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| The Association of ALTERNATIVE FINANCIAL SERVICE BUSINESS OWNERS "We help you grow your business by providing you with the best information, research, data, support, relationships and by vetting and presenting the best available product and service providers for the alternative financial services industry." |
| Copyright 2016 @ All rights reserved. |
| Whether you’re a CONSUMER LENDER or a SMALL BUSINESS LENDER, AFSPA is the forum to find the resources you need to succeed. Over 5,000 members with over 62,000 locations and online operations offering: *CONSUMER LENDING: CHECK CASHING - TITLE - PAYDAY - RENT.TO.OWN - AUTO - PAWN - INSTALLMENT BILL PAY - MONEY ORDERS - MONEY TRANSFER - DEBIT - PHONE - PREPAID - TAX SERVICES - INSURANCE Store Front . Grocery . Bank . Retail . Convenience Store . Pharmacy . Finance . Tax Prep . Hardware . Electronic *SMALL BUSINESS LENDING: MERCHANT CASH ADVANCE - PEER-TO-PEER LENDING - LINES OF CREDIT, SMALL BUSINESS LOANS - MICRO LOANS - ACCOUNTS RECEIVABLE FACTORING - CROWD FUNDING |
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| Support AFSPA! The support from these AFSPA members allows us to expand the work we do for our members and the industry. Bronze Supporters *A+Loans, Inc & A+ Financial Services, Inc. *One Stop Shop: Vero Beach, Florida *Martin Olear: Dallas, Texas Silver Supporters *Texas Organization of Financial Service Centers Gold Supporters *Anonymous: Louisiana owner Diamond Supporters *Mike Davidson: Fairfax, VA *Anonymous: Texas Owner - 7/28/15 Platinum Supporters *Anonymous: Louisiana Owner - 8/12/1015 Lifetime Supporters |
| Sept 14 |
FACTORTRUST OFFERS ADVANCED LENDPROTECT ATR SOLUTION TO
BETTER ASSESS ABILITY TO REPAY
In Anticipation of CFPB Proposals, FactorTrust Releases New Solution to
Help Short-term, Small-dollar Credit Market
ATLANTA (May 17, 2016) - FactorTrust, the alternative credit bureau, announces the
launch of its LendProtect ATR (Ability to Repay), a comprehensive, innovative solution
for informed lenders that will accelerate assessment of consumers' ability to repay in
preparation of anticipated regulation from the Consumer Financial Protection Bureau
(CFPB).
The CFPB's proposals under consideration are expected to require the short-term,
small-dollar credit market to take new steps to ensure consumers can repay short-term
loans, vehicle title loans, deposit advance products, certain installment loans and
open-end loans. For each loan, lenders will need to take into account the consumer's
income, major financial obligations and borrowing history, while considering a 60-day
"cooling off period" between loans.
As reported in FactorTrust's latest Underbanked Index, 31 percent of applicants would be
eligible to borrow after considering the proposed "cooling off" period and residual
income requirements. However, applicant eligibility could reach as high as 40 percent,
if lenders use alternative credit data to optimize underwriting decisions and dynamically
adjust loan amounts, accommodating limited residual income.
BETTER ASSESS ABILITY TO REPAY
In Anticipation of CFPB Proposals, FactorTrust Releases New Solution to
Help Short-term, Small-dollar Credit Market
ATLANTA (May 17, 2016) - FactorTrust, the alternative credit bureau, announces the
launch of its LendProtect ATR (Ability to Repay), a comprehensive, innovative solution
for informed lenders that will accelerate assessment of consumers' ability to repay in
preparation of anticipated regulation from the Consumer Financial Protection Bureau
(CFPB).
The CFPB's proposals under consideration are expected to require the short-term,
small-dollar credit market to take new steps to ensure consumers can repay short-term
loans, vehicle title loans, deposit advance products, certain installment loans and
open-end loans. For each loan, lenders will need to take into account the consumer's
income, major financial obligations and borrowing history, while considering a 60-day
"cooling off period" between loans.
As reported in FactorTrust's latest Underbanked Index, 31 percent of applicants would be
eligible to borrow after considering the proposed "cooling off" period and residual
income requirements. However, applicant eligibility could reach as high as 40 percent,
if lenders use alternative credit data to optimize underwriting decisions and dynamically
adjust loan amounts, accommodating limited residual income.
| To AFSPA members Get involved and help change the CFPB proposed rule before it becomes final! You must act now because the deadline for the comment period is October 7th, 2016 The Federal Administrative Procedures Act gives us the right to push back before the rule becomes set in stone. As a CFSA or AFSPA member, you will have our support to effectively share your comments and fight back! We would like to send you a “FIGHT BACK PACKET” with information about the CFPB’s comment period and how to send a letter to the regulators in Washington to prevent this rule from harming your businesses and denying your customers access to credit. We need to count on you to get involved to protect your business, your customers, and our industry! If you would like to receive a packet, or have any questions, please contact CFSA at 1.888.544.2313 or comment@cfsaa.com |
CFSA
Charles Halloran
Chief Operating Officer
| Protect Your Right to Short-Term Credit Contact the CFPB today and tell them: "Don't take my credit away!" |
| Sept 22 |
