NAFSA and LendConnect Host Online Installment Lending Webinar
The Native American Financial Services Association (NAFSA) hosted a webinar with LendConnect on Thursday, May 2 entitled “The Rise (and Future) of Online Installment Lending.” The hour-long discussion between Justin Fisk, director of policy and research at NAFSA, and Tim Valdez, senior product manager at EPIC Loans Systems, explored the online installment lending industry, including its economic impact on Native American tribes.
“Not all tribes can, or should, rely on gaming as the sole driver of their local economies. Many tribes are very remote and far from large population centers that are needed to generate casino revenue. Economic diversification is always a good idea, which is where online installment lending comes in.” Fisk said. “Research that just came out about a month ago indicates that every new e-commerce tribal business generates more than $1 million in GDP for the tribe and the local community.”
Fisk also provided an overview of the current legislative, regulatory, and judicial developments that could affect the industry in the coming years. More specifically, he focused on the legislation being considered by the Senate Banking Committee and the House Financial Services Committee and the regulatory actions by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC).
LendConnect is an annual conference hosted by EPIC Loans Systems, a Florida based loan management system. NAFSA hosted a successful Tribal Track at LendConnect 2019. LendConnect 2020 will be held in Fort Lauderdale, FL at the end of January 2020.
Those interested can watch the webinar in its entirety here.