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 in 2016 and 147 in 2017 (-25.7%).

Top 3 Complaint Types Payday:

Overcharges:8.8.

Financial hardship:14.9.

Payment processing: 25.7.

Top 3 Complaint Types Title:

Financial hardship: 13.6.

Repo: 14.3.

Payment Processing: 21.8.

Jan-June 2017 and other years during same period,  CAB Reporting said:

Unsecured installment and payday loans have been almost exactly flat in the last (4) years going back to 2014, hovering in the 1.044 to 1.1 million loans range for the Jan-June periods.

For comparison, the highest year was 2013 with 1.2 million loans and 3,176 locations reporting activity.  In 2017 the locations totals are 1,817 – this is a new number I have been seeing 2,200-ish.

(ATTENTION CITIES AND CONSUMER ADVOCATES WHO PASSED CITY ORDINANCES TO PASS – ARE YOU READING THIS???) 

Title loans in the last (2) years are hovering flat in the 129,000-133,000 range, with a steady drop from 2013 when there were 241,000 in the same six-month period.

Repos – steady in the 15,000 range the last (2) years.

# Consumers using products Jan-June of 2017, 2016, 2015:

Single payment payday loans in 409k, 453k, 510k

Unsecured installment loans:416k, 385k, 365k

Single payment title loans: 63k, 71k, 109k

Installment title loans: 53k, 53k, 36k

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.