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MoneyGram Extends Exclusive Relationship With ACE Cash Express

DALLAS, Texas Oct. 16, 2014 (GLOBE NEWSWIRE) — MoneyGram (MGI), a leading global money transfer and payment services company, announced today that it has renewed a longstanding contract with one of its largest agents, ACE Cash Express, Inc., an Irving, Texas-based financial services company. The extended seven-year agreement builds on a strong collaboration between the two companies who have strategically worked together for 25 years to provide access to alternative financial services for consumers throughout the U.S. With this renewal, MoneyGram has now secured eight of its top ten agents through the first quarter of 2017 or beyond.

“We are extremely pleased to renew our agreement with ACE Cash Express, which has been an excellent partner in growing our U.S. business. This renewal underscores MoneyGram’s dynamic global brand, track record of success in more than 200 countries and territories, and unique approach to serving our agents and consumers,” says Pamela H. Patsley, MoneyGram’s chairman and chief executive officer. “Our U.S. customers have relied on our services at ACE Cash Express locations for decades, and together, we look forward to building on our shared success. MoneyGram is continually focused on enhancing service delivery, and we value ACE’s ability to meet consumer needs for send transactions, cash pickup and bill payment services.”

With the agreement, MoneyGram’s full suite of services — money transfers, money orders, bill payments — will continue to be offered at more than 1,400 U.S. ACE Cash Express stores.

Consumers can also access MoneyGram’s online services through the ACE Cash Express website, where they can connect directly to MoneyGram to transfer funds or pay bills.

“For more than a quarter of a century, ACE Cash Express and MoneyGram have provided convenient financial services to millions of people,” said Jay B. Shipowitz, chairman and chief executive officer of ACE Cash Express. “ACE’s priority is to provide consumers with access to products and services that will help them meet their financial goals, and we believe that ACE’s partnership with MoneyGram continues to be of tremendous value to our customers.”

About MoneyGram International, Inc.

MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 345,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.

About ACE Cash Express

ACE Cash Express, Inc. is a leading retailer of financial services, including payday loans, installment loans, title loans, check cashing, bill payment, wire transfer, money orders and prepaid debit card services. ACE is the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services. For additional information about ACE Cash Express, visit www.acecashexpress.com.

ACE Cash Express on Twitter

ACE Cash Express on Facebook

FinanceBusiness Services & ActivitiesMoneyGramfinancial services Contact:

Media Contact:
Michelle Buckalew
media@moneygram.com
214-979-1418
#moneygramnews

[…]

Trinity Bank Increases Cash Dividend 9.7%

FORT WORTH, TX–(Marketwired – Sep 24, 2014) – Trinity Bank, N.A. (OTCBB: TYBT) announced that on September 23, 2014, the Board of Directors declared a cash dividend of $.34 per share. The dividend will be payable on October 31, 2014 to shareholders of record as of the close of business on October 15, 2014.

President Jeffrey M. Harp stated, “The Board of Directors of Trinity Bank, N.A. is pleased to announce the bank’s sixth cash dividend. The dividend of $.34 per share payable in October, 2014 represents a 9.7% increase over the $.31 per share dividend that was paid in April, 2014.”

“Trinity Bank continued to perform well in the first half of 2014 in terms of growth, profitability, and operating efficiency. With an approximately 12% Capital Ratio, Trinity remains extremely well-capitalized and able to share a portion of net income with shareholders in the form of an increased cash dividend. The Board will review the dividend policy again in the spring when the operating results for the last half of 2014 are available.”

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank’s website: www.trinitybk.com click on “About Us” and then click on “Investor Information.” Financial information in regulatory reporting format is also available at www.fdic.gov.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank’s business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank’s Registration Statement on Form SB-1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.

[…]

Larry James' Urban Daily: Garland adopts strong payday lending regs

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(Earlier this week the Garland City Council adopted Dallas’ “Model Ordinance” to regulate payday lending in that city. This makes the 16th city to provide protection to its citizens. Below you will read the rationale behind the ordinance. Thanks to CitySquare’s Public Policy efforts led by Rev. Gerald Britt and supported by Keilah Jacques.)

GENERAL TALKING POINTSPAYDAY & AUTO TITLE LENDING ORDINANCE These are the key messages we, as a coalition, will use to advocate consistently for the Model City Ordinance. Please utilize these key messaging points to ensure we all stay on message and deliver a powerful, consistent message to City Council.Key Messages for City Council Visits:Ø Garland’s citizens deserve the same protections as other major Texas cities, including Dallas, Austin, Houston, El Paso, and San Antonio (now totaling 14 statewide). I am here today to ask for your support of a strong ordinance modeling other major cities in Texas ordinances on payday and auto title lending.o In 2005, Garland had 18 payday and auto title lending storefronts and it has grown by around 40% to a total of 32 storefronts in 2014.Ø Adding Garland to the list of cities with strong payday and auto title ordinances will add to the push for statewide reform. Ø High cost payday and auto title loans damage our city and citizens by:exacerbating already desperate financial circumstances of the borrowers. Payday and auto title loans often lead to further financial distress for borrowers—statewide 35,000 cars were repossessed in 2012 due to auto title loans. Loss of transportation for Texans can mean loss of employment further compounding a desperate situation. having a payday loan increases borrowers’ risk of having their bank account involuntarily closed and nearly doubles borrowers’ chances of having to file for bankruptcy. draining nonprofit resources and undermine investments in family financial stability. A 2012 Texas survey found 32% of nonprofit clients seeking financial assistance were in trouble with a payday or auto title loan. diverting critical business tax revenue away from our city. It is estimated that Garland loses approximately $1.2 million in sales tax revenue each year. Currently, payday and auto title lenders are draining approximately $14.1 million a year from our local economy in fees alone. This is on top of the actual loan amount! Ø Payday and auto title lenders take advantage of unfair market competition. While they are not regulated at all, less expensive options available to consumers are regulated. Why should payday and auto title lenders be exempt from any time of regulation or oversight? Ø Local advocates stand united with advocates across the state on passing the Model Payday Ordinance. Listed below are its main provisions, for reference, if needed.1. Require Credit Access Businesses to obtain a valid certificate of registration from the City of Houston annually.2. Limit payday loans to 20 percent of the borrower’s gross monthly income.3. Limit auto title loans to the lesser of 3 percent of the borrower’s gross annual income or 70 percent of the vehicle value.4. Limit loans to no more than four installments or three rollovers or renewals (a rollover or renewal is defined as an extension of consumer credit made within seven days of the previous extension of credit).5. Require the proceeds from each installment or renewal to reduce the loan principal by 25 percent.6. Require that every contract be written in a language the borrower can understand, or be read in its entirety to any borrower who cannot read.7. Require the lender to provide to the borrower a form created by the City which references non-profit agencies that provide financial education and agencies with cash assistance programs and contains general information regarding extensions of consumer credit.Ø We urge your support for the Model Payday Ordinance so that:We can limit the costs to the City through lost sales tax revenue and unfair market competition We can limit the costs to our families through high cost, predatory products providing protections against predatory practices. Garland can join other cities as a united front in sending a strong signal to state legislators that predatory practices must stop.

Potential Questions and Answers: These are potential questions and positions you may hear when discussing the Garland ordinance.

  1. I don’t want a Lawsuit.

If the ordinance is going to be meaningful and contain strong consumer protections, you will be sued by the industry. Enshrining the status quo only sanctions predatory practices and allows more borrowers to be trapped in a cycle of debt. In addition, Dallas defended the suit in house and has temporarily won the lawsuit.

  1. I believe in a Free Market

We also believe in a free market and do not wish to push the industry out of business. However, as things stand currently: Banks, credit unions, credit card advances, pawn shops and finance companies are lenders that follow state rate and fee caps for consumer lending and serve sub-prime customers.[1] These alternative products are regulated, unlike Payday and Auto Title lenders. This sets up unfair market competition.

  1. The city does not have the budget for enforcement.

Enforcement is a tricky issue and we suggest that you turn for advice and suggestions from other cities that have passed ordinances. A suggestion is to work in enforcement and its issues into the ordinance.

  1. There aren’t enough votes on City Council.

We are here to assist you in working with your fellow council members. We have many advocates from the business community, over faith leaders, and non-profits all willing to assist you in this effort.

  1. Businesses will just move outside of Garland.

We agree, but we need to begin somewhere. We are also willing to assist our outlying communities with education and ordinance language to broaden the scope and impact of a strong consumer ordinance. Garland itself is becoming a haven for lenders due to the restrictions in Dallas—that is why it is up to cities like Garland to form a unified front in helping economically vulnerable citizens. Garland passing the Model Payday Ordinance is key; if Garland goes a down a different path from the other cities, we will weaken our position during the next legislative session, leaving room for the industry to pass weak regulation that will pre-empt all of the cities’ stronger ordinances.

  1. Aren’t these the only option for people that just need a small loan?

No, they are not. Less expensive options include finance companies, pawn shops, credit card cash advances, credit unions and banks. However, each of these alternatives is regulated, including pawn shops. Why should all of these options be regulated, while payday and auto title lenders do business without any regulation?

  1. Won’t this ordinance cause these lenders to go out of business?

No. Lenders still have flexibility and can charge the same fees (along with the interest that goes to the third party lender). We are just asking that borrowers have the ability to pay off the loan within a reasonable time frame.

  1. Why can’t we just wait for the Texas Legislature to provide regulations?

To pass meaningful regulation, the Legislature needs political will—something that is provided when cities unite in passing a uniform ordinance regulating payday and auto title lenders. The next legislative session is a year away and even given real reform, in the meantime, many Garland residents will become trapped in the cycle of debt. An ordinance with real reforms to these predatory products can help borrowers sooner.



[…]

College Station City Council Joins Bryan in Regulation of Payday …

In Texas, the College Station City Council has adopted regulations that restrict payday lenders. The state currently has no limits on fees or loan sizes from payday or auto title lenders, but jurisdictions across Texas have been pushing for more consumer protections. Major cities such as Austin, Houston, Dallas, and San Antonio have adopted ordinances to tighten control of loans. Most recently, Bryan passed the second reading of restrictions at its Feb. 4 meeting.

In College Station, payday lenders will have to be licensed and certified with the city. The new ordinance also caps credit at 20 percent of a consumer’s gross monthly income. Auto title loans cannot exceed 3 percent of the consumer’s gross annual income, or 70 percent of the retail value of the vehicle. Repayment for lump-sum loans will not be able to be refinanced or renewed more than three times. Proceeds from each refinancing or renewal must repay at least 25 percent of the extension’s principal amount, and each installment for repayment must cover at least 25 percent of the principal. The ordinance is set to take effect in August.

Payday and auto title lenders in College Station issued more than 31,000 loans in 2012, leading to $2.4 million in fees and 269 vehicle repossessions, reports David Brower, community development analyst with College Station. He says there are five payday lending businesses in College Station. The Center for Responsible Lending notes that interest on car title loans often is 20 to 30 times that charged by credit cards.

[…]

ACE Cash Express, Inc. Announces Earnings Date And Conference Call For Noteholders To Discuss Fiscal Year 2014 Second …

DALLAS, Feb. 10, 2014 /PRNewswire/ — ACE Cash Express, Inc. announced that on February 13, 2014, it will provide fiscal 2014 second quarter financial results to Wells Fargo Bank, National Association, the trustee under the Indenture dated as of February 10, 2011 governing the Company’s 11% Senior Secured Notes due 2019. The Company also announced it will host a conference call for Noteholders on Friday, February 14, 2014, at 10:00 a.m. CST to discuss fiscal 2014 second quarter financial results.

(Logo: http://photos.prnewswire.com/prnh/20120208/DA49391LOGO)

Noteholders should contact Sue Pressler, Chief Financial Officer of ACE Cash Express, Inc. to obtain access to the Company’s financial statements and information concerning the conference call.

About ACE
ACE Cash Express, Inc. is a leading retailer of financial services, including short-term consumer loans, check cashing, prepaid debit card, and bill payment services, and the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services.

[…]

Military Personal Payday Loans – No Faxing Payday Loan Advance …


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Grand Rapids payday loan businesses under fire – News – AM 590 …

Friday, February 07, 2014 5:17 p.m. EST

GRAND RAPIDS (WKZO) — A grassroots group in Grand Rapids is working to rid the area of payday lenders. Officials with The Micah Center note Wells Fargo, Regions Bank, U.S. Bank and most recently Fifth Third Bank have all ended the practice.

Micah Center spokesman Reverend Dallas Lenear said there are still too many storefront payday lending businesses keeping people locked into poverty with interest rates and fees of up to 400-percent. He added the move by Fifth Third to stop payday loans will be a big help in Grand Rapids, but more needs to be done.

[…]

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Wilshire Bancorp Declares Quarterly Cash Dividend

LOS ANGELES, Dec. 30, 2013 (GLOBE NEWSWIRE) — Wilshire Bancorp, Inc. (WIBC), the parent company of Wilshire Bank, announced today that the Board of Directors has declared a quarterly cash dividend of $0.03 per common share. The dividend will be paid to all stockholders of record as of January 6, 2014, payable on January 15, 2014.

COMPANY INFORMATION

Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 38 branch offices in California, Texas, New Jersey and New York, and nine loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, New York, NY, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area. For more information, please go to www.wilshirebank.com.

FORWARD-LOOKING STATEMENTS

Statements concerning future performance, events, or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Undue reliance should not be placed on forward-looking statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and our other filings made from time to time with the Securities and Exchange Commission. Specific factors that could cause future results to differ materially from historical performance and these forward-looking statements include, but are not limited to: (1) loan production and sales, (2) credit quality, (3) the ability to expand net interest margin, (4) the ability to continue to attract low-cost deposits, (5) success of expansion efforts, (6) competition in the marketplace, (7) political developments, war or other hostilities, (8) changes in the interest rate environment, (9) the ability of our borrowers to repay their loans, (10) the ability to maintain capital requirements and adequate sources of liquidity, (11) effects of or changes in accounting policies, (12) legislative or regulatory changes or actions, (13) the ability to attract and retain key personnel, (14) the ability to receive dividends from our subsidiaries, (15) the ability to secure confidential information through the use of computer systems and telecommunications networks, (16) weakening in the economy, specifically the real estate market, either nationally or in the states in which we do business, and (17) general economic conditions. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.

Banking & BudgetingFinance Contact:

Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.com

[…]

Council hears the Mayor's payday lending ordinance – Off the Kuff

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Council hears the Mayor’s payday lending ordinance

Dec 6th, 2013by Charles Kuffner.

Reaction was mixed, though it appears likely there is enough support to pass.

The proposed ordinance would limit payday loans to 20 percent of a borrower’s gross monthly income and auto title loans to 3 percent of the borrower’s gross annual income or 70 percent of the car’s value, whichever is less. Single-payment payday loans could be refinanced no more than three times, while multiple-installment loans could include no more than four payments. The principal owed would need to drop by at least 25 percent with each installment or refinancing.

Skeptics on council said the proposal could drive payday lenders outside city limits, hurting borrowers’ access to credit. Councilwoman Melissa Noriega also cautioned against viewing all such lending as nefarious, saying she knows a woman who takes out a title loan each year to buy school supplies.

“It’s very important that we not make life more difficult for poor families while we assume that we’re helping them,” she said. “I’m not saying we’re doing that; I just think that’s one of the key concerns here.”

Noriega’s concerns about what would replace payday lenders were echoed by Councilman Ed Gonzalez, who said he worried about constituents visiting a loan shark at the local cantina, and Councilman Jerry Davis, who said he did not want residents turning to “Good Times” character Lenny, a neighborhood hustler, for credit.

“I don’t know that Lenny the loan shark is much worse than the worst of the payday lenders,” Parker replied.

City Attorney David Feldman added that, while many payday lenders fled Dallas when it adopted its restrictions, the same has not been true in San Antonio.

One thing I want to point out: If you go back and review the Mayor’s proposal, you will note that nowhere in there does it put a limit on the interest rate that these lenders can charge. That means they will still be free to impose a 612% APR on their loans, while claiming they’re just charging 20% and doing their best to obfuscate what it all means. Seriously, go read this account by Forrest Wilder of taking out a “payday loan” that turned out to be a new mutation on the form that was aimed at slipping through the city of Austin’s regulations. That’s what we’re dealing with here. I understand Council’s concerns, but for the most part I don’t share them. I don’t see what’s being proposed here as needless or particularly burdensome. The item will be on Council’s agenda for December 11, which means it will likely be voted on the following week after getting tagged. Texpatriate and Stace have more.

Related Posts:

Endorsement watch: Planned Parenthood gets an early startMore on the new Council mapDistrict H redistricting town hall meeting

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