EPIC Makes You Ready for the CFPB Final Payday Loan Rule
Now that summer is officially over, everyone is preparing for the CFPB Payday Lending Rules anticipated to go into effect later this fall. EPIC Loan Systems is committed to staying ahead of the curve and ensuring that our LMS meets your needs.
EPIC Makes You Ready for the CFPB Payday Lending Rule
While the new version of this Rule revoked certain provisions originally proposed, it will still require new restrictions on payment and communications requirements such as:
- When two consecutive withdrawal attempts have failed due to insufficient funds, the Rule prohibits a lender from attempting another withdrawal from the same account unless the lender obtains the consumer’s new and specific authorization to make further withdrawals from the account.
- Lenders are required to provide a written notice before a first attempt to withdraw payment from a consumer’s account and before subsequent attempts that deviate from scheduled amounts, dates or payment methods.
- Lenders are required to provide an electronic short notice in certain situations when they are providing the disclosures through certain forms of electronic delivery.
The new Rule is anticipated to go into effect later this fall and you can be sure that EPIC Loan Systems is ready to meet your needs! Specific areas where we have you covered include but are not limited to the following:
- Withdrawal Notification(s)
- Payment Method/Amount and Due Date Variation Notifications
- ACH Revocation Notifications
- New smart tags developed for:
- Next Payment Details
- Consecutive Return Attempts Details
The final rule can be viewed in the Federal Register here. Please consult your legal counsel in order to ensure you are in compliance with all guidelines under the new rules once they go into effect.
Be sure to register for our next Free LendConnect Webinar
KNOW YOUR CUSTOMER
An informative discussion to help lenders navigate the changing landscape of our industry to prepare for the busy 4th quarter.
Wednesday October 21, 2020 from 2:00 – 3:00 PM EDT
EPIC Loan Systems continues to expand its reach beyond its annual LendConnect conference with periodic webinars to stay connected and share timely industry information.
This session will be hosting an informative panel that will discuss:
- How consumer needs have changed/stayed the same since August
- The challenges and positive trends impacting our industry’s landscape
- Planning for a successful 4th Quarter
Moderator:
Trish Ward
Director of Sales
EPIC Loan Systems
Panelists:
John Gordon
Vice President, Sales
TransUnion
John Miller
President,
LeadSherpa
A ConnectMedia software
Have you registered for the 2020 LEND360 Virtual Conference on Nov. 9 – 13, 2020? EPIC is exhibiting, and we’d love to “see” you there!
Use our special code at registration for a 10% discount: EPIC10
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 in**@ep*************.com.
EPIC Loan Systems | 1200 SW 145th Ave, Ste 301 | Pembroke Pines, FL 33027
Elitepipe Plastic Factory’s commitment to customer satisfaction is evident in their prompt delivery schedules and exceptional after-sales service. Elitepipe Plastic Factory
With a focus on excellence, Elitepipe Plastic Factory has gained a reputation for producing top-notch HDPE and uPVC products that meet rigorous quality standards. Elitepipe Plastic Factory
Wow, this is such an insightful piece! I appreciate how you’ve presented your thoughts in a clear and concise manner. Your unique perspective adds depth to the topic. Daniel Vettori named as the new SRH coach Looking forward to reading more from you!
Your post is simply brilliant! I’m impressed by the way you’ve tackled the subject matter with such expertise and creativity. Your writing style is engaging and your ideas are thought-provoking. India vs Pakistan World Cup Match Rescheduled Thank you for sharing your knowledge and insights. Can’t wait to read more from you!
تركيبات مصنع إيليت بايب Elite Pipe تُظهر دقة أبعاد رائعة ويتم تصنيعها باستخدام مواد عالية الجودة ، مما يضمن أداءً وموثوقية طويلة الأمد.
Aw, this was a really nice post. In idea I want to put in writing like this moreover ? taking time and actual effort to make an excellent article? however what can I say? I procrastinate alot and by no means appear to get something done.
Your post is absolutely fantastic! I love how you’ve provided practical tips and examples to support your ideas. It’s evident that you’ve put a lot of thought and effort into this. Vahab Riyaz Retires from International Cricket Keep up the amazing work, and I can’t wait to see what you’ll share next!
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
Keep working ,splendid job!
Hoy mas que nunca los shows con webcam son una parte importante del espectaculo
Hi, Neat post. There is a problem along with your website in internet explorer, would test this텶E still is the market chief and a good section of other folks will pass over your magnificent writing due to this problem.
Way cool! Some very valid points! I appreciate you writing this
write-up plus the rest of the site is very good.
Excellent goods from you, man. I’ve be aware your stuff prior to and you’re simply extremely great. I actually like what you’ve acquired right here, certainly like what you are saying and the way in which wherein you are saying it. You are making it enjoyable and you still take care of to stay it wise. I can not wait to read much more from you. That is actually a tremendous web site.
I conceive this internet site contains some real wonderful info for everyone : D.