Senator Durbin Files S. 2349 Establishes a 36% Cap on Fees and Interest

Mark Campanale Government Relations, Members Only, NPA News

July 15, 2021Cliff Andrews obtained a copy of S. 2349, which was filed yesterday, July 14th, by Senators Durbin (Illinois), Merkley (Oregon), Blumenthal (Connecticut), and Whitehouse (Rhode Island). The bill amends TILA and imposes a cap on “fee and interest” of 36 per cent on closed-end transactions covered by TILA. It contains limited tolerances that do not appear to be …

Ten practical lessons pawnbrokers can learn from our devastating fire

Mark Campanale NPA News

The destruction of your business can teach you a lot. Here are a few of the most practical of those tips. On June 11, 2020, just before midnight, Beth and Adam Anundi received a call from the alarm company for their Salem, Oregon, pawnshop, Capital Pawn. Within minutes, seven engines and two ladder trucks responded to the two-alarm fire. By …

5 Tax Reduction Strategies

Mark Campanale Expert Guidance, Members Only, NPA News

~ Larry Oxenham will be speaking on this topic at Pawn Expo 2021 ~ [administrator notice: content below memberonly folder=”Pawnbroker Members, International PB Members, IP Members, Canadian PB Members, staff, Members Only Code” message=”This Content is for Members Only”] By Larry Oxenham, American Society for Asset Protection  Americans pay more in taxes each year than they spend on food, clothing, …

NPA’S TEAM GRC MONITORS ALL ‘TALK’ OF A FEDERAL RATE CAP

Mark Campanale NPA News

First and foremost, as of this date there has been no federal rate cap bill filed in either the House or the Senate. If there had been, you would have already heard about it from us. On a daily basis NPA’s Washington Counsel, Cliff Andrews follows any and all things that could impact the pawn industry through continual communication with Congressional …

NORTH CAROLINA’S TOP-RATED PAWN SHOP EXPANDS IN WILMINGTON

Mark Campanale NPA News

Jeff Wilhelm, Director of Store Operations, National Jewelry & Pawn, will be presenting at Pawn Expo 2021! National Pawn and Jewelry now has three total stores in their fifth region of the state [WILMINGTON, NORTH CAROLINA] — Since 1987, National Pawn and Jewelry has served customers with access to the cash they need or the savings they want. Their customer …

PEOPLE OF PAWN: JOSH DAVIS

Mark Campanale NPA News, People of Pawn

How did you get started in pawn?                   I was Born! As a third-generation pawnbroker I was working the pawn counter before I was in High school. I spent weekends, summers and winter breaks all through high school and college working with my family and closely with my father learning the business and getting a hands-on education.  What is the number one pawn skill you have?                  Tech. …

WHY PEOPLE FOCUS ON APR, & WHY THEY SHOULDN’T

Mark Campanale Members Only, NPA News

 Recently, in a pawnbroker forum, the discussion turned to State Rate Caps on Payday Lenders.  Some pawnbrokers voiced opinions that Payday Lenders were predatory and charged too much.  Others defended and said the rates were needed based on risk and cost. I wanted to discuss some of the ideas and points that were made.    In specific, I’d like to review the Payday Loan Model as it compares to Pawn Loans.  This includes the …

MEET THE NPA STAFF

Mark Campanale Members Only, NPA News

With a “New Day” at the NPA, we bring you a new team of highly dedicated professionals working hard in every area to bring the pawn industry our very best every single day.  We know our valued members and Industry Partners look to the NPA and our Board of Directors for guidance, insight and support which is why we are committed to serving our members fully, equally and …

PAWN EXPO 2021 IS OPEN FOR REGISTRATION

Mark Campanale Members Only, NPA News

What is Pawn Expo? Pawn Expo is the largest and most comprehensive pawn industry convention and expo event in the U.S., bringing pawnbrokers, industry partners, and companies from around the globe together in one location annually. Attendees leave energized and equipped with the latest industry knowledge and know-how.

PAYCHECK PROTECTION LOANS UPDATE

Mark Campanale Government Relations Updates, NPA News

The SBA issued a news release on Tuesday, January 12th stating over $100 billion in Paycheck Protection Program (PPP) loans have been forgiven in the 3 months since the earliest covered periods ended. The SBA has thus far received over 1.3 million forgiveness applications. Eighty-eight per cent (88%) of the loans for $50,000 or less have been approved for forgiveness. Read …

US MINT INCREASES COIN PRODUCTION

Mark Campanale Government Relations Updates, NPA News

In a report this week the coin shortage is easing since the U.S. Mint ramped up production to a level not seen for several years. The Denver and Philadelphia Mint facilities produced 14.8 billion coins in 2020, which was a 26% increase over the previous year. The scarcity of change was a sudden and unseen economic side-effect of the coronavirus …

State of Illinois Rate Cap Legislation

Mark Campanale Government Relations Updates, NPA News

January 13, 2021  Today the NPA learned of a bill that was passed last night by the Illinois Legislature which includes an Article 15 entitled “Predatory Loan Prevention Act”. “The Act” caps the interest at 36%APR and applies to any person or entity that offers or makes a loan to a consumer in Illinois, except banks, savings banks, savings and loan associations, …

2021 Congressional Calendar

Mark Campanale Government Relations Updates, NPA News

The 2021 Congressional Calendar has been released and you can access a copy from the NPA website www.nationalpawnbrokers.org or here https://content.rollcall.com/wp-content/uploads/2020/12/2021-CQRC-CongressionalCalendar-1.pdf Our annual Legislative Conference will be held on April 19-21, 2021. You will see on the calendar that both the House and Senate are in session at that time. Obviously due to COVID-19 concerns and heightened security at the …

Federal Consumer Financial Law Report

Mark Campanale Government Relations Updates, NPA News

The CFPB’s Taskforce on Federal Consumer Financial Law released their lengthy report on January 5th and includes numerous mentions of the pawn industry. You can read their news release here…   https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureaus-taskforce-on-federal-consumer-financial-law-releases-its-report/   At the bottom of the news release, you’ll find links to Volumes 1 and 2 of the Report. There are 798 pages in Volume 1 and if you view it in Adobe Acrobat use ‘pawn’ in the search …

OCC’s Proposed Rule on Fair Access to Financial Services

Mark Campanale Government Relations Updates, Members Only, NPA News

We would like to take this opportunity to thank everyone who took the time to submit a post in support of the OCC’s Proposed Rule on “Fair Access to Financial Services”. Many of you not only agreed with the NPA’s official comment letter but related your own experiences with heartfelt statements about how bank discontinuance of pawnbrokers affected your business, employees, and …