Should non-bank debt purchasers who buy loan portfolios from Fintech, tribe payday lenders, and national banks make certain the usury rates of these portfolios do not exceed State maximum interest rates? Do these portfolios require lower valuations when the borrowers reside in the Second Circuit (Connecticut, New York and Vermont)? Will access to credit to residents of these States be impeded? Should these original lenders maintain valid economic interests in these loan portfolios when assigned or sold?
THE BLOG
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Payday Loan Lending
By Jer Trihouse. The battle between the CFPB and payday lenders is not yet decided. It appears the members of the U.S. House of Representatives understand how important access to credit is for consumers throughout America!
It’s refreshing to witness the heroic efforts by our representatives in the House against unelected CFPB bureaucrats and their draconian efforts to place credit restrictions on consumers for solving their daily financial challenges.
Start a PDL Business
FISCA represents the thousands of small mom and pop payday loan operators offering short-term, small dollar loans to their clients.
Having actually visited payday loan stores in California, Nevada and Tennessee recently (unlike any CFPB employee), I can attest to the fact that consumers are scared. They are VERY worried that they will no longer have access to a $300 – $1000 payday loan from thier local loan center when facing a financial emergency.
Payday Lenders Win
Per Ed D’Alessio, FiSCA’s Executive Director, “By passing H.R. 5485 and rejecting the Sewell-Waters Amendment, this bipartisan group of lawmakers took an important step in keeping critical and often lifesaving lines of credit open for hard-working Americans.”
“H.R. 5485 requires the Consumer Financial Protection Bureau (CFPB) to pause the implementation of the proposed federal rules governing small dollar lending in America, an extensive and economically devastating regulation that would deny access to short-term credit options to millions of Americans.”
Financial Service Centers Of America Statement In Response To H.R. 5485 And Sewell-Waters Amendment Votes
WASHINGTON, July 8, 2016 /PRNewswire/ — Financial Service Centers of America (FiSCA), the national trade association representing 5,000-member financial service center locations around the U.S., issued the following statement today in response to the votes on H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act, and the Sewell-Waters Amendment #17: “We applaud the…Continue Reading..
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In February, I was given the unlikely opportunity to testify before Congress on the Consumer Financial Protection Bureau’s (CFPB) proposed small-dollar lending rule.
My testimony was unlikely because I grew up in public housing, spent time in federal prison for selling drugs – and I’m a satisfied customer of the payday lending industry.
Now with the CFBP officially releasing its proposed rule on June 2, a rule that will threaten access to small-dollar loans for millions of Americans just like me, I felt compelled to tell my story and make sure others know the true value these loans have for people in need of short term credit.
Mine is a true success story and I owe a great deal of it to the payday lending industry.
Without the payday and title loans I was able to get, nothing that I have been able to achieve would have happened.
Ten years ago, I started a commercial cleaning business, Imperial Cleaning Systems, Inc. in my hometown of Nashville, Tennessee. Today I have…
Read Robert Sherrill’s full story here on The Hill, the U.S. Congress Blog:
http://thehill.com/blogs/congress-blog/economy-budget/286718-what-payday-loans-mean-to-me
Here’s a shorter link via Google if you need it: http://goo.gl/GqTZL3
Mr. Sherrill’s story is amazing! Forward this email to EVERYONE. Help our industry.
Thank You, Jer – Trihouse
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Payday Loan City Ordinace Issues
“The Ordinance,” a documentary film created by Deidox Films, will debut at 7 p.m. Thursday July 7th at Grand Avenue Theater, 2809 Oak Mark Drive in Belton.
The film follows the passage of payday loan-related city ordinances across Texas, and prominently features the passage of the Temple city ordinance in December 2015. The showing will be followed by a 30-minute panel discussion with the filmmakers, Temple Mayor Danny Dunn, and local faith and nonprofit leaders who were involved in the passage of the Temple ordinance.
The public is invited to a free showing of the 30-minute film.
Temple City Council deliberated and voted in late 2015 to adopt a city ordinance that has now been passed by more than 30 Texas cities. The ordinance requires payday and auto title businesses to file with the city, provide the loan terms in a borrower’s first language, and put a percentage of each rollover payment toward the principal amount. Previously, rollover fees did not get applied to the principal, but only extended the terms of the loan. Thus, many borrowers ended up paying more in fees and interest than the principal, and still had the entire principal amount to pay off. With the new ordinance in place, effective March 2016, a portion of each rollover fee is applied to the principal.
Here’s a Google link to “The Temple Daily Telegram” discussing the film:
AND, here’s a link to the Texas Payday Loan City Ordinance “Documentary” Press Kit: https://deidox.org/theordinance/
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ACH Processor for Payday Loan and Car Title Loan Lenders Charged by CFPB
42. For example, an ODFI complained to Defendants that one of its clients, an auto title lender, which was debiting varying amounts from consumers’ accounts multiple times, did not have the contractual right or proper consumer authorization to do so, stating that it was “not ok [for the] merchant to us[e] the ACH to ‘sneak’ attack a consumer’s account, [as] it will only draw regulatory attention.” Continue Reading..
PDF: 500+ Pages $150.00
How to Start or Improve a Consumer Loan Business: Storefront or Internet anywhere!
