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Veritec Releases Response to Proposed CFPB Rules

FOR IMMEDIATE RELEASE Jacksonville, Fla., October 26, 2016 – Veritec Solutions LLC, the industry leader in real-time regulatory solutions, submitted comments on October 6th in response to the Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans released by the Consumer Financial Protection Bureau (CFPB). For over 15 years, Veritec has managed regulatory database programs spanning 14 states. Our expertise in the industry stems from our extensive experience in the payday, vehicle title, and installment loan sector, as well as the strong relationships developed with regulators, lenders, and consumers. Veritec’s response includes the following topics in […]

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CFPB Publishes Final Rule on Small Dollar Loans

The Bureau of Consumer Financial Protection has issued this final rule to create consumer protections for certain consumer credit products. The rule has two primary parts. First, for short-term and longer-term loans with balloon payments, the Bureau is identifying it as an unfair and abusive practice for a lender to make such loans without reasonably determining that consumers have the ability to repay the loans according to their terms. The rule generally requires that, before making such a loan, a lender must reasonably determine that the consumer has the ability to repay the loan. The Bureau has exempted certain short-term […]

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Report on Impact of CFPB Proposals Under Consideration on the State of South Carolina Consumer Lending Market

Download the report here. […]

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Veritec Solutions Announces New Consumer Protection Partnership in Alabama

Jacksonville, FL – Alabama joins 13 other states in partnering with Veritec Solutions to protect consumers and provide real-time regulatory compliance for the payday lending industry. Veritec Solutions provides proven technology that enables unparalleled levels of compliance for the payday and small dollar lending industry with high quality customer service to licensees and consumers. The Alabama State Banking Department released a Request for Proposal in early October seeking a statewide, fully managed real-time regulatory database for their deferred presentment industry, and Veritec Solutions responded with the winning bid. Veritec Solutions currently manages a regulatory compliance system in Alabama supporting more […]

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