Pandemic Survival Kit

The times we are living in are critical and there are many folks out there who are afraid and uncertain of what the future holds for their health, their livelihoods and for the well-being of their families. One of the greatest fears people have during such crisis is the fear of the unknown.

In the coming weeks and months, the real economic impact will be felt from most of the economy having been shut down for weeks. Millions were suddenly unemployed or indefinitely furloughed without pay. Many borrowers may require additional funds just to pay their essential expenses, including first-time borrowers applying without solid employment credentials.

The COVID-19 pandemic has spawned an unprecedented response from the Federal Government with legislation such as the Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These initiatives will pump trillions into the economy to try to soften the blow resulting from the shutdown. If you own commercial real estate or are even a commercial tenant, do you know how the CARES Act might impact you? Here are some tools from private equity real estate investor and counsel to President Trump, Tom Barrack.

But not everything coming out of Congress will be helpful to the small dollar loan industry. In case you missed it, U.S. Senators Sherrod Brown (D-Ohio) and Chris Van Hollen (D-Md.) announced legislation to temporarily cap consumer lending rates at 36 percent during the COVID-19 outbreak. In essence, it would expand the Military Lending Act (MLA) restrictions to all small dollar loans. Find out more here.

As many consumers look to recover from the economic downturn, their demand for small dollar loans to get through a rough patch will most likely increase. This may create opportunities but will also potentially attract new competition. Five federal financial regulatory agencies are jointly encouraging banks, savings associations and credit unions to expand their offerings to include small dollar loans with some very liberal terms. Will it work? Learn more here.

On the flip side, there are always silver linings. Fintech platforms could offer some new and interesting opportunities for partnering with traditional financial institutions. Mary Jackson, the Online Lending Alliance’s CEO expands on this in her Forbes article.

The economic impact of COVID-19 will certainly create unprecedented challenges for your customers. It’s going to require creative management strategies for your portfolios in the days ahead. Join Transunion’s Matt Komos, VP Financial Services Research and Consulting as host of an exclusive webinar on The Impact of an Economic Downturn. To learn more and register for free, click here.

Keeping these challenges in mind, we would like to remind you that EPIC has functionality within the Loan Management System, based on the product you offer, to adjust/waive rates or fees as well as the ability to configure new rates and fees to meet the changing needs of your customers. Our marketing platform can also be used to communicate to borrowers, notifying them of changes to your programs. Of course, it is entirely your choice whether to modify existing loans or adjust any new offers. We just wanted to be sure that you are aware of the functionality that is available within the EPIC Loan System.


LendConnect Webinar: Compliance in Times of Crisis & Legal Update and Predictions

Don’t miss this informative seminar with some timely information to help you through this period of uncertainty: THURSDAY, APRIL 30th 2:00-3:00 PM EDT


Welcome & Introduction
Trish Ward, Director of Sales, EPIC Loan Systems


Compliance in a Time of Crisis
Jason Romrell serves as General Counsel and Director of Government Relations for LLC where he manages the company’s legal, compliance and HR teams, and liaises with federal and state regulatory agencies and legislators.


Legal Update and Predictions
Jennifer Galloway serves as Counsel in Bradley’s Tampa law office where she is co-chair of the Small Dollar and Unsecured Consumer Lending team and is a member of the firm’s Banking & Financial Services Practice Group. Her practice primarily focuses on consumer financial services laws and regulations affecting banks, non-depository banks and other financial institutions.





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EPIC Loan Systems is a wholly owned subsidiary of Constellation Software Inc. For more information about EPIC’s products and services, contact us today at 877-305-3742 or