Small-Dollar Lending: Meeting Your Members' Needs

August 21, 2019 | 2:00pm - 3:00pm ET

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About the Webinar

According to leading economic indicators in June 2019, the US economy is doing well. It has steady growth, low unemployment, and little inflation. Yet, nearly 4 out of every 10 Americans said they wouldn’t be able to scrape together the cash to meet a $400 emergency expense. What are the economic forces at work contributing to this anomaly? And how can your credit union help?

Research has demonstrated that consumers would prefer to obtain short-term credit from YOU, their local credit union, and regulatory agencies such as the CFPB and NCUA as well as numerous consumer advocacy organizations are encouraging credit unions to provide responsible small-dollar loans to their members. Historically, the two biggest impediments for credit unions to offer affordable short-term loans were complex regulatory requirements and operational obstacles: time, cost, and technology.

In this webinar, Christopher Leonard, CEO of Velocity Solutions, explains that these obstacles are no longer in your way! By leveraging digital, turnkey loan platforms, credit unions can provide much-needed liquidity to their members—responsibly, affordably, and compliantly. Christopher will discuss what to look for in partnering with a FinTech provider, and what types of features your members want from a small-dollar loan product.

Key Takeaways: 

  • A startling percentage of American consumers are cash poor – why? 
  • Regulatory agencies are looking to community financial institutions to provide responsible short-term credit to these consumers.
  • The impediments that have prevented credit unions from providing small-dollar loans to their members in the past are no longer obstacles!
  • How to get started in choosing a FinTech provider and loan platform.

About the Presenter

Christopher LeonardChristopher 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 issues affecting the banking industry.

This experience allows him to serve as a valuable resource for Velocity Solutions clients and partners on a host of legal and regulatory issues. One area that he has been closely monitoring over the years is the changing guidance and thinking around short-term, small-dollar consumer lending from the various regulatory agencies, and how it affects community financial institutions and their account holders.