Category Archives: Uncategorized

The Consumer Loan Industry Needs 100,000 Signature

Dear Friends, The CFPB is putting together rules that will cripple our industry.  This will directly affect all our jobs, not to mention limit customers access to credit.  Please take a minute to sign this petition by clicking HERE.  If we can get 100,000 signature, the White House will review the rules to see, if in […]

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New Texas CAB rules??!

A Texas lender passed this along…. Texas is adding new rules for CABs.  You can see them HERE. This is totally out of left field.  I thought this was interesting: “The Finance Commission adopted these amendments at its October 16 meeting. Final amended figures are available here. The amendments will be effective November 5, 2015. See the […]

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Payday Loans Comprise Less than 1% of CFPB Complaints

“Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action,” CFPB Director Richard Cordray said in a press release announcing the new public database. Sounds like Richard Cordray is speaking out of both sides of his mouth.  The facts do […]

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Text messaging – Do’s and Donuts (haha)

I’ve received a lot of questions on text messaging, so I’m breaking it out into it’s own post.  I’m not listing the legal cases here b/c they’re everywhere now.  If you’re going to send someone text messages, make sure your documentation is clear, conspicuous and unambiguous. Seems here that if there is a question of […]

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The Grey Area (and fines) of SPAMMING

This is an attempt to educate you and not provide legal advice blah, blah, blah.  Always consult with your lawyer, first. It’s easy to assume that SPAM is unwanted electronic messages, but the operative word is “unsolicited”.  Unsolicited means “given or supplied without being requested or asked for.”  I’m going to focus on email and […]

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SNL makes fun of executive orders

Must see for anyone that thinks the President has too much power.  These executive orders are used to circumvent the legislative process.  It’s a hilarious parity on the School House Rock public message from the 80’s.

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Is Operation Choke Point Over?

The Washington Post writes, “FDIC attempts to end Operation Choke Point with letter, action.”  So is it? Wow, what a coincidence?  Republicans take hold of the House and Senate and the financial witch hunt ends.  Obviously, this is good news. “The FDIC is issuing this statement to encourage institutions to take a risk-based approach in […]

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How To Use APRWin

We changed our minds and decided to provide a complimentary web-based APR calculator instead. Click HERE to try it out. Why did we do this?  The main reason is that APRWin is very hard to use.  APRWin requires the user to determine the “unit period” of the loan….which is complicated.  You can get different calculations using identical payment […]

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Banks Face Hit From CFPB on $30 Billion in Overdraft Fees

Bloomberg reports,Banks Face Hit From CFPB on $30 Billion in Overdraft Fees. Here are the highlights….. Richard Cordray, the bureau’s director, said in an e-mailed statement about the report. “Overdraft fees should not be ‘gotchas’ when people use their debit cards.” IDEA:  Maybe we can stick the CFPB on some of the state auditing bodies if […]

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Missouri Governor Vetoes Payday Loan Bill

In a surprising turn of events Gov. Nixon vetoes payday loan bill.  The bill passed the House 112-39 and the Senate 26-4.  With this much support, this veto comes as a surprise.   The big change here was removing rollovers.  The Governor wrote in a statement: “Missourians want meaningful payday lending reform, not a sham effort […]

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