Over the last 7 months CAB’s in Texas have evolved from a non-regulated space into the new CAB environment.  The OCCC has implemented its new way of doing things and there have been a few surprises along the way.

As a licensed Credit Access Business who has committed to learning the laws and made it a priority to study the rules outlining compliance, you are well on your way.   Do you have 100% confidence in how you have implemented Credit Access Business rules in your stores?  Have you talked with other friendly competitors about how they interpret the rules?   If you did, you might know that a preliminary round of OCCC examinations was performed.  There was some industry “buzz” from those examinations that gave many of us more of an idea of what’s to be expected.  The OCCC has been great to work with so far, for example what many would call their visits to your store an “OCCC audit”, they call an “examination.”  Seems to like a softer and friendlier term…

A commitment to gaining knowledge, operating legally, operating fairly, and exchanging information with peers is key to building confidence and securitizing your business.   So, how exactly might that be done?  Contact CAB Consulting and Brokerage!  We have created plans for our clients that create a simple approach to OCCC compliance.  CAB Consulting and Brokerage’s relationships across also put it in an ideal position to communicate recent developments and pass the latest “buzz” to your business.

Show the OCCC that your Credit Access Business is tuned in when their examination of your business goes smoothly and without any surprises.  Be an ideal CAB and get informed – make the OCCC’s job easy!   Start by contacting CAB Consulting and Brokerage to discuss how we might be able to go to work for you.  Reach Michael Brown at 214-293-8676 or via email at michael@creditaccessbusiness.com.

I was reading this CNN Money.com article today: http://money.cnn.com/2012/08/13/pf/bank-fees-rise/index.html

This is an issue that I am very familiar with and the result is more customers for Texas Credit Access Businesses.

Monthly service fees on accounts with balances below $5,000 are the banks targets for the monthly service charges, which certainly fits the low and middle income profile of the typical payday consumer. And, don’t forget that NSF and Overdraft fees at many banks are have drifted up into the $35-$40 range.

Options like pre-paid debit cards are becoming more attractive compared to the bank branch, and in many cases the pre-paid cards offer more ideal online account management and smart phone capability, all with lower monthly service charges.

Consumers are learning there are more convenient and less costly options out there, and a migration towards cutting edge alternative financial services is happening. Shape your business accordingly, get creative, and stay convenient!

I refer to the information below very often in conversations – it is published by FISCA and illustrates the real deal on banking related charges versus payday advances – the APRs are less in many cases! Be sure and have these statistics ready the next time the APR topic comes up – and then nail it.

$100 Payday Loan (14 days) = $22.88 Fee (596% APR)
$100 Overdraft Protection = $29.00 Fee (756% APR)
$100 Bounced Check = $54.87 Fees (1,431% APR)

Sources:
(1) Bankrate.com, 2007 Courtesy Overdraft Study – based on average first draft
(2) Average NSF fee $28.23 (Bankrate.com, 2007 Checking Study), based on average first NSF charge, and average merchant return check fee of $26.64 (2006 CFSA fee survey).

C.A.B. Consulting and Brokerage works with Texas Credit Access Businesses on their licensing, compliance, operations, and third party lender needs. Recently they partnered with Orangebook Website Design to offer Texas CAB’s dynamic websites at a discounted price.

Per its Rules for Credit Access Businesses, the O.C.C.C. asks that certain documentation (Consumer Disclosures, Licenses, Fee Schedules, and Notices) not only be displayed in-store but also on websites through which Texas CABs advertise their services. Orangebook Website Design has been educated on the regulations and will redesign or build a new website for your business that ensures compliance in the internet marketplace.

Orangebook Website Design is offering Texas CABs a greatly reduced price for a new website build. Orangebook Website Design has reduced the list price for a 5 Page website from $975 to $745 for C.A.B. Consulting and Brokerage referrals.

5 Page Features ($745)

• Complete Custom Web Design (No Templates)
• Home Page Flash Intro
• Unlimited Design Revisions
• Contact Page with Contact Form
• Search Engine Friendly Web Site
• Social Media Links to Facebook, Twitter, and MySpace
• Dedicated Contact Personnel for Your Project
• Free Online Payment Interface
• You Own Your Web Design – Onetime Cost for Web Design

An 8 Page website originally priced at $1,540 is now reduced to $1,185 for C.A.B. Consulting and Brokerage customers.

8 Page Features ($1,185)

• All Features Listed for the 5 Page Website Design
• Unlimited Photo Galleries
• Video Upload
• Unlimited Slide Shows
• PDF File Download

Website redesigns start at $595 and include all the features of a new website build. E-Commerce Websites are available at a reduced rate of $1,775, and, in addition to all the listed features for website design, includes a Shopping Cart System.

Website Hosting services are also available through Orangebook Website Design:

Basic Hosting ($37.50 a month)

• 24/7 Web Maintenance
• Unlimited Changes
• SEO
• Contact Management System

Premier Hosting Services ($89 a month)

• Development of a Marketing Plan
• Organic SEO
• Content Development
• Web Analytics and Analysis (evaluate weekly/monthly web traffic)

Orangebook Website Design provides personal website design services and has a portfolio of current websites, which include a wide variety of industry. Contact Orangebook Website Design at 949-715-5676 to further discuss the C.A.B. Consulting and Brokerage Website Design Discount.