ON CUTTING CFPB FUNDING

The payday loan-small dollar credit industry continues to fight the good fight. However, an administration source was quoted as saying: “On Wednesday, House Republicans are looking to sneak an amendment into HR 1195 that would cut CFPB funding. To be clear, any attempt to limit funding at the CFPB is an obvious effort to weaken the important consumer protections put in place following the financial crisis.”

“In the Dodd-Frank Act, Congress took important steps to promote accountability by the CFPB, such as by constraining its funding more than for any other bank supervisor. The CFPB is the first dedicated financial regulator looking out for consumers and protecting them from deceptive and unfair practices. We cannot allow this dedicated watchdog to have its resources limited in this way.”