CFPB: Good News for Payday Loan Borrowers and PDL Companies: PDL Complaints Decline 12%

By: Jer Trihouse
Jer - Trihouse

David Lazarus, the author of a hit piece in The Los Angeles Times, calls the collaboration of both Republican and Democratic lawmakers on a payday loan bill “a bizarre display of bipartisan cooperation to cripple the Consumer Financial Protection Bureau.” This statement is folly!

“The bill would delay federal regulations for payday lenders by two years. It also would allow states to adopt more lenient rules for the industry.” The States should have the ultimate say in regards to credit access for their residents! What do the bureaucrats in D.C. know about this topic? Zip!!Continue Reading..


PAIN and Small Dollar Lending


I get calls every day from lenders in PAIN!

What kind of PAIN you ask?

• Fear about what the CFPB/regulators will do to us
• What our friends, family and neighbors think of us
• What new city ordinance is going to be passed against us
• Who might sue us next
• How do we collect our money

The #1 PAIN? How to take care of our existing customers and how to get more of them!

At a minimum, there are 45 MILLION+ customers out there who want to do business with us.

The LIFE TIME VALUE (LTV) of just one customer is $4,236 – $15,000+ in fees generated!

So… if you miss just ONE customer you’re talking about SERIOUS PAIN!

(Relax! I’m getting to PAIN relief)

Look, I have no clue as to what the CFPB will do – if ANYTHING. The Chairwoman of the Democratic National Committee just introduced HR4018. This changes the game in our favor BIG TIME! And CSFA, FISCA, OLA, NASFA, our lobbyists, our State associations are all working hard…

If you’re still concerned about what your friends, family and neighbors think, open a pizza store. I’m certain that too will meet with some disapproval.

City Ordinances? As I’ve been saying for years, “Embrace the Internet or Die!” Cities can’t enforce their crazy laws anyway. The State will prevail. But, be prepared…

Most importantly, let’s not forget our customers. Our CUSTOMERS support us big time! Over and over again – at hearings, meetings and CFPB rallies, they’ve expressed their desire for continued access to our products and services!



Online & Storefront Lenders.
Don’t lose a customer because you’re CLOSED. Be available 24/7 to make loans/$$
Are you losing business to your competition because of your hours of operation?
You want to service more customers? You want to make more loans? The magic words are “SPEED” and “AVAILABILITY.”

Speed of customer contact is huge! If you wait five minutes to call a lead after you purchase it, chances are the customer has been contacted by someone else already.

If your customer has to wait in line while your CSR’s answer your phone, they will bolt!

How many times have you experienced this yourself? You’re in a place of business. You wait in line for your turn. The phone rings. Suddenly, the caller on the phone has literally jumped into line ahead of you. The caller is not placed on hold. YOU are! Patience is not a virtue!

During the past week, Team Trihouse called 132 loan companies after hours. 93% of the time, all we got was a poorly worded recorded voice!

“Hello, sorry we missed you. Our hours are Monday through Friday 10 A.M. to 6 P.M. and Saturdays 10 A.M to 2 P.M. Please leave a message and we’ll return your call. BEEP…”

As “The Donald” would say, “STUPID!” 82% of the companies we left a message with NEVER returned our call.

Lenders are spending $$ on store branches, signage, leads, TV, radio, car wraps, direct mail, bus benches, on and on while FAILING miserably at serving their customers.

OK, ENOUGH! How do we fix this?

Hire and train more CSR’s and staff them 24/7.

WHOOPS! That’s expensive, time consuming and hard to scale.

A simpler way? Try Centrinex

OK, here comes the PITCH.

But seriously, I know Centrinex works! You can stop being “STUPID.” You can be “open” 24/7 and beat the pants off your competition.

Remember your customer’s Life Time Value? $4,236 – $15,000+


• Centrinex has provided outsourced call center services to the short term lending industry for over 10 years, with 5 facilities (Domestic and Near-shore), and 25+ lenders currently enjoying the advantages of having partnered with Centrinex.

• Flexible solutions from standard operating hours to after-hours coverage, shared resources and even per-minute billing are available. You can expand your hours of operation without expanding your real estate and salary expense. Ramp-up as your needs dictate.

• Centrinex will call your loan applicant immediately. The moment your loan form is submitted by your loan customer a Centrinex CSR will call them while they’re still at their computer!

• When your phone rings, a Centrinex CSR will answer in seconds.

• After hours coverage allows you to purchase lower cost leads when your competition has closed for the day.

• Loan applicant fraud is HUGE. Partner with Centrinex – a Team who already “knows the ropes” and can assist in refining your underwriting to maximize loan performance.

• Online application abandonment. Centrinex can provide “Overflow Coverage” for peak periods your in-house staff cannot support.

• 24/7 Centrinex call center support for lead sellers. Maximize your lead inventory and monetize your denied leads.

• Centrinex works with all loan management software programs.

• Multi-lingual CSR’s available

• Collections: Centrinex averaged 35%+ success on 30 day debt in 2015

• Champion-Challenger: Is your current call center performing as well as you think? Run a campaign against your internal Team to find out.

• Disaster Recovery: Maintain a small, low cost staff solution with Centrinex in event of unexpected down-time/failure.

Frank Cotton 678-851-8116 (Cell)

Are you attending CFSA in The Bahamas March 7th – 10th? Look for Frank. Give him a call.

Frank Cotton: Centrinex

Frank Cotton: Centrinex

Here’s Frank’s ugly mug:

Frank Cotton
VP Sales and Marketing
678-851-8116 – cell
Skype: fcotton368
LinkedIn: fcotton368


CFPB Gets a Right Hook from Democratic National Committee & H. R. 4018

Good News for Payday Loan Consumers!

The CFPB takes a “hit” from the chairwoman of the Democratic National Committee!

Surprise! CFPB Gets a Right Hook from Rep. Debbie Wasserman Schultz (D-Fla.) & H. R. 4018

Jer: Trihouse Consulting

Jer: Trihouse Consulting

By: Jer Trihouse. The chairwoman of the Democratic National Committee is pushing a bill H. R. 4018 that would delay new payday lending regulations.

Finally, someone in D.C displays some sense regarding the needs of millions of consumers needing access to emergency loans!

Rep. Debbie Wasserman Schultz (D-Fla.) is co-sponsoring the “Consumer Protection and Choice Act.” H. R. 4018 places a two year delay on pending rules from the CFPB – Consumer Financial Protection Bureau.

[Man, is this going to piss… I mean ANNOY, CFPB Director Cordray!]

The legislation exempts states with exisiting payday lending abuse laws from the rules. Wasserman Schultz’s home state of Florida has one such law on the books, and 12 of the bill’s 24 co-sponsors are also from the Sunshine State.

“As a state lawmaker, she helped write Florida’s law that has sharply reduced the need to go to bad actors, curbed predatory practices and created standards and protections for low-income borrowers,” Wasserman Schultz spokesman Sean Bartlett said.

Here’s a portion of H.R. 4018: (Link to H.R. 4018 at bottom)

To amend the Truth in Lending Act to establish deferred presentment transaction requirements, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

This Act may be cited as the ‘‘Consumer Protection 5 and Choice Act’’.


If the Director of the Bureau determines that a State has in effect a covered deferred presentment law, any regulations of the Bureau with respect to deferred presentment transactions and deferred presentment providers shall not apply in such State.

For purposes of this section, the term ‘covered deferred presentment law’ means a law or regulation of a State that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, which may be accomplished through existing State authority, and that meets the following requirements…

Here’s the LINK to the Bill.BILLS-114hr4018ih