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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Pres. Trump and the ACA: What Businesses Need to Know

President Trump has been working to possibly repeal and replace The Affordable Care Act (ACA) also known as Obama Care since he was sworn into office in January 2017. His goal to repeal and replace The ACA that insures more than 20 million citizens continues to be top of mind for the Trump administration. But, what does this mean to business owners and when will it happen?

Here are the top 4 things businesses need to know.

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Top Regulatory Challenges Lenders Will Face this Year

Lenders have always faced challenges in the compliance side of lending. Regulatory compliance is not new for lenders; it is just evolving. As the economy moves and the government administration changes, the regulatory environment is expected to have some movement as well. There is still uncertainty as to how much movement and attention lending compliance will receive under the new presidential administration. Only time will tell as the new administration settles in and takes action.

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All Jammed Up

On January 20 (Inauguration Day), I wrote what I would consider a fairly optimistic piece on President Trump’s agenda to promote economic growth through fiscal policy. However, I warned the following:

“The one thing that President Trump doesn’t have, which you really can’t expect him to have yet, is legislative timing. When I ask myself, “What does Donald Trump really care about more, repealing the Affordable Care Act (ACA) or creating jobs with a big fiscal stimulus package?,” I believe the latter. The one thing Washington can agree upon is repealing and replacing ACA is going to be very messy, and putting it as the first legislative priority can jam up the rest of the administration’s initiatives.”

Fifty-nine days into the Trump presidency, the view I took back in January seems prescient. Currently, the tax overhaul legislative initiative, controversial itself among fellow Republicans, is blocked behind the repeal and replacement of the Affordable Care Act (ACA).

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Introduction to the Payment Card Industry Data Security Standard (PCI DSS)

Many of the lenders we partner with often feel like there's a never-ending list of regulatory and compliance requirements to meet. However, if you're lending, you're most likely accepting borrower payments, and you need to be informed about the intricacies of PCI DSS, or the Payment Card Industry Data Security Standard.

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How Lenders Will Be Impacted by the 2016 Election Results

For most Americans, the last year of campaign slogans, attack ads, debates, and social media rants has been exhausting. No matter what side of the aisle you sit, emotions have been—and remain—high. For many business and financial institution leaders, our post-election inboxes and news streams have been flooded with predictions about how a Trump presidency will impact business growth, regulatory change, and the overall economy.

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Big Government and Debt Collection: What You Need to Know

Change is impactful. For better or worse, however, when it comes to change in a business environment, it can mean a major shift in day-to-day operations and could even impact your bottom line. When you're busy running your financial institution and ensuring that your customers' needs are being met, it can be challenging to keep a pulse on all of the regulatory changes the various government agencies are handing down. Fortunately, our partners over at MasterQueue, are staying on top of regulatory changes that are coming down the pike, particularly, when it applies to debt collection and asset recovery.  

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Reducing Member Noise: An Interview with Cabrillo Credit Union

We developed Hybrid CPI as an alternative tracking method to help our partners secure their collateral while maintaining positive member relationships and demonstrating to regulatory agencies that they are treating borrowers fairly. However, sometimes "out with the old and in with the new" is easier said than done, particularly when it comes to tried-and-true methods that lenders have been using for decades. It's not always easy for lenders to move away from their lender-placed comfort zone they're acquainted with and after all, "if it ain't broke, don't fix it," right? Well, many of our clients found that by transitioning from the industry-standard CPI program to our Hybrid solution they were able to realize numerous benefits including increased cash flow, reduced delinquencies and repossessions due to premium add-on, and reduced program administration burden and reduced member noise.

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6 Questions You Should Ask An Outsourced Collections Provider

Making the decision to outsource some or all of your financial institution's collections work is no easy task. Even when you recognize that your internal staff does not have the time, resources, or ability to efficiently keep delinquencies low, it can still be difficult to trust a third-party vendor, particularly in this day and age of cyber breaches and regulatory scrutiny. Sometimes, after weighing all of your options, outsourcing collections may be the best business decision. In many cases, third-party vendors who specialize in collections have the staff and resources to dedicate 100% of their time to curing your delinquent accounts—oftentimes at a less expensive rate than your team can accomplish in-house. However, if you've decided to take the next step and work with an outsourced collections provider, there are a few questions you should ask before you sign on the dotted line.

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Vendor Management and Compliance: To Protect and Serve

We’ve all had the experience of putting trust in someone else, whether it’s trusting your hairstylist to give you a haircut that’s not too short, trusting the chef that there’s no peanuts in your dish, or the barista getting your “half-caff,” almond milk latte with extra foam order right.

It’s the same with trusting your service providers to stay on top of compliance issues and keep your concerns top of mind, but the stakes are much higher than getting your coffee order right. The role of a good financial services vendor is not unlike the police department—to protect and serve.

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The Kindergarten Compliance Rulebook for Credit Unions: Part 2

In yesterday’s post, I went over the impact state and federal regulations are having on credit union operations and how to identify potential violations. As promised at the conclusion of the post, today we’ll discuss how you can ensure your credit union meets the necessary compliance requirements by getting back to the basic skills you learned in kindergarten.

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