What is Borrow Smart? It is a compliance program for Credit Access Businesses in Texas.

Borrow Smart: A Compliance Platform
• A shared compliance resource and support system.
• Internet platform for reference, Q&A, and quick response.
• Policy and procedure products, along with training and communications.
• Managed in partnership with other industry associations.
• A communication vehicle to disperse rules and regulations instantly.
• Built for Credit Access Businesses by Credit Access Businesses, in a language they understand.

OCCC & CFPB Compliance
• Specific education and guidance on OCCC rules for payday and auto title loans.
• CFPB Examination Manual review and discussion.
• Collaboration with OCCC and CFPB to learn priorities and communicate to operators.
• Communication on CFPB matters and preparation for future action by the agency.

Industry Oversight
• Assess compliance weaknesses of Credit Access Businesses in Texas and provide solutions.
• Monitor discussions of new laws and regulations.
• Track, categorize, and help resolve consumer complaints.
• On site compliance audits conducted by third parties.

Building a Foundation for Financial Success: A Financial Education Program
• A basic financial education seminar on budgeting, understanding credit, and saving.
• Currently offered across the Southeast to high school and junior college students.

E-Learning System: Web-based Training for Store Associates
• Easy to use online resources and tools for continual training.
• New hire training and refreshers.
• Full-time support for store associates, access to Borrow Smart 24/7.
• In-store manuals and reference guides, along with consultation when needed.

For Now…
• Borrow Smart should be shaped as the conversation dictates during Texas’ 83rd Legislative Session.
• New rules and regulations that result from the session can be disseminated quickly and uniformly.
• Changes to Best Practices can be communicated, adjusted, and distributed quickly.

Real Results
• A visionary program with a long-term perspective.
• Increases accountability for Credit Access Businesses in Texas.
• Saves state resources by relying upon an industry with a self-regulated compliance program.
• Encourages competition while allowing the market to decide rates and loan options.
• Ease of burden for operators will likely result in lower rates, and better service for consumers.
• Texas CABs will be in position to pass CFPB and OCCC examinations with flying colors.
• Makes Texas a leader in the US with the largest and most innovative payday compliance program.

Borrow Smart is a concept initially shared with CAB Consulting by the good people at Borrow Smart Alabama, namely a gentleman named Max Wood. For more than a year, CAB Consulting and Borrow Smart Alabama have been discussing ways to bring the Borrow Smart concept to Texas. The time is now, and with the legislative session in full swing the strengths of Borrow Smart should be offered up for consideration by all Texas CAB stakeholders.

As Borrow Smart in Texas begins to get traction, let’s consider how the industry as a whole can benefit from the uniformity, accountability, and consumer financial choice that Borrow Smart strives to ensure. Call or email Michael Brown with CAB Consulting to discuss at 214-293-8676 or Michael@CreditAccessBusiness.com.

Borrow Smart Alabama has many online resources available – take a tour by clicking on the links below. Let’s tailor Borrow Smart to Texas – imagine the possibilities!

Borrow Smart Alabama Financial Education: http://www.borrowsmarteducation.com/

Borrow Smart Alabama Compliance Overview: http://www.borrowsmartcompliance.com/

Borrow Smart Alabama Code of Fair Lending: http://tggtest.com/BorrowSmart/code.htm