Category: Blog
The Fed says nearly 4 in 10 Americans lack enough money to cover a $400 emergency expense
A fellow Texas CAB and TOFSC Member shared this article with me today that was featured on Fortune.com. For those of us operating in the short term small dollar loan industry offering payday loans or auto title loans we know that having as much as $400 set aside for emergencies is damn good compared to the 18% of folks that don’t have $100. Based on the stats quoted in the article if 37% of Americans don’t have $400+ cash reserve that comes to 123 million people, the 18% with less than $100 comes to 60 million people. Those numbers are sobering. With savings continuing to drop, some might say it is common sense to make sure there is growing access to credit for US consumers. The more access to credit the better – let a wide-open market compete and let the consumers choose what works best for them in that moment.
Here’s the link to the article:
Nearly 4 in 10 Americans can’t cover a $400 expense, Fed data shows | Fortune
Legislation
Legislation
See below for PDF’s of the Payday Loan and Auto Title Loan related bills that have been proposed this year in Texas’ 83rd Legislative session. On the home page of www.CreditAccessBusiness.com, detailed “blog-style” summaries have been done on each. It is the pleasure of CAB Consulting to provide you with this online resource.
CAB Consulting has retained Keefer Strategies and is actively participating in the legislative conversation this year. We have aligned with many clients and TOFSC to get informed, have our voice heard, and impact the conversation in a positive way. If you would like to learn more about what our group of small to mid-size Credit Access Businesses in Texas are up to, please call Michael Brown at 214-293-8676, or contact him via email at Michael@CreditAccessBusiness.com
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C.A.B. Consulting and Brokerage
Michael Brown
3636 South Alameda, Suite B-149
Corpus Christi, Texas 78411
Email: Michael@CreditAccessBusiness.com
Phone: 214-293-8676
Fax: 512-366-7247
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House Bill 2019
House Bill 2019
This bill was authored by Craddick, and is “relating to a limitation of total charges in connection with certain extensions of consumer credit facilitated by a credit service organization.” The bill states it is amending Texas Finance Code Chapter 393, subchapter D by adding 393.308 which states that the total charges on a arranged by CSO loan cannot exceed those outlined in Texas Finance Code Chapter 342, E & F. There are pending changes to Chapter 342 in SB 823 from Carona it is possible that this bill intends to correspond with that bill. Or, this could be a way to address the methods allegedly employed by operators to adapt to local ordinances. Currently, a maximum of either 24% APR or 80% APR is chargeable on “regulated lender loans” under Chapter 342. Credit Access Businesses (or at least that use of that exact term) are absent from this bill. HB 2019 would go into effect on 9-1-2013.
Click here for a PDF of HB 2019! HB.2019
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