TEAM GRC CONGRESS UPDATES

Mark Campanale Government Relations, Government Relations Updates

1/13/2022  The 2nd Session of the 117th Congress has convened. New legislation is being filed and the sponsors of bills already in committee from the previous Session are picking up where they left off in 2021.  As always, NPA’s Team GRC is monitoring all activity in Washington relative to the pawn industry. There will be a GRC webinar on Thursday, January 27 at 4:00pm EST to …

A Secure Way to Buy and Sell Laboratory-Grown Diamonds

Mark Campanale Members Only

SPONSORED CONTENT FROM GEMOLOGICAL INSTITUTE OF AMERICA, INC. The holidays are coming and many consumers are looking to purchase affordable sparkle for loved ones. Make sure you are ready to answer clients’ questions on the quality of your laboratory-grown diamond inventory. Laboratory-grown diamonds are increasingly available in greater quantities, higher quality and new colors at price points that many find attractive. It is no wonder then that …

Be Sure That Your Pawn Store’s Advertising Complies with TILA

Mark Campanale Government Relations, Government Relations Updates

December 9, 2021  TILA (Truth in Lending Act) compliance remains important and is a top priority for the CFPB.   TILA regulates the disclosures you put on your pawn tickets.   Compliance with all disclosure requirements and calculations such as the “finance charges” and “Annual Percentage Rate” (“APR”) is very important.   TILA also regulates how you advertise the terms on which you offer pawn transactions. These are …

Frequently Asked Questions: Compliance with the Military Lending Act

Mark Campanale Government Relations, Government Relations Updates

Updated November 23, 2021  We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance!   1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage? Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …

Frequently Asked Questions: Compliance with the Military Lending Act

Mark Campanale Government Relations, Legislative Updates & Alerts

Updated November 23, 2021  We’re here with answers to NPA members’ recent questions on Military Lending Act (MLA) compliance!   1. How do we determine whether a pawn customer is a “covered borrower” eligible for the maximum 36% Military Lending Act Annual Percentage?   Pawnbrokers may use any reasonable means to determine whether a pawn customer is an active-duty service member or a dependent of one. The “check-the-box” is a method many pawnbrokers use. However, any “check-the-box” method does not qualify you for the “safe harbor” …

36% Rate Cap Bill filed in the U.S. House of Representatives

Mark Campanale Government Relations, Government Relations Updates, Legislative Updates & Alerts, Rate Cap

On November 15, 2021, H. R. 5974 the Veterans and Consumers Fair Credit Act was introduced by Rep. Jesus G. “Chuy” Garcia, (IL-D-4). Although the text is not yet publicly available for NPA’s Team GRC to review, the intent of the bill is to amend the Truth in Lending Act by extending the 36% APR of the Military Lending Act …

Protecting Your Business and the Pawn Industry Following the CFPB’s Military Lending Act Enforcement Action against First Cash/Cash America West, Inc.

Mark Campanale Government Relations, Government Relations Updates

November 16, 2021  The NPA has reviewed the CFPB’s Military Lending Act (MLA) enforcement action against First Cash, Inc./Cash America West, Inc. that we informed you of on November 12, 2021, and is following pawnbrokers’ questions and comments on various forums. It is important for all NPA members to take these steps to protect your businesses:  A CFPB civil investigative demand (CID) may be based on just one consumer complaint. A CID is a complicated and expensive …

CFPB Commences Military Lending Act Enforcement Action Against  FirstCash, Inc. and Cash America West, Inc. 

Mark Campanale Government Relations, Government Relations Updates

November 12, 2021  Earlier today, the CFPB filed an action in Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB previously ordered Cash America International, Inc. to halt its practices against military families, which prohibited Cash America and its successors from violating the MLA. As FirstCash is a successor to Cash America it is subject to that order.   The CFPB …

Pawnbrokers and Banks

Mark Campanale Government Relations

11/11/21 by Fran Bishop, NPA Government Relations Liaison, NPA Past President What immediately comes to mind? We hope it is not ’The Good, The Bad, and The Ugly.’ That is what NPA needs to know so we are asking you to complete a brief survey about your PPP loan experience.   Recent articles in banking publications extoll the positive relationships between banks and small businesses. Their surveys reflect how their …

Pull Your Weight!

Mark Campanale Members Only

11/4/2021 by Fran Bishop, NPA Government Relations Liaison, NPA Past President MOST OF US HAVE SEEN THE CARTOON DRAWING of one or two individuals pulling a wagon that has a crowd of people riding in it. You can probably apply that visual message to a variety of circumstances, whether it’s in the workplace, school, clubs, associations, etc. I did an …

Buy Now, Pay Later In The News

Mark Campanale Government Relations, Government Relations Updates

11/4/2021  Buy Now Pay Later (BNPL) is not just for online shopping. It is another option for extending credit to consumers on purchases.   Do an internet search for BNPL and the results of available offers are astounding.   Is it an option for your retail sales?  What does the BNPL option mean?  Is it available on all purchases or just certain items?  I …

Update On IRS Reporting Plan

Mark Campanale Government Relations, Government Relations Updates

10/28/2021 Latest episode in the mini-series about an IRS reporting plan is…  Some media reports the plan is dead, but industry sources are not ordering flowers just yet.  Nothing is dead until the Senate votes on the final tax ‘pay-for’ package in the budget reconciliation bill.  Today’s revisions do not appear to include the IRS reporting plan.  Read more from the banking industry here

Postal Banking Pilot Program Not Authorized by Congress

Mark Campanale Government Relations, Government Relations Updates

10/28/2021 Ranking Members of the House Financial Services and the Oversight and Reform Committees sent a letter to the Postmaster General regarding the USPS paycheck-cashing services pilot program at East Coast locations. Several points are…  The USPS does not have the authority to expand non-postal services without congressional approval.   During previous Committee negotiations the USPS never mentioned their intention to expand into …

IRS Treasury Fact Sheet

Mark Campanale Government Relations, Government Relations Updates

What is the latest DC discussion on the Administration/Treasury/IRS modified proposal to receive information on your bank transactions?  Treasury Department 10/19/2021 press release refers to “financial institutions and banks” only having to add two additional numbers to what they already report. (see link)  Revisions include raising the reporting threshold from $600 to $10,000 and exempting certain wages and federal benefits.  Republicans on Ways & Means oppose surveillance (see link)  NPA …

New Director of the CFPB

Mark Campanale Government Relations, Government Relations Updates

After months of hearings, discussions, etc. Rohit Chopra was sworn in as Director of the CFPB on October 12, 2021. His opening statement outlines his commitment for the CFPB to watch out for families, workers, and communities.    Last week I monitored a well-known DC firm’s webinar on ‘What to Expect Next’ from the new CFPB Director. Here are some of their thoughts…  Rulemaking through Enforcement,  Regulation …