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
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