How Credit Unions Can Win Against Payday Lenders

May 30, 2018 | 2:00pm - 2:30pm ET

About the Webinar

American consumers lack enough savings to cover emergency expenses and have spent billions of dollars to obtain expensive, high-risk sources of liquidity. The low-income, underserved community struggles with poor credit and is often unable to obtain liquidity via traditional sources. These consumers have lost faith in big financial institutions, and as a result, companies that operate outside of the traditional banking space are moving further into the financial landscape, targeting these underserved consumers.

Community credit unions can better serve current and prospective members by offering more affordable and convenient options to obtain short-term liquidity. But historically, they have been impeded by complex regulations and untenable operational obstacles. Recognizing these obstacles, various regulatory agencies have signaled that changes are coming to ease the compliance burdens on banks and credit unions in an effort to encourage more small-dollar lending.

In this Webinar, Christopher Leonard will explain how credit unions can implement a short-term, small-dollar loan program that is efficient, affordable, and compliant, and will help you reach a segment you likely aren’t currently fully serving.

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About the Presenter

Christopher Leonard, CEO, Velocity Solutions
Christopher Leonard, CEO, Velocity Solutions

Christopher Leonard is CEO of Velocity Solutions.  He’s been with the company since 2005, having previously served as President, Chief Operating Officer, and General Counsel.  Prior to joining the company in 2005, Christopher was an attorney working with privately and publicly held companies in various transactional, compliance and advisory capacities. He also served as counsel to Velocity Solutions advising on, among other things, regulatory and tax issues affecting the banking industry.

This experience allows him to serve as a valuable resource for Velocity Solutions clients on a host of legal and regulatory issues, particularly focusing on overdraft compliance and various regulations and guidance from bank regulatory agencies.