OCCC looking for engagement with Texas Payday Loan and Title Loan CAB’s
OCCC looking for engagement with Texas Payday Loan and Title Loan CAB’s
Attended last week’s OCCC meeting in Austin and saw stakeholders from a multitude of industries speak up with opinions, questions, etc. The OCCC had arranged the meeting with the goals of getting feedback from stakeholders in several regulatory areas on where they see their industries now, where they are headed in the future, and how the OCCC is doing. An open forum was given for stakeholders to speak up, ask questions, and offer opinions…
From the meeting I took away that the OCCC is focusing on:
-Customer Education
-Outreach
-Engagement
-Financial Education
-Increase Online Activity
-Advise businesses to look at existing regulations, not just the new regulations
-Urge businesses to participate in dialogues with OCCC
-Re-iterated that stakeholder input in Texas is unique, not seen in many other states
In the meeting there were many who spoke up, but not what I would call a flood of questions and comments. The OCCC is really making an effort to ask for industry feedback – take advantage. The squeakiest wheel gets oiled first!
Questions you would like asked? Let me know I will send them in on your behalf. As always I am pleased to take your calls on all matters CAB, and if you want to learn more about the OCCC areas of focus cited above don’t hesitate to call Michael at CAB Consulting and Brokerage at 214-293-8676, or email cabconbrokerage@gmail.com
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Payday Boot Camps offered by CAB Consulting at Partner store location in Austin, Texas
Payday Boot Camps offered by CAB Consulting at Partner store location in Austin, Texas
CAB Consulting has partnered with Star of Texas Financial Solutions in the Austin, Texas area to offer live in-store training sessions to start ups wanting wide and narrow scope guidance on how to get going with their payday, installment, or auto title loan venture. As well, Payday Boot Camps are often conducted for existing companies wishing to elevate their business to another level by implementing the leading edge operating techniques we demonstrate while in our “live” storefront, or who wish to add additional products or services.
The two-day sessions are comprised of conversation and instruction in the conference room, as well as “behind the counter” demonstrations of actual transactions in the loan management system with real customers right there in front of you.
In years past, CAB Consulting has conducted Payday Boot Camps with Tri-House Consulting in California (THANK YOU JER!), and in 2016 we began hosting them in Texas at Star of Texas Financial Solutions in Austin. This has been an extremely valuable tool for individuals considering an entry into the “payday” industry.
In the two-day sessions we cover payday loans, installments loans, and auto title loans. We have hosted groups mostly from States in the U.S. like Texas, Utah, and Nevada. As well, we have conducted sessions for companies from Canada and South Africa.
No matter what State or Nation we have been able to deliver expertise on industry basics as well as licensing and regulation. CAB Consulting clients will be advised on best practices, vendor selection, underwriting, third-party lenders (Texas and Ohio), and much more. We are a comprehensive consulting business with specialties in multiple states that can deliver 100% of what is needed to start a payday business, to run one, and to make a profit.
Our industry has experienced a marked resurgence with the recent governmental changes, and CAB Consulting has seen a major uptick in Payday Boot Camp interest. We are ready to go when you are!
If you would like to learn more about our Payday Boot Camps, call or email to contact Michael Brown, let’s review the program details together, and set a date!
This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers. He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.
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Let’s get prepared for an OCCC Examination!
Let’s get prepared for an OCCC Examination!
CAB Consulting has been helping small and mid-size Texas Credit Access Businesses navigate the new CAB licensing model ever since its passage just over 2 years ago. Having served almost 200 locations during that time, CAB Consulting could be a great resource for your company. Does your business need a compliance review? Do you feel your business is prepared for an OCCC examiner to walk in your door?
Audit Alert: OCCC examiners are actively traveling the State right now and they typically show up at your door un-announced. Several clients have been examined this month. CAB Consulting clients will be fully prepared for an examination and will know exactly what to expect.
What other needs might your business currently have? The principal of CAB Consulting, Michael Brown, would like to work with you on your Payday or Auto Title loan store to make operating improvements, increase compliance, grow confidently, and become more profitable.
CAB Consulting can deliver a wide array of results to your business, call 214-293-8676 today to learn more, or visit www.CreditAccessBusiness.com for information!
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August 10, 2013 at 7:31 am
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Michael, the auditors showed up today! Our contracts are a mess, we overcharge on the lender fees, the APR’s are wrong… wish I’d have listened to you and have your team audit my stores first :o(
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August 10, 2013 at 7:35 am
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Hate to see it happen to you, FT. Hopefully the set backs aren’t catastrophic. Let’s schedule a intervention the following week.
Michael
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Many more Americans need access to alternative loan or “payday” services than you may think, this is who they are…
Many more Americans need access to alternative loan or “payday” services than you may think, this is who they are…
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 school diploma or better, 54 % have some college or degree.
- 53 % are under 45 years old (only 9 % are 65 or older).
- Majority of customers are married and 63 % have children in household
- 32 % own homes, 54 % have credit cards, 100 % have steady incomes, 100 % have checking accounts.
For more information, go to: http://cfsaa.com/about-the-payday-advance-industry/customer-demographics.aspx
This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers. He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.
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