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 […]
CFPB Publishes Final Rule on Small Dollar Loans
Report on Impact of CFPB Proposals Under Consideration on the State of South Carolina Consumer Lending Market
Download the report here. […]
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 […]
Alabama Partners with Veritec Solutions to Protect Consumers in the Payday Lending Industry
On August 10th, 2015 Alabama joined thirteen other states in partnering with Veritec Solutions to protect consumers and ensure compliance with state law by implementing a real-time database for regulation of the payday lending industry. Veritec Solutions provides a proven, cloud-based technology solution combined with high quality customer service. We deliver unparalleled levels of regulatory compliance for the payday and small dollar lending industry while enforcing consumer protections provided under Alabama law. The Alabama State Banking Department released an RFP in October of 2014 seeking a 24x7x365, fully managed real-time regulatory database for their deferred presentment industry, and Veritec Solutions […]