Over the last couple of weeks I’ve covered the details surrounding Module 1, Marketing, and Module 2, Application and Originations, of the Consumer Financial Protection Bureau. And now it’s time to move on to Module 3, Payment Processing and Sustained Use. The CFPB regularly reviews the procedures and accounts of payday lend...
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Last week I covered Module 1, Marketing, of the Consumer Financial Protection Bureau’s Examination guidelines and so this week I like to move ahead to Module 2 of the examination. Application and Originations. Applications are an integral part of the short term lending process, and it is essential to keep these procedures legal an...
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When the Consumer Financial Protection Bureau audits or reviews a payday or short term lending firm, they will look for a variety of risk factors associated with fraudulent or unethical lending. In the ever-changing world of online short term lending, it is important for companies to know what the Consumer Financial Protection Bureau will look for ...
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ACH fraud is not an issue which affects consumers and businesses alone – there is also originating depository financial institutions (ODFI) fraud risk. Anyone who has completed a transaction via phone or internet to pay for goods or services is familiar with ACH Debits and what they entail. From the Receiver’s end, the risk is min...
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When it comes to building or rebuilding one's credit, a low or nonexistent FICO score has often proved to be an extremely large obstacle when applying for any type of credit lines at all. However, many smaller, non-traditional lenders are offering hope for those who need a short-term loan. Alternative risk models -- based largely on alg...
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