If you are a Credit union interested in the QCash, short-term, small dollar lending program, and want to make sure that you are meeting CFPB compliance or meeting Consumer Financial Protection Bureau (CFPB) regulations – this post is for you.
Here are the three requirements for the QCash short-term, small dollar lending program to maintain CFPB compliance:
- Loans may not have an interest rate of more than 36%
- Payment terms must be at least 45 days or more
- Disclosures must adhere to the Truth in Lending Act (TILA)
QCash also provides the following assurances:
As a short-term, small dollar lending program, QCash maintains ongoing compliance with CFPB regulations.
QCash ensures compliance by utilizing the necessary resources and staying aligned with compliance regulations.
QCash provides web-based features like TILA documentation and e-Signature capability.
With QCash, credit unions have immediate access to all TILA documentation to upload and print as required to provide borrowers. The built-in e-Signature feature provides an extra layer of security to protect members’ transactions, keeping private information and digital data safe.
QCash allows credit unions to offer short-term, small dollar loans to military members and stay in compliance with CFPB regulations.
QCash provides credit unions the ability to offer loans to military members, increasing the service level for this important market segment.
Automated payment schedule
QCash initiates and automates a repayment schedule when the loan is funded, eliminating extra steps for the credit union and delivering members the convenience of automated payments.
QCash is CFPB compliant with its automated repayment processes and technology.
The QCash automated repayment process and technology for member loans is CFPB regulation compliant.
QCash technology and methodology follows CFPB regulations.
The QCash short-term, small dollar lending platform technology and methodology are CFPB compliant.
May 7, 2018
by Heidi Tinsley, QCash Director of Client Success