Texas Payday Loans – Uncharted 3 Blog http://uncharted3blog.com/ Thu, 23 Sep 2021 21:48:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://uncharted3blog.com/wp-content/uploads/2021/05/default.png Texas Payday Loans – Uncharted 3 Blog http://uncharted3blog.com/ 32 32 Elevate Credit eclipses $ 500 million in combined loans receivable by 25% https://uncharted3blog.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25/ https://uncharted3blog.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25/#respond Thu, 23 Sep 2021 21:48:00 +0000 https://uncharted3blog.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25/ FORT WORTH, Texas – (COMMERCIAL THREAD) – The title of the release should read: Elevate Credit eclipses $ 500 million in combined loans (instead of Elevate Credit eclipses $ 500 million in combined loans at 25%). The post’s caption should read: 25% increase from end of 2sd Quarter (instead of the increase from the end […]]]>

FORT WORTH, Texas – (COMMERCIAL THREAD) – The title of the release should read: Elevate Credit eclipses $ 500 million in combined loans (instead of Elevate Credit eclipses $ 500 million in combined loans at 25%).

The post’s caption should read: 25% increase from end of 2sd Quarter (instead of the increase from the end of the 2nd quarter).

The updated version reads as follows:

ELEVATE CREDIT ECLIPSE 500 MILLION DOLLARS IN COMBINED LOANS RECEIVABLE

25% increase from the end of the 2ndsd Trimester

Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced that combined loans – principal arrears recently exceeded $ 500 million.

Chief Executive Officer Jason Harvison said, “We, and the banks we back, are proud to have eclipsed half a billion in outstanding loans during the peak of the summer demand season in 2021. Consumer credit has recovered faster and stronger than initially expected. and we now expect the combined loan receivable and principal balances to end in 2021 in the range of $ 545 million to $ 575 million compared to our previous outlook of $ 475 million to $ 500 million. ”

“Elevate continues to build momentum and execute our strategic growth initiatives. Our new Blueprint platform has enabled strong growth for all three products. The three-tier marketing plan we developed earlier this year to re-engage alumni Partner channel expansion has proven to be very successful in 2021, and we’re excited to continue to reach underprivileged Americans who aren’t. not sufficiently served by traditional banks, ”continued Mr. Harvison.

Chad Bradford, Acting CFO, added: “During the peak credit demand season this spring and last summer, we were delighted to increase the volume of loans within our business unit. targeted. While this growth has increased the initial costs associated with origination, such as provisioning, we expect to meet our performance targets on significantly scaled volumes. We plan to provide an update of our financial outlook for the year 2021 on therd November quarter results conference call. ”

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as “may”, “will”, “could”, “expect”, “believe”, “anticipate”, “could”, “could”, “estimate”, “continue”, “Pursue”, or the negative thereof or comparable terminology, and may include (without limitation) information regarding the expectations, goals or intentions of the Company regarding future performance. These statements may include words such as “anticipate”, “estimate”, “expect”, “plan”, “plan”, “intend”, “believe”, “can”, “will”, “Should”, “likely” and other words and terms with similar meanings. Forward-looking statements include statements regarding: our expectations for future financial performance, including our outlook for the full year 2021; our potential for long-term earnings growth; and our expectation of continued high earnings through 2021. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in such statement. These risks and uncertainties include, but are not limited to: the effect of the COVID-19 pandemic and various policies implemented to prevent its spread on the business, financial condition and results of operations of the Company; the Company’s limited operating history in an evolving industry; the Company’s ability to increase its revenues and maintain or achieve consistent profitability in the future; new laws and regulations in the consumer lending industry in many jurisdictions that could restrict the consumer lending products and services offered by the Company, impose additional compliance costs on the Company, make the current operations of the Company unprofitable or even prohibit the current operations of the Company; scrutiny by regulators and payment processors of certain online lenders’ access to the automated clearinghouse system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruption in credit markets; the impact of competition in our industry and the innovation of our competitors; our ability to prevent security breaches, downtime and comparable events that could compromise personal and confidential information held in our data systems, reduce the attractiveness of our platform or negatively impact our ability to honor loans; and other litigation, compliance and regulatory risks. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s most recent annual report on Form 10-K, as well as in other current reports. and Company periodicals deposited from time to time with the latter. All forward-looking statements contained in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statements.

About the elevation

Elevate (NYSE: ELVT), working with the banks that license its marketing and technology services, has to date granted $ 9.2 billion in unprivileged credit to more than 2.6 million non-privileged consumers. privileged customers and has saved its clients over $ 8.5 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit products include RISE, Elastic and Today Card. For more information, please visit http://corporate.elevate.com.


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Regulators threaten Coinbase and cryptocurrency innovation – Reason.com https://uncharted3blog.com/regulators-threaten-coinbase-and-cryptocurrency-innovation-reason-com/ https://uncharted3blog.com/regulators-threaten-coinbase-and-cryptocurrency-innovation-reason-com/#respond Thu, 23 Sep 2021 20:00:14 +0000 https://uncharted3blog.com/regulators-threaten-coinbase-and-cryptocurrency-innovation-reason-com/ The cryptocurrency market continues to grow across the world as new products make it easier for people to invest, sell, and trade with cryptocurrency. But without a change in the mindset of regulators, many of these products will fail to reach consumers. Look no further than Coinbase, which last week plans to offer its new […]]]>

The cryptocurrency market continues to grow across the world as new products make it easier for people to invest, sell, and trade with cryptocurrency. But without a change in the mindset of regulators, many of these products will fail to reach consumers.

Look no further than Coinbase, which last week plans to offer its new loan product due to threats of legal action by the Securities and Exchange Commission (SEC). The “Loan” program allowed users to earn interest on their holdings if they held specific types of cryptocurrency. The SEC’s rationale for the lawsuit is that the loan program violated long-standing security rules, even though it is more akin to a traditional savings account.

It is sad. Not only does this block financial technological innovation, but it also prevents consumers from benefiting from high interest rates during times of rising inflation. There is a better way to deal with innovative financial products than with threatening lawsuits. They’re called regulatory sandboxes, and the SEC should take inspiration from forward-thinking states and adopt one.

A sandbox is an alternative regulatory structure for dealing with products that present regulatory uncertainty. Companies that have such products can request to test their products for a specified period as long as they still comply with consumer protection standards. If they are accepted in the sandbox, they can offer it to consumers. At the end of the testing period, they either comply with existing regulatory standards or work with regulators to modify those standards based on their experience in the sandbox.

The first regulatory sandbox has been deployed in the UK in 2014. It has 700 participants since 2015 and around 80% of those companies still exist, a much higher rate than companies without a sandbox. Firms in sandboxes were also more likely to to collect money, raised more VC funds and went to market faster.

There are now 70 different sandbox programs in 57 jurisdictions and countries. Arizona was the first state to adopt a sandbox in 2018, and the Consumer Financial Protection Bureau (CFPB) recently updated its sandbox program at the federal level. The most common type of sandbox in the world is in financial technology. There are 27 companies in financial technology sandboxes in Arizona, Hawaii, and West Virginia, with the CFPB sandbox giving regulatory relief to 10 different financial products.

One of the coolest companies to be able to participate in a sandbox is BlockFi. Like the product Coinbase offered, BlockFi Offers Hawaiian Sandbox Interest Bearing Cryptocurrency Accounts. But BlockFi has also encountered issues with attorneys general in other states for the same product. New Jersey, Vermont, Alabama, Texas and Kentucky ordered cease and desist or show cause orders to the company on its interest bearing product.

It is likely that these attorneys general and financial regulators did not have a regulatory structure to manage this new type of financial product. Rather than allowing innovation without authorization, they chose to shut down products entirely due to a non-zero risk of harm to the consumer. As the SEC tries to fight the cryptocurrency industry, it has almost certainly made the same calculation.

But that doesn’t have to be the case. The CFPB and states have shown that sandboxes can handle new financial products by making regulators and businesses work together to spur innovation, while protecting consumers. The revamped CFPB sandbox issued eight letters of no action in 2020, giving companies confidence that they can deliver their new products. Some products include low-value loans that offer lower rates than payday loans, allowing earned wages to be made available before they are paid, and automatic savings programs for employees. These programs all have benefits for consumers; they just needed regulatory certainty to get started.

The cryptocurrency industry has rapidly grown from a little-known technology 10 years ago to an estimated $ 2,000 billion market, with hundreds of companies around the world providing services to consumers. About 46 million Americans own bitcoin (to say nothing of alternative cryptocurrencies). The recent recognition by El Salvador of Bitcoin as legal tender and other reforms have been controversial, but they show a growing acceptance of cryptocurrency. Whether the SEC wants to admit it or not, the changes to our financial system are already here.

What is currently happening with Coinbase will certainly happen to more fintech companies in the future. Threatening to sue every company with a new cryptocurrency product is not only a misuse of taxpayer resources, but it is also causing the United States to fall behind on blockchain and cryptocurrency technology.

The SEC should follow the lead of states and the CFPB and adopt a regulatory sandbox for cryptocurrency. In the meantime, states should continue to lead the way and bring much needed regulatory federalism to fintech and other industries.


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President Biden declares national emergency to address threat posed by humanitarian crisis in Ethiopia – Government, Public Sector https://uncharted3blog.com/president-biden-declares-national-emergency-to-address-threat-posed-by-humanitarian-crisis-in-ethiopia-government-public-sector/ https://uncharted3blog.com/president-biden-declares-national-emergency-to-address-threat-posed-by-humanitarian-crisis-in-ethiopia-government-public-sector/#respond Wed, 22 Sep 2021 20:02:18 +0000 https://uncharted3blog.com/president-biden-declares-national-emergency-to-address-threat-posed-by-humanitarian-crisis-in-ethiopia-government-public-sector/ United States: President Biden declares national emergency to address threat posed by humanitarian crisis in Ethiopia September 22, 2021 Cadwalader, Wickersham & Taft LLP To print this article, simply register or connect to Mondaq.com. In an Executive Order (“EO”) signed on September 17, 2021, President Joseph R. Biden declared a state of national emergency to […]]]>

United States: President Biden declares national emergency to address threat posed by humanitarian crisis in Ethiopia

To print this article, simply register or connect to Mondaq.com.

In an Executive Order (“EO”) signed on September 17, 2021, President Joseph R. Biden declared a state of national emergency to address the threat to US national security and foreign policy posed by “widespread violence, atrocities and serious human rights abuses” in northern Ethiopia and in the greater Horn of Africa region. The new EO authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to sanction certain foreign persons, including persons and entities who:

  • are responsible for (i) threatening the “peace, security or stability” of Ethiopia, (ii) corruption or serious human rights violations, (iii) obstruction of humanitarian aid, (iv) violent targeting of civilians, (v) an attack on the United Nations or the African Union or (vi) actions that undermine democratic processes or the territorial integrity of Ethiopia;
  • are military or security forces operating in northern Ethiopia;
  • obstruct a ceasefire or peace process in the country;
  • are subdivisions, agencies or political instruments of the Ethiopian government, the Eritrean government or its ruling Popular Front for Democracy and Justice, or certain other military and political groups; Where
  • are the spouse or adult child of any person sanctioned under the OE.

Once the decision is made, the IB authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to select one or more of the following sanctions to be imposed on the sanctioned person (including the heads of the sanctioned entities):

  • freeze all property and interest in the person’s property in the United States; and
  • prohibiting, insofar as the action would benefit the person or entity sanctioned:
    • American people to invest in stocks or debt securities of the sanctioned person;
    • US financial institutions to provide loans or grant credits to the sanctioned person; and
    • US nationals engage in foreign exchange transactions in which the sanctioned person has an interest.

The IB also allows denial of entry into the United States and denial of export licenses.

As part of the new OE, and to ensure that humanitarian aid can continue to flow to Ethiopia through authorized channels, OFAC has issued General License (“GL”) nos. 1, 2 and 3 authorize, respectively, the official activities of certain international organizations, the support activities of certain non-governmental organizations and the transactions necessary for the export of agricultural products, drugs and medical devices.

In addition, OFAC has published six new FAQs related to the new EOs and GLs, including:

  • FAQ 923, which specifies that an entity owned 50% or more by a sanctioned individual is not automatically blocked by the new EO, and must itself appear on the list of specially designated nationals (“SDN”) of the OFAC and on the list of people blocked for blocking sanctions; and
  • FAQ 924, which specifies that an entity owned by a person appearing on the list of sanctions based on OFAC’s non-SDN menus is not automatically subject to these same non-blocking sanctions, unless this entity appears separately on the list.

To date, no sanctions have been imposed under the new EO.

Primary sources

  1. Executive Decree on the Imposition of Sanctions on Certain Persons Due to the Humanitarian and Human Rights Crisis in Ethiopia
  2. OFAC general license n ° 1: Official activities of certain international organizations and other international entities
  3. OFAC General License No. 2: Certain Transactions in Support of the Activities of Non-Governmental Organizations
  4. OFAC General License No.3: Transactions related to the export or re-export of agricultural products, drugs, medical devices, spare parts and components or software updates
  5. OFAC FAQ: Sanctions related to Ethiopia – 922
  6. OFAC FAQ: Sanctions related to Ethiopia – 923
  7. OFAC FAQ: Sanctions related to Ethiopia – 924
  8. OFAC FAQ: Sanctions related to Ethiopia – 925
  9. OFAC FAQ: Sanctions related to Ethiopia – 926
  10. OFAC FAQ: Sanctions related to Ethiopia – 927

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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New Texas Laws Affecting Businesses

Jackson Walker LLP

On September 1, 2021, more than 650 new Texas laws came into effect. As companies enforce several of the new laws, Jackson Walker provides a summary below of a number of new and upcoming laws.

Electronic Signature Guide: Americas

Law of allies

The European Union and over 60 countries (and more) have adopted laws and regulations regarding electronic signatures and digital transactions.


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Government Procurement and the Energy Implications of Texas Senate Bill 19: Navigating State Regulation of Corporate Firearm Policies – Government, Public Sector https://uncharted3blog.com/government-procurement-and-the-energy-implications-of-texas-senate-bill-19-navigating-state-regulation-of-corporate-firearm-policies-government-public-sector/ https://uncharted3blog.com/government-procurement-and-the-energy-implications-of-texas-senate-bill-19-navigating-state-regulation-of-corporate-firearm-policies-government-public-sector/#respond Wed, 22 Sep 2021 08:39:29 +0000 https://uncharted3blog.com/government-procurement-and-the-energy-implications-of-texas-senate-bill-19-navigating-state-regulation-of-corporate-firearm-policies-government-public-sector/ United States: Government Procurement and the Energy Implications of Texas Senate Bill 19: Navigating State Regulations on Company Firearms Policies September 22, 2021 Husch Blackwell LLP To print this article, simply register or connect to Mondaq.com. Companies with ESG policies – including financial parties investing or lending money for renewable energy projects – should assess […]]]>

United States: Government Procurement and the Energy Implications of Texas Senate Bill 19: Navigating State Regulations on Company Firearms Policies

To print this article, simply register or connect to Mondaq.com.

Companies with ESG policies – including financial parties investing or lending money for renewable energy projects – should assess the impact of Texas Senate Bill 19 on their public procurement opportunities, and should expect and prepare for increased state regulation of corporate firearms policies in the future.

As of September 1, 2021, Texas Senate Bill 19 prohibits government entities from entering into contracts with companies that have policies that restrict doing business with the firearms industry. The bill specifically targets banks and other financial institutions who have at least ten employees and are looking for government contracts of at least $ 100,000. Under the bill, these institutions are required to provide written evidence that they do not have any practices, policies, guidelines or guidelines that “discriminate” against any firearms entity or trade association. .

In 2018, several banks announced policies placing restrictions on the gun industry after a shooting at Marjory Stoneman Douglas High School in Parkland, Florida. For example, Citigroup announced that it would ban retailer customers of the bank from offering large caliber inventory or selling firearms to people who have not passed a background check or who have less. twenty-one years old. That same year, Bank of America announced that it would stop making new loans to companies that make military-style rifles for civilian use. These policies will likely trigger enforcement of the bill, and both institutions risk losing government procurement opportunities in Texas.

Given the scope of Texas Senate Bill 19, companies with environmental, social, and governance (“ESG”) policies should be especially mindful of the implications of the new government procurement legislation. ESG policies often limit participation in the firearms industry and would “discriminate” against specialized firearms entities, so the application of Texas Senate Bill 19 would be likely. The bill defines “business” as “[A] for-profit organization, association, corporation, partnership, joint venture, limited partnership, limited liability company or limited liability company, including a wholly owned subsidiary, majority owned subsidiary, parent company or an affiliate of these entities or associations that exist for profit “.

So while financial institutions with ESG policies – including some entities with ESG policies that serve as tax equity investors and construction lenders on wind, solar and other renewable energy deals – are likely covered by Texas Senate Bill 19, utility buyers and Electric Reliability Council of Texas (ERCOT) entities in which they invest will not be subject to the same restrictions as long as such investments place these entities under the definition of a “business” provided for in the bill. Either way, Texas Senate Bill 19 is one of many approaches to regulating ESG policies at the state level, and companies, including the entities they contract with. , should expect similar measures in the future and be prepared.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: US Government, Public Sector

New Texas Laws Affecting Businesses

Jackson Walker LLP

On September 1, 2021, more than 650 new Texas laws came into effect. As companies enforce several of the new laws, Jackson Walker provides a summary below of a number of new and upcoming laws.

Electronic Signature Guide: Americas

Law of allies

The European Union and over 60 countries (and more) have adopted laws and regulations regarding electronic signatures and digital transactions.


Source link

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Texas Senate Bill 19 Government Procurement Implications: Navigating State Regulations on Business Firearms Policies – Government, Public Sector https://uncharted3blog.com/texas-senate-bill-19-government-procurement-implications-navigating-state-regulations-on-business-firearms-policies-government-public-sector/ https://uncharted3blog.com/texas-senate-bill-19-government-procurement-implications-navigating-state-regulations-on-business-firearms-policies-government-public-sector/#respond Tue, 21 Sep 2021 22:20:07 +0000 https://uncharted3blog.com/texas-senate-bill-19-government-procurement-implications-navigating-state-regulations-on-business-firearms-policies-government-public-sector/ United States: Texas Senate Bill 19 Government Procurement Implications: Navigating State Regulations on Company Firearms Policies September 21, 2021 Husch Blackwell LLP To print this article, simply register or connect to Mondaq.com. As of September 1, 2021, Texas Senate Bill 19 prohibits government entities from entering into contracts with companies that have policies that restrict […]]]>

United States: Texas Senate Bill 19 Government Procurement Implications: Navigating State Regulations on Company Firearms Policies

To print this article, simply register or connect to Mondaq.com.

As of September 1, 2021, Texas Senate Bill 19 prohibits government entities from entering into contracts with companies that have policies that restrict doing business with the firearms industry. The bill specifically targets banks and other financial institutions who have at least ten employees and are looking for government contracts of at least $ 100,000. Under the bill, these institutions are required to provide written evidence that they do not have any practices, policies, guidelines or guidelines that “discriminate” against any firearms entity or trade association. .

In 2018, several banks announced policies placing restrictions on the gun industry after a shooting at Marjory Stoneman Douglas High School in Parkland, Florida. For example, Citigroup announced that it would ban retailer customers of the bank from offering large caliber inventory or selling firearms to people who have not passed a background check or who have less. twenty-one years old. That same year, Bank of America announced that it would stop making new loans to companies that make military-style rifles for civilian use. These policies will likely trigger enforcement of the bill, and both institutions risk losing government procurement opportunities in Texas.

Given the scope of Texas Senate Bill 19, companies with environmental, social, and governance (“ESG”) policies should be especially mindful of the implications of the new government procurement legislation. ESG policies often limit participation in the firearms industry and would “discriminate” against specialized firearms entities, so the application of Texas Senate Bill 19 would be likely. Ultimately, the bill is one of many approaches to regulating ESG policies at the state level, and companies should expect similar measures in the future.

To remember : Companies with ESG policies should assess the impact of Texas Senate Bill 19 on their government procurement opportunities, and should expect and prepare for increased state regulation of company firearms policies. .

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: US Government, Public Sector

New Texas Laws Affecting Businesses

Jackson Walker LLP

On September 1, 2021, more than 650 new Texas laws came into effect. As companies enforce several of the new laws, Jackson Walker provides a summary below of a number of new and upcoming laws.

Electronic Signature Guide: Americas

Law of allies

The European Union and over 60 countries (and more) have adopted laws and regulations regarding electronic signatures and digital transactions.


Source link

]]>
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How to buy now, how to pay later has become a 100 billion dollar industry https://uncharted3blog.com/how-to-buy-now-how-to-pay-later-has-become-a-100-billion-dollar-industry/ https://uncharted3blog.com/how-to-buy-now-how-to-pay-later-has-become-a-100-billion-dollar-industry/#respond Tue, 21 Sep 2021 08:56:19 +0000 https://uncharted3blog.com/how-to-buy-now-how-to-pay-later-has-become-a-100-billion-dollar-industry/ The Klarna logo on the screens of laptops and phones. Jakub Porzycki | NurPhoto via Getty Images It will take some time to buy now and pay later. Today, millions of buyers buy now, pay later, or use the BNPL service to finance their purchases. And the options are more diverse than ever – Klarna, […]]]>

The Klarna logo on the screens of laptops and phones.

Jakub Porzycki | NurPhoto via Getty Images

It will take some time to buy now and pay later.

Today, millions of buyers buy now, pay later, or use the BNPL service to finance their purchases. And the options are more diverse than ever – Klarna, Affirm, and Afterpay are just a few of the many providers in this space.

Meanwhile, big business is on the move, PayPal is launching its own product, Amazon and Apple have partnered with Affirm, and Square has agreed to buy Afterpay in a $ 29 billion deal.

BNPL companies promote their services as a better alternative to credit cards. But critics fear that many people are spending more than they can afford and may not even realize they are in debt.

So what do you buy now and pay later? And why is it suddenly booming?

What is BNPL?

The BNPL plan, also known as a point-of-sale loan, allows buyers to pay for goods over a period of installments.

The concept is not new. Installment plans, called “layaways” in the United States and “layaways” in Australia, have been around for years. These deals allow people to spread the cost of items over a period of time.

BNPL is similar in that consumers prepay for their products, often interest-free and in stages.

Buyers can choose to use the BNPL service when paying online with just a few clicks. They usually pay the first installment and will be charged the remaining amount within 3-4 months.

BNPL providers often add a payment button to the retailer’s website to get a merchant transaction-by-transaction discount. According to experts, retailers are motivated to accept this. This is because the average order value is high and the conversion rate is often high.

Some BNPL companies also receive income from delinquency fees and long-term interest.

The advantage for buyers is that they can purchase more expensive items than they would normally be able to afford all at once (for example, a $ 300 jacket) and split the purchase cost into monthly installments. .

Why is it so popular?

One word: Coronavirus.

The pandemic has forced many retailers in physical stores to temporarily close, allowing consumers to spend more time at home.

This has accelerated the growth of online shopping. Last year, global e-commerce transactions totaled $ 4.6 trillion, up 19% from 2019, according to a report by payment processing company Worldpay, owned by FIS.

BNPL accounted for 2.1% of that total, or about $ 97 billion. According to Worldpay, this figure is expected to double by 2024 to reach 4.2%.

The BNPL program was already popular before the pandemic, but the market has grown significantly due to changes in consumer spending habits and the surge in e-commerce adoption.

This has benefited many companies in the field as Klarna reached a valuation of $ 46 billion in a recent private funding round, PayPal acquired Japanese company Paidy for $ 2.7 billion and Square acquired Afterpay. Brings.

What are the risks ?

One of the main criticisms of BNPL is that it can get buyers to spend more than they can afford. Postpaid plans are especially popular with Millennials and Gen Z buyers.

Which, a British consumer advocacy group? The survey found that almost a quarter of BNPL users spent more than initially expected because the service was available.

There are also concerns about the ease with which people borrow money, sometimes unnoticed, as this does not include a rigorous credit check.

This industry has often been compared to the controversial payday loans that allow short-term borrowing at high interest rates. BNPL is usually interest free, but some providers charge high late fees.

The BNPL provider declares that it has taken security measures to prevent users from abusing it. For example, Klarna sets spending limits on a case-by-case basis.

“For each transaction, we take a new position and look at how consumers use this product,” Klarna CEO Sebastian Siemiatkowski told CNBC.

“If they actively use it, we can expand our ability to use it. Otherwise, we limit our ability to use it or to use it completely. Stop the ability to do. “

But critics argue that BNPL needs regulation to adequately protect consumers. The UK government is trying to put the brakes on the industry with a variety of proposals, including the customer affordability check. Rules discussions will be announced in October.

Klarna and Clearpay, the UK’s post-payment divisions, have said they welcome the transition to regulation.


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CFPB Sets June 2022 Compliance Date for Payday Rule | Man’s pepper with trout https://uncharted3blog.com/cfpb-sets-june-2022-compliance-date-for-payday-rule-mans-pepper-with-trout/ https://uncharted3blog.com/cfpb-sets-june-2022-compliance-date-for-payday-rule-mans-pepper-with-trout/#respond Wed, 15 Sep 2021 17:45:45 +0000 https://uncharted3blog.com/cfpb-sets-june-2022-compliance-date-for-payday-rule-mans-pepper-with-trout/ Almost four years after the Consumer Financial Protection Bureau (CFPB) published its last rule of November 2017 “on payday, vehicle title and certain high cost installment loans” (payday rule), we finally have a compliance date – June 2022. What is the pay day rule? The payday rule, as initially finalized, had two main elements. First, […]]]>

Almost four years after the Consumer Financial Protection Bureau (CFPB) published its last rule of November 2017 “on payday, vehicle title and certain high cost installment loans” (payday rule), we finally have a compliance date – June 2022.

What is the pay day rule?

The payday rule, as initially finalized, had two main elements. First, for most short- and long-term loans with lump sum payments, the payday rule has made it an unfair and abusive practice for a lender to grant such loans without performing a capacity analysis. reimbursement (compulsory subscription provisions). Second, for the same set of loans and for longer term loans with APRs above 36% and repaid directly from the consumer’s account, the payday rule was an unfair and abusive practice for a consumer. lender to attempt to withdraw funds from the account after two consecutive unsuccessful attempts without further specific authorization from the consumer (Payment Arrangements). These attempts could also include debit card payments, although debit card payments do not carry the possibility of NSF fees.

What happened to the compliance date?

In 2018, a Texas Federal District court suspended the August 19, 2019 initial compliance date for the mandatory underwriting provisions and the payment provisions pending litigation. In 2019, the CFPB published a final rule, postponing the date of entry into force of the provisions on payments to November 2020. In particular, the CFPB did not delay the date of entry into force of the mandatory subscription provisions, and in 2020, the CFPB issued a final rule revoking the Mandatory Subscription Provisions. So, in early summer 2021, only the payday rule payments provisions survived, with their compliance date suspended, pending litigation.

What litigation?

In April 2018, the Community Financial Services Association of America and the Consumer Service Alliance of Texas (collectively, the Trade Groups) sued the CFPB in US District Court for the Western District of Texas, challenging the payday rule. In their initial action in April 2018, the Trade Groups, among others, alleged that the payday rule exceeded the statutory authority of the CFPB and challenged the constitutionality of the structure of the CFPB. After the Supreme Court decision of June 2020 in Seila Law v. CFPB and the subsequent ratification by the CFPB of the payment arrangements, the Trade Groups amended their complaint to challenge the ratification of the CFPB.

How did the litigation end?

On August 31, 2021, the district court granted the CFPB’s motion for summary judgment. The district court concluded that the payment provisions were not void simply because they had been enacted by an unconstitutionally structured CFPB. The district court also found that the CFPB had not overstepped its authority in crafting the provisions of the payday rule and that the payday rule was neither arbitrary nor capricious.

Although the district court allowed the CFPB’s summary judgment motion, it extended a kind of olive branch to the industry. The CFPB had argued for a compliance date of 30 days after the resolution of the lawsuit. Trade groups, on the other hand, have advocated 445 days (the initial 21-month compliance period) or, at a minimum, 286 days (the number of days remaining in the compliance period when the compliance date has been suspended) . The district court sided with the business groups and ordered the compliance date to be 286 days after the final judgment. This is in addition to a new compliance date of June 13, 2022. The business groups appealed the district court ruling and the agencies filed a separate petition to suspend the 286-day compliance period until the appeal is resolved.

What does all this mean?

Well, in very simple terms, that means the provisions for payments arrive in June 2022. We warn that despite the name, the Payroll Rule applies not only to traditional payday loans, but also to the following loans:

  • Closed single disbursement loans to be repaid largely within 45 days;
  • Multiple fixed-term advance loans, where any advance must be substantially repaid within 45 days;
  • Closed single disbursement loans with a lump sum payment of more than double any other disbursement amount;
  • Indefinite and multiple loans structured so that payment of the required minimum payments may not fully amortize the outstanding balance by a specified date or time, and the final payment amount to repay the outstanding balance at that time could be more than double the amount of other minimum payments; and
  • Loans with an APR of 36% (closed and open) and a leveraged payment mechanism.
    • A lender or service provider obtains a leveraged payment mechanism whether he has the right to initiate a transfer of money, by any means, from a consumer’s account to satisfy an obligation on a loan.

This means that all types of lenders offering any of the products listed above must be ready for payment arrangements by June 2022.


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Elevate Credit (ELVT) drops 2.56% to close at $ 3.42 on September 14 https://uncharted3blog.com/elevate-credit-elvt-drops-2-56-to-close-at-3-42-on-september-14/ https://uncharted3blog.com/elevate-credit-elvt-drops-2-56-to-close-at-3-42-on-september-14/#respond Wed, 15 Sep 2021 01:39:00 +0000 https://uncharted3blog.com/elevate-credit-elvt-drops-2-56-to-close-at-3-42-on-september-14/ Last prize $ Last trade Switch $ Percentage of change % Open $ Previous Close $ High $ moo $ 52 weeks high $ 52 weeks low $ Market capitalization P / E ratio Volume To exchange ELVT – Market data and news To exchange Elevate Credit Inc (NYSE: ELVT), a Fort Worth, Texas company, […]]]>

Elevate Credit Inc (NYSE: ELVT), a Fort Worth, Texas company, closed at $ 3.42 on Tuesday after losing $ 0.09 (2.56%) on trading volume of 103,976 shares. The stock ranged from a high of $ 3.54 to a low of $ 3.41, while the market cap of Elevate Credit now stands at $ 114,907,811.

About Elevate Credit Inc

Elevate, working with banks that license its marketing and technology services, has provided $ 8.6 billion in unsuitable credit to more than 2.5 million unprivileged consumers to date and has enabled its customers save over $ 7.6 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit brands include RISE, Elastic, and Today Card.

Visit the Elevate Credit Inc profile for more information.

About the New York Stock Exchange

The New York Stock Exchange is the world’s largest stock exchange by market value with more than $ 26 trillion. It’s also the leader in initial public offerings, with $ 82 billion raised in 2020, including six of the seven biggest tech deals. 63% of PSPC proceeds in 2020 were raised on the NYSE, including the six biggest deals.

To get more information about Elevate Credit Inc and keep up with the latest company updates, you can visit the Company Profile page here: Elevate Credit Inc. Profile For More Market Information financial, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


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Download Wiley Consumer Protection (September 13, 2021) | Wiley Rein LLP https://uncharted3blog.com/download-wiley-consumer-protection-september-13-2021-wiley-rein-llp/ https://uncharted3blog.com/download-wiley-consumer-protection-september-13-2021-wiley-rein-llp/#respond Tue, 14 Sep 2021 20:43:16 +0000 https://uncharted3blog.com/download-wiley-consumer-protection-september-13-2021-wiley-rein-llp/ Welcome to Wiley’s update on recent developments and next steps in consumer protection in the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs and webinars with more […]]]>

Welcome to Wiley’s update on recent developments and next steps in consumer protection in the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs and webinars with more analysis in these areas. We understand that staying on top of the rapidly changing regulatory landscape is more important than ever for companies looking to deliver new and breakthrough technologies.

Regulatory announcements

President Biden appoints Alvaro Bedoya as FTC commissioner. At September 13, the Biden administration announcement the appointment of Alvaro Bedoya as commissioner of the FTC. Bedoya is appointed to replace FTC commissioner Rohit Chopra, who has been appointed CFPB director but has yet to be confirmed by the Senate. Bedoya is the founding director of the Center on Privacy & Technology at Georgetown Law, where he is a visiting professor of law. Previously, Bedoya served as the first chief advisor to the US Senate Judiciary Subcommittee on Privacy, Technology, and the Law when the subcommittee was established in 2011. Bedoya’s appointment is subject to the confirmation from the Senate.

FTC announces agenda for September 15 open committee meeting. At September 8, the FTC announcement the agenda for its open meeting of the Commission on September 15, which will be held at 11 a.m. EST. At the meeting, the agency will consider a proposed policy statement on privacy breaches by health apps and online platforms; an FTC study on the non-Hart-Scott-Rodino law reports acquisitions by certain technology platforms; proposed revisions to agency rules regarding petitions for rule making; and a proposal to withdraw from the vertical merger guidelines issued in June 2020 by the FTC and the Department of Justice (DOJ), and the FTC commentary on the application of vertical mergers issued in December 2020. After the meeting completed, members of the public who have signed up will be able to share comments with the FTC.

The FTC approves changes to the five FCRA rules applicable to motor vehicle dealers. At September 8, the FTC announcement that it approved final revisions to the rules that implement the Fair Credit Reporting Act (FCRA) to bring them into line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Specifically, the FTC has approved largely technical changes in accordance with the FTC’s limited FCRA regulatory authority under the Dodd-Frank Act, clarifying that these five FCRA rules enforced by the agency s ‘apply only to motor vehicle dealers. The changes affect the FTC Address Discrepancy Rule, Affiliate Marketing Rule, Vendor Rule, Pre-Screen Take-Out Notice Rule, and Risk-Based Pricing Rule. The changes do not affect the FCRA regulations issued by the CFPB, which apply more generally. In addition, the pre-screen takedown notice rule has added the Web address where consumers can decline credit offers to model reviews that can be used by car dealerships. The FTC voted 5-0 to publish the notices in the Federal Register.

Texas District Court upholds CFPB rule on payday loans, vehicle title, and high cost installment loans. At September 7, the CFPB announcement that the United States District Court for the Western District of Texas upheld the payment provisions of the agency’s final rule regarding high-cost payday loans, vehicle title loans, and installment loans. The challenged provision would prohibit some lenders from continuing to attempt to withdraw payment from borrowers’ accounts after two failed attempts. CFPB Acting Director Dave Uejio issued a statement praising the move, noting that the agency “expects lenders to meet the requirements of the payment arrangements, in accordance with the order of the court”.

CFPB proposes a new rule on the reporting of small business data. At September 1st, the CFPB proposed a new rule in accordance with Section 1071 of the Dodd-Frank Act which would require lenders to report certain information about their small business lending practices, including the amount and category of small business credit requested and granted, demographic information on candidates and key characteristics on the details of the proposed price. The information gathering would apply to term loans, lines of credit, credit cards and cash advances to merchants. Among other things, the CFPB is seeking comments on how to define a “small business” for the purposes of data collection; how to determine if the lender is required to provide information; and the appropriate period for the implementation of the rules. Comments on the proposed rule are due 90 days after publication in the Federal Register.

Important enforcement measures

FTC sends cease and desist letters to 10 diabetes treatment companies. At September 9, the FTC announcement that he sent 10 cease and desist letters to companies for allegedly advertising unproven diabetes treatments or cures. The letters urged companies to stop making claims within 15 days or face possible action from the agency. The letters were issued in conjunction with the Food and Drug Administration (FDA) warning letters and were sent to Ar-Rahmah Pharm, LLC; Aceva, LLC; Live well inc.; Holistic Healer and Wellness Center, Inc.; Lysulin, Inc.; Metamune Inc.; Nuturna International SARL; Pharmaganics LLC; Phytag Laboratories; and Radhanite, LLC d / b / a Curalife Ltd. The letters cautioned against potential violations of both the FTC Act and the Food and Pharmaceutical Cosmetics Act (FD&C Act). The FD&C law regulates products intended to cure, treat, mitigate or prevent diseases, even if the advertiser qualifies them as dietary supplements.

CFPB takes legal action against the lender for alleged violation of the 2016 consent order and participation in misleading advertising. At September 8, the CFPB filed a complaint in United States District Court for the Northern District of California, alleging that LendUp Loans, LLC (LendUp) violated a Consent Order 2016 which required the company to pay $ 1.83 million in consumer redress and a civil fine of $ 1.8 million for allegedly misleading consumers with false claims about the high cost of loans and the benefits serial loans. The CFPB complaint alleges that LendUp continued with the same deceptive marketing in violation of the Consumer Financial Protection Act (CFPA). According to the CFPB, LendUp would have promised consumers lower interest rates on future installment loans if the original loans were repaid. The CFPB, however, alleges that an internal investigation by the agency found that 140,000 recurring borrowers were charged the same or higher interest rates after making timely payments. The CFPB complaint seeks an injunction, damages or restitution to consumers, restitution of ill-gotten gains and the imposition of a civil fine.

CFPB is suing the student loan company for allegedly deceptive borrowers over revenue sharing agreements. At September 7, the CFPB announcement that it filed a complaint and issued a consent order against the provider of revenue sharing agreements (ISAs), Better Future Forward, Inc., for allegedly declaring that ISAs are not loans; fail to provide disclosures otherwise required by federal law; and failure to comply with the prohibition on prepayment penalties for private education loans. ISAs are a payment product used in the student loan industry that require borrowers to make payments in proportion to their income for a specified period of time or until borrowers reach their payment limit. The CFPB argues that Better Future Forward’s failure to identify ISAs as loans violated the CFPA. The proposed consent order demands Better Future Forward, among others, to stop declaring that its ISAs are not loans or create debt for consumers and to reform its ISA contracts.

The FTC is banning the company from the surveillance industry over allegations the company shared data on the devices. At September 1st, the FTC announcement that it banned Support King, LLC (doing business as “SpyFone”) and its CEO from engaging in commercial surveillance activities, following allegations that the company secretly collected data on user movements, phone use and online activity that has been disclosed. The FTC alleged that SpyFone’s monitoring products and services harmed device users by allowing buyers to stalk users surreptitiously. The FTC voted 5-0 to issue the administrative complaint and the consent order. The proposed order will be subject to public comment for 30 days after publication in the Federal Register.

Deadlines and upcoming events for comments

The Federal Reserve Board, FDIC, and OCC are asking for comments on third-party risk management principles. Comments are due September 17 to proposal for inter-agency guidance issued by the Federal Reserve Board of Governors (the Board), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). The proposed interagency guidance focuses on risk management practices that banking organizations should consider when developing risk management strategies for third party relationships. The Board of Directors, FDIC and OCC intend that the proposed interagency guidance will “take into account the level of risk, the complexity and size of the banking organization and the nature of the relationship with third parties.” . If adopted, the proposed guidelines would replace the existing guidelines of each branch and would apply to all banking organizations regulated by the branches.


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Study: Consumers Disproportionately Suffered from the Financial Impacts of COVID-19 | Business https://uncharted3blog.com/study-consumers-disproportionately-suffered-from-the-financial-impacts-of-covid-19-business/ https://uncharted3blog.com/study-consumers-disproportionately-suffered-from-the-financial-impacts-of-covid-19-business/#respond Tue, 14 Sep 2021 12:02:41 +0000 https://uncharted3blog.com/study-consumers-disproportionately-suffered-from-the-financial-impacts-of-covid-19-business/ FORT WORTH, TX – (BUSINESS WIRE) – Sep 14, 2021– Elevate Credit, Inc. (NYSE: ELVT) (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, and SpringFour, the only social impact fintech platform that helps consumers financial institutions to provide customers with the support they need to regain financial control, […]]]>

FORT WORTH, TX – (BUSINESS WIRE) – Sep 14, 2021–

Elevate Credit, Inc. (NYSE: ELVT) (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, and SpringFour, the only social impact fintech platform that helps consumers financial institutions to provide customers with the support they need to regain financial control, today announced the results of a research study examining the financial effects of the COVID-19 pandemic on U.S. households. The study, co-authored by Elevate and SpringFour, found that the impact of the pandemic on American households was uneven, and those who struggled need support beyond what traditional financial institutions provide. .

The study analyzed data collected by Elevate’s internal think tank, the Center for the New Middle Class (“CNMC”), which surveys privileged and non-privileged consumers monthly to understand behaviors, attitudes and challenges. of this growing population. CNMC defines premiums as those with credit scores above 700 and non-premiums as those below 700. The study also analyzes SpringFour data on the demand for financial resources in more than 30 need categories, in addition data from the SpringFour survey on the impacts of the pandemic.

Among the 10,580 people interviewed by CNMC, the following main conclusions emerged:

  • About 20% of respondents said they had lost their job in the past year.
  • Of the 20% who reported a job loss in the past year, 75% of senior and non-privileged respondents said the job loss or leave was due to the pandemic.
  • Overall, unprivileged consumers were much more likely to spend some of their stimulus on basic needs such as food, utilities, shelter, or medical bills.
  • About 50% of unprivileged consumers reported spending their stimulus checks on food or groceries, compared with less than a third of primary consumers.
  • Twice the percentage of unprivileged consumers spent funds on housing than primary consumers.
  • Blue-chip households were much more likely to use stimulus funds to save than non-premiums. This suggests that blue-chip households have achieved increased financial stability and are better prepared for unforeseen expenses.

“The income volatility that has resulted from the pandemic has put many already financially vulnerable Americans in an even more difficult position. While we cannot predict when unexpected events such as the pandemic will occur, we can be better prepared. This means equipping blue-chip and unprivileged Americans with the tools and resources they need to make informed decisions about their finances so they can meet their basic needs, meet their savings goals, and achieve financial stability. long term, ”said Jason Harvison. , CEO of Elevate.

SpringFour’s analysis of consumer demand data echoed CNMC’s findings, citing that the organization has facilitated 5 million referrals to nonprofits and government organizations in over 30 need categories since inception. of the pandemic. American households are looking for resources to help them pay for their basic necessities, and when unexpected funds are available, such as through a stimulus payment, consumers are likely to use them for these purposes. The authors note that if families were better acquainted with the resources that could help them pay for food, utilities, medical bills, and other basic needs, these families might be in a better position to save stimulus funds or reinvest these. dollars into the economy in other ways.

“The pandemic has demonstrated the precariousness of the financial health of households – and has shown that banks, financial institutions and nonprofits must all put the financial health of their customers first. When they do, everyone benefits – customers, businesses, employees and the economy. Now we must all continue to scale up and build on this momentum because none of our clients are immune to financial challenges, ”said Rochelle Gorey, Co-Founder and CEO of SpringFour.

About the elevation

Elevate (NYSE: ELVT), working with the banks that license its marketing and technology services, has to date granted $ 9.2 billion in unprivileged credit to more than 2.6 million non-privileged consumers. privileged customers and has saved its clients over $ 8.5 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit products include RISE, Elastic and Today Card. For more information, please visit http://www.elevate.com.

About SpringFour

SpringFour is a Certified B Corporation and social impact fintech focused on delivering financial health resources to consumers through an innovative call center and direct-to-consumer digital solutions. In 2020, SpringFour provided over 3.2 million referrals to over 20,000 local nonprofit and government resources to help consumers improve their cash flow, payment performance, and financial well-being.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210914005265/en/

CONTACT: Investor Relations:

Sloan Bohlen, (817) 928-1646

Investors@elevate.com Media inquiries:

James McCusker, (203) 585-4750

jmccusker@soleburytrout.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL BANKING SERVICES

SOURCE: Elevate Credit, Inc.

Copyright Business Wire 2021.

PUB: 09/14/2021 08:00 / DISC: 09/14/2021 08:02

http://www.businesswire.com/news/home/20210914005265/en

Copyright Business Wire 2021.


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