Statements by the Federal Financial Regulators

May 20, 2020
Four of the five primary federal financial regulators issued principles to encourage supervised banks, savings associations, and credit unions to offer responsible small-dollar loans to customers for consumer and small business purposes.

The statement from the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and National Credit Union Administration (NCUA) recognizes the important role that responsibly offered small-dollar loans can play in helping consumers meet their ongoing needs for credit from temporary cash-flow imbalances, unexpected expenses, or income shortfalls, including during periods of economic stress, natural disasters, or other extraordinary circumstances such as the public health emergency created by COVID-19.

Read Velocity’s response via press release here.

March 26, 2020
The five primary federal financial regulators issued a joint statement encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.

Read Velocity’s response via press release here.

Help Consumers Make Ends Meet During the Crisis

Special Offer for Velocity’s CashPlease® Short-Term, Small-Dollar Loan Platform

In response to the coronavirus crisis, we are making a special offer to financial institutions to give them the ability to make digital short-term small-dollar loans to serve consumers.

Our CashPlease® solution has been proven in the marketplace for several years and has an average charge-off rate of less than 3%, lower than the credit card charge-off rate of around 3.5%.

To allow you to serve consumers who need liquidity during this time of financial unrest, we can implement CashPlease on an expedited basis, and we are providing a one-time discount and special terms to make this easier and lower-risk for institutions that would like to try the program.

Click here for special CashPlease offer and to request more information.

On-Demand Webinar: CashPlease – Consumer Cash in a Crisis

10-Minute Recorded Webinar – View at Your Convenience

American consumers have had trouble making ends meet for years, and have increasingly turned to high-priced payday or installment loans. The growth of payday loan borrower rates has been staggering, and federal regulators have urged banks and credit unions to offer responsible and affordable short-term loans to combat the rise in these predatory loans. With the country in crisis now due to the COVID-19 pandemic, federal regulators are urging financial institutions to offer short-term, small-dollar loans to help Americans who are out of work or have missed regular paychecks. But implementing such a loan program is daunting for many community banks.

This 10-minute on-demand webinar introduces Velocity Solutions’ CashPlease® small-dollar consumer loan platform, now offered with discounted and expedited implementation.

Click here to view webinar.
You will be taken to a GoToWebinar page and asked for your name and email address only.

Small Businesses Need Your Support Now More than Ever

Special Offer for Implementing Velocity’s Akouba™ Digital Loan Platform

In response to the coronavirus crisis, we are making a special offer to financial institutions to give them the ability to accept small business loan applications online to better serve small businesses who need loans now more than ever, and to address the challenges that institutions have with their branches being closed and many of their loan officers unable to be out in the community.

To allow you to serve businesses who need liquidity during this time of financial unrest, we can implement Akouba™ on an expedited basis, and we are providing a one-time discount and special terms to make this easier and lower-risk for institutions that would like to try the program.

Akouba™ will be implemented to accept online loan applications and provide applicable credit scores and credit reports.

Akouba™ will provide extracts of the loan application and credit files to enable the institution to process the loan using their existing back office processes.

This will be the initial phase which can be implemented quickly to allow you to accept applications. Thereafter, Velocity will begin implementation of the full Akouba™ product with more functionality which allows greater efficiencies in back-office processes. The launch of this second phase generally would be expected to occur within 6 months after launch of the first phase.

Click here for special Akouba offer and to request more information.