CFPB fines Money Tree – a good reminder

December 27, 2016

Although we are all hopeful the proposed CFPB rule will unravel in the near future, the CFPB action against Moneytree is a good reminder that we can at any time be examined by the CFPB in the same way that the OCCC can show up at our stores at any time. Specific to this particular […]

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Many more Americans need access to alternative loan or “payday” services than you may think, this is who they are…

December 17, 2016

Did you know? 7 in 10 Americans have less than $1,000 in savings in case of emergency. 34% of Americans have zero savings. 5% of Americans have relied on payday loans or similar services. Customer Demographics – per a Georgetown University McDonough School of Business study: Majority earn between $25,000 and $50,000. 90 % have a high […]

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Let’s speak the truth about the “Payday Loan Industry” for a minute

December 15, 2016

The Texas Organization of Financial Service Centers (“TOFSC”) is: An Industry Trade Association mainly comprised of small and mid-size business owners in Texas who offer short-term, small-dollar loan services.  You may be more familiar with our industry and it’s more commonly referred to name “The Payday Loan Industry.”  In fact, that term is loosely (not […]

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Operator Alert: Tell employees to pay extra close attention to cash in store

December 6, 2016

There is some funny money making the rounds in Abilene and the East Texas region.  There were two incidents recently that were uncovered.  The way money usually works is that it will circulate in a region so I want to make sure everyone is upping the amount of attention put towards identifying counterfeit bills. Incident […]

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OCCC releases CAB Quarterly Report data for 3rd Quarter 2016

December 5, 2016

  The OCCC has released the CAB Quarterly Report data for 3rd Quarter 2016 – some of the highlights are below! The average Payday Loan was $439 for single pay transactions and $557 for installment loan transactions. The average Title Loan was $1,230 for single pay transactions and $1,008 for installment loan transactions. The average […]

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Consumer Alert: Fake Debt Collectors trying to scam consumers

December 3, 2016

Dan Micawber at AF$PA / Payday Brokers has announced a Consumer Alert (and operator alert) regarding for a new round of Fake Debt Collectors circulating in our industry.  If you are a consumer who received a call from a debt collector that says you owe money to a “payday loan company” but will not tell […]

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Do not forget to renew your Credit Access Business license with the OCCC

November 29, 2016

Renewal dates are as follows:  Renewal period starts November 15th and December 1st renewals are due. Any licenses that are not renewed by midnight of December 31st will expire. Do not forget this it is a nightmare if you do, you will have to go through the license process again.  We have seen this happen […]

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Military Lending Act Questions

November 21, 2016

As many of you may know, in October 2016 we all began operating by new rules in regards to how we must treat “Military” applicants and their dependents.  We now need to verify what has been told to us by the applicant regarding their status on this topic.  The burden is on us as operators […]

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Did you know that Payday and Title loan business owners in Texas have rules that dictate where services can be marketed and advertised?

November 18, 2016

We are at a point in the year when many Credit Access Business owners who offer payday, installment, or title loans to Texas consumers increase their marketing and advertising efforts in hopes of serving those needing an extra financial cushion to get through the Holidays.  It is important that readers know there are some restrictions […]

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Those fight back packets must have really worked! Groups all over the U.S. like TOFSC sent in so many comments from their customers that the CFPB is facing a massive backlog in reviewing them.

November 18, 2016

(CFSA) anticipates that more than one million concerned Americans will have spoken out against the CFPB’s “Payday Loan” rule. The CFPB now faces a massive backlog in its comment portal. Presently, only 158,259 (as of 10/26 the totals were 144,140 so that’s 14,119 in three weeks) comments are publicly accessible on the Bureau’s comment portal. […]

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