Invitation to the OCCC Webinar on June 26th
Invitation to the OCCC Webinar on June 26th
The OCCC sent out an invitation to Credit Access Business stakeholders today to a Webinar titled “What is a Credit Access Business?” CAB Consulting has registered for the webinar and we look forward to attending on June 26th at 2pm CST.
Here are some of the topics that will be covered:
– Review of Licensing Requirements
– Review of the CAB Structure
– Review of Required Forms and Disclosures
– Review of CAB Quarterly and Annual Reporting
If you are interested in participating in the webinar, here’s the link to the Registration Page: https://www4.gotomeeting.com/register/835753311
Space is limited to 100 attendees so act quickly and get registered!
Texas Payday Loan Businesses – Take a CAB!
Texas Payday Loan Businesses – Take a CAB!
What is a CAB? Well, if you are a payday loan business in Texas, it’s now you starting January 1, 2012.
The title CAB stands for Credit Access Business, and along with the name change comes many changes for payday loan businesses. The current CSO (Credit Services Organization) model will evolve next year thus transitioning all payday loan businesses into CABs, which requires these businesses to comply with new regulations. Understanding the new regulations is vital to continuing your payday loan business.
Licensing is one portion of the CAB transition. Under Texas House Bill 2594, which addresses the new licensing process, current CSOs will be required to attain a CAB license and will be subject to a thorough review. Applicants will undergo reviews not just of their business operation, but also of the principals involved with the CAB’s whose personal and business background will be requested.
What else is included in the CAB licensing process? A new application and detailed reports must be submitted to the state and an approval must be obtained in order for current businesses to operate legally after January 1, 2012. In addition, all Texas payday loan businesses must file quarterly reports, with the first being due April 2012. The reports will summarize the prior three months of transactions and will be reviewed by the OCCC (Office of Consumer Credit Commissioner), which is the new governing body of the industry in Texas. This process is new, it is an unknown, and will take some thought. Are you ready to take this on? In addition to the day-to-day operations of your payday loan business, you must create a plan to ensure compliance with the OCCC, which is a big undertaking.
The good news? CAB Consulting and Brokerage understands all the details required for your payday loan business to transition from a CSO to a CAB. They’ve been in the payday loan business since 2003 and have recently participated in the rule making process at the Capitol in Austin to ensure thorough understanding of the CAB model and to voice preferences and concerns about proposed rules.
Don’t get bogged down by the details – contact CAB Consulting and Brokerage at 214-293-8676. Let them inform you, handle the details of your transition, and execute the process so you can continue to do business in Texas.
Check back in for details about the new notices and disclosures requirements under the new CAB regulations.
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May 1, 2013 at 10:59 pm
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could you please send me some info about how we go about getting a loan office for Pay Day type loans started ? What license and how to apply would we need for Kerrville, Texas? What type of rules do we need to follow for our loans and where do we get a example of the contracts?
Thank you for any help you can give us.
Randy Olson-
August 10, 2013 at 7:43 am
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Hi Randy,
Congrats on your new biz. We’ve got sample docs, forms, and know-how for this. My team is focused on Texas payday ans car title loans.
Call me at 214-293-8676 Michael
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August 9, 2013 at 2:33 pm
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I am brand new at this business idea and would like start up consulting advice
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August 10, 2013 at 7:38 am
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Give us a call,Don. PH# on my web site
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Thank you for visiting Credit Access Business.com !
Thank you for visiting Credit Access Business.com !
Are you a Texas CSO that is hungry for more information on the new license you’ll need by January? You’ll need to evolve your CSO into the OCCC’s “Credit Access Business” model and we want to assist you in doing so.
Michael Brown may have contacted you or will be contacting you in regards to our Credit Access Business services. Our areas of focus are Compliance, Capital, and Collections.
CAB Consulting and Brokerage Goals:
#1 – Learn more about your business and its unique needs.
#2 – Create a step by step plan to get to you compliant.
#2 – Provide you with options for operating Capital and 3rd Party Lenders.
#3 – Improve your Collections processes, and buy your Bad Debt.
We recently attended the OCCC stakeholder meetings and Austin and are informed on what is to come. CAB Consulting and Brokerage is contacting CSO’s in Texas right now to share what we know, learn their needs, and discuss how we may be of service.
Please contact Michael Brown at 214-293-8676 to learn more today. Or, email Michael at cabconbrokerage@gmail.com.
Thank you again for visiting Credit Access Business.com!
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Next post: Texas Payday Loan Businesses – Take a CAB!
What is the CFPB? Have you heard about it?
What is the CFPB? Have you heard about it?
CFPB Basics
If you have not already, many of you may begin to hear about the “CFPB.” The “CPFB” stands for Consumer Financial Protection Bureau. This is a federal agency that was created in the aftermath of the US Economic Meltdown in 2008-2009. The government felt that it was necessary to create this new bureau to monitor a broad range of businesses that contributed to the problem by not behaving in an appropriate manner, violating the law, or taking advantage of consumers.
“The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.”The 3 priorities of the CFPB will to be Educate, Enforce, and Study.”
The scope of the CFPB will include the Payday Loan and Auto Title Loan industries. It is a possibility that our industry will be faced with regulations on local, state, and federal levels. The CFPB held a field meeting in Birmingham last week and has released an “Examination Procedures”document that illustrates how they plan to go about reviewing industry businesses.
If you would like to review the Examination Procedures document, it is available online, or you may request a copy from CAB Consulting and Brokerage. Also, if you would like to view an intro to the Field Meeting last week, you can do so here: http://www.consumerfinance.gov/getting-a-complete-picture-of-the-payday-market/
Right now we are all focused on getting our new CABs off the ground and implementing new notices and disclosures. Set your sights on the CFPB next quarter and take some time to become familiar with it. CAB Consulting and Brokerage is gathering facts and will continue to provide information as it becomes available.
If you have questions, please feel free to call Michael Brown at 214-293-8676, or email cabconbrokerage@gmail.com
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