THE BLOG

08
Dec

CFPB Under Attack Again by PDL, Banks, Credit Union Trade Groups

Congress Attacks All Planned CFPB Rules

Jer Trihouse

Jer Trihouse

By: Jer Ayles-Trihouse. Financial, fintech, banking and credit union trade groups are storming Congress to  repeal all upcoming CFPB [Consumer Financial Protection Bureau] rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act.

All of us in the payday loan, installment loan, short term loan and car title loan industry are fully aware that the CFPB is about to finalize several rules, including arbitration, small dollar, third-party debt collection prepaid cards… having a deleterious and ultimate choke hold on consumers, the economy, and balance sheet lenders.

It’s time for Congress and President Trump to implement their authority under the Congressional Review Act (CRA) to blow-up these threats by the CFPB!

Meanwhile, we’re all forced to spend HUGE amounts of MONEY and Time dealing with CFPB rules that will likely NEVER SEE THE LIGHT OF DAY!

The structure of the CFPB has been determined to be unconstitutional by a federal D.C. Court!

So, let’s get back to serving the desires of the millions of borrowers who VOTE for payday loans, title loans, small dollar short term loans demonstrated by their DAILY USE OF OUR FINANCIAL PRODUCTS, and allow us to continue to develop new loan products at reduced rates and fees for our clients.

The CFPB is already a dinosaur that stifles competition, destroys consumer ability to make choices that fit their own unique financial situation and puts millions of dollars in the pockets of lawyers, consultants and lobbyists RATHER than allowing balance sheet lenders to focus on providing outstanding service at fair rates!

The future of our small dollar, short term lending industry has not looked this bright in a LONG TIME. There is still tremendous opportunity for “mom-and-pops,” venture capitalists, hedge funds, and vendors such as loan management softeare companies, ACH/ICL/DEBIT providers, tribes, money transfer system conduits… to enter and SERIOUSLY PROSPER in our industry!

Excited? Wnat to learn more? Need help? Got a question? Jer@TrihouseConsulting.com 702-208-6736

Finally, to receive future updates from us, simply plug in your First Name and your email address. Then click on the “Subscribe Link” that you’ll shortly receive in your Inbox. No Spam and no Garbage. Spam is for jerks and we are not jerks!

Now go make some $$. Jer Trihouse

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11
Oct

CFPB Takes Broadside- Leadership Structure Ruled Unconstitutional!

CFPB Leadership Structure Ruled Unconstitutional by D.C Circuit Court 🙂

This just in from Ben Lane:

“In a unanimous decision of the three justices of the United States Court of Appeals for the District of Columbia Circuit, the court ruled that the CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government.”

‘Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency,’ the court writes.

And it gets worse for the CFPB.

“From the court’s decision:By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. 

That is not an overstatement. What’s this mean  for the Payday Loan Industry?

What about the Speaker of the House, you might ask? The Speaker can pass legislation only if 218 Members agree. The Senate Majority Leader? The Leader needs 60 Senators to invoke cloture, and needs a majority of Senators (usually 51 Senators or 50 plus the Vice President) to approve a law or nomination. The Chief Justice? The Chief Justice must obtain four other Justices’ votes for his or her position to prevail. The Chair of the Federal Reserve? The Chair needs the approval of a majority of the Federal Reserve Board. The Secretary of Defense? The Secretary is supervised and directed by the President. On any decision, the Secretary must do as the President says. So too with the Secretary of State, and the Secretary of the Treasury, and the Attorney General.

In short, the court writes, the director of the CFPB is the “single most powerful official in the entire U.S. Government, other than the President,” in terms of unilateral power.

Email TrihouseConsulting for a PDF of the Original D.C. Court Decision: Original Article Put “DC Circuit in Subject.”

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12
Sep

CFPB Grossly Understates Positive Payday Loan Testimonials it Received

We all know that our U.S. government agencies lie, cheat and steal even more than our politicians do. After all, these agencies are made up of ordinary people.

So it comes as NO SURPRISE that the CFPB failed to honestly reveal that 98.5% of the puny total number of payday loan testimonials submitted by ordinary borrowers on the CFPB payday loan website portal were POPSITIVE about the payday loan product!

According to the CFSA, during the 5 years data has been made available, “12,308 comments (or more than 98%) of the 12,546 comments submitted on short-term loans praised the industry and its products and services, or otherwise indicated positive experiences. “

Thus the old saying, “Statistics can be made to prove anything.” Ofcourse, in this CFPB instance, the government agency simply lied. So… what’s new? Zip!

To learn how to make money by lending money, Click Here!

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07
Jul

From Prison to Payday Loans to Entrepreneurship to CFPB Testimony

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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07
Jun

CFPB vs ACH Processor Intercept EFT

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..

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