Laurie Hobbs at the OCCC sent out an email to industry “Stakeholders” on Tuesday regarding the continuation of the Sunset process at the OCCC.  Next up is the Stakeholder Meeting to discuss rule amendments.  See below for OCCC’s comments on what will be done and how you can participate.

  • “OCCC would like to inform us of a Sunset Bill / Rule (HB 1442) pre-comment draft that the agency plans to discuss at the upcoming Stakeholder Meeting on Thursday, May 23, 2019, at 2:00 p.m. 
  • The stakeholder meeting relates to the May 14 pre-comment draft of rule amendments to the OCCC’s licensing and administration rules. 
  • The amendments are intended to implement HB 1442’s licensing and administrative provisions by: clarifying provisions on license term, renewal, and expiration for OCCC licensees and registrants; specifying procedures for how the OCCC processes consumer complaints; and specifying procedures for appealing the denial of a debt cancellation agreement.
  • Stakeholders are invited to attend the meeting in person at the Finance Commission Building.
  • Informal precomments on the OCCC’s May 14 draft of licensing and administration rules must be received by 5:00 p.m. on Wednesday, May 29, 2019.”

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.

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For the benefit of those who read our posts we are sharing a snapshot on the progress of a five-location retail chain’s Search Engine Marketing Campaign after six months.  This particular business offers cash advances and title loans in the Central Texas area.  What do you think?  Is it doing well with SEO? Room for improvement?  How about your title loan or cash advance business?  Is it doing better or worse?  

The results shared here are what will net a business 148 online applications in one month which was the actual April 2019 total.  It could and probably will be higher in future months because this time of year traditionally is the lowest in demand.  That being said, right now this cash advance and title loan business is achieving some of its best results since starting the SEO campaign in late September 2018. 

The SEO team at Hearst Media Services, 
https://hearstdms.com/localedge/tofsc (contact Ahmed Khalaf and team!) is handling this campaign and provides monthly reports that summarize where the business is at in a number of ways, what changes are made by them for you to improve, etc. 

Statistics that were reported for April:

·         43,000 impressions.

·         588 clicks.

·         148 online applications.

·         Online traffic has increased 20% since starting the SEO campaign in September 2018.

·         Cost broke out to $6.35 per lead generated.

What are the top sources of traffic?

70% Google, 20% is from actual entry of the website address, 2% Yelp, 2% Facebook, the rest was “others.” 

Comment: No surprises there, Google is king, and everyone needs to max out on this search engine every way they can! Yelp is proving to be a good source too, check them out directly.

What pages are visitors entering on?

Home, then contact us, across the board. Big drop off after that. 

CommentThis tells us site visitors check out the business online, get a feel for it, then look for a phone # to call and get a live person.

What cities are generating organic traffic?

Top 10: Austin, Dallas, Abilene, Houston, San Antonio, Waco, Round Rock, Pflugerville, New Braunfels, San Marcos. 

CommentStrange to see Dallas and Houston pop up in these stats as the business is not located in those cities.

What search terms are leading customers to the website?

Top 10: Title loans, car title loans, Star of Texas, Title loan, Car title loan, Star loans, Auto title loans, Installment loans company, Installment loans Texas, Title loan near me.

CommentSurprised that cash advances was not at least half of the top six results here. Not understanding why title loans was so popular.  Is the website more optimized to title loans versus cash advances?

For more information on the topic of SEO for your cash advance, payday loan, or title loan business, feel free to reach out to Michael Brown at the contact below, and to get in direct contact with the real experts call Ahmed Khalaf at 716-541-4174, or email him at akhalaf@hearst.com.

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.

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Submit your comments to the CFPB by May 15th

May 3, 2019

CFSA has been urging industry stakeholders to submit a comment letter to the CFPB regarding the  “CFPB Rule Proposal to Reconsider the 2017 Payday Lending Rule.”   Again, right now the CFPB ATR and Payment Provisions are on hold which is referred to as a “stay.”  See below for what CFSA is saying we need to do, go […]

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Interesting development on the subject of the so-called Payday Loan City Ordinance

April 19, 2019

The Austin American Statesman put out an article this week (“Senate votes to limit city regulations on private businesses.”) that discussed two bills in the legislature that were about to be passed by the Senate.  The bills, SB 2486 and SB 2488, will limit local government control over private businesses.  It appears the bills are directly […]

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The online marketplace is booming and the brick & mortar store must adjust by increasing web presence and using alternative data.

April 9, 2019

We have been hearing a lot lately about the continued decline of retail business in the US.  Zales and Jared jewelry retail stores are the latest to announce closures of hundreds of locations. Online is booming and it seems like Amazon rules the world.  If your business does not have an online presence you are […]

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Mick Mulvaney at the CFPB wants to lean on State regulators like the OCCC

March 29, 2018

One popular counter to the CFPB and it’s regulation of the payday industry is that oversight should be shared with, or even shifted more so, to State regulators versus the much maligned federal agency.   In the case of Texas, that means our friends at the OCCC would be that ideal option. The highly experienced leadership […]

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CFPB and Mick Mulvaney focusing in on Debt Collectors

March 29, 2018
Thumbnail image for CFPB and Mick Mulvaney focusing in on Debt Collectors

It was in the news over the last 24 hours that Mick Mulvaney and the CFPB will be centering their focus on Debt Collectors who have traditionally been in the #1 position, as far as complaints go.  For over two years, it was discussed by the payday industry that our group was, month after month, […]

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OCCC’s 2016-2017 fiscal year data ahead of Finance Commission Meeting on Friday 10/20

November 8, 2017

OCCC and Finance Commission Report Information, Meeting is Friday 10/20 and will summarize data from September 0f 2016 to August of 2017. CAB Examinations:  Down from 707 in 2016 to 652 in 2017 (-7%). CAB acceptable level of compliance: 98.93%. Complaints processed payday: 208 in 2016 and 148 in 2017 (-28.8%). Complaints processed title: 198 […]

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CFPB issued the final Payday Loan Rule today

October 5, 2017

CFPB Rule came out today.  It is 1,600+ pages and I am hearing from folks on it but no one knows a lot at this point.  I need to start reading and as I connect with others to learn more I will of course relay what people are saying. Effective date is 21 months after […]

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Credit Access Businesses offering payday, installment, and title loans help US consumers avoid padding the banks fat pockets

October 3, 2017

So much time and effort is spent on attacking the “payday loan industry” it is baffling.  Why do consumer advocates and the CFPB refuse to make the banking industry Public Enemy #1 instead? See below for a shocking breakdown of how banks target and abuse US Consumers with un-godly annual revenue via Overdraft and NSF […]

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