On 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. The statement from the Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and National Credit Union Administration (NCUA) recognizes that responsible small-dollar loans can play an important role in meeting consumers’ credit needs because of temporary cash-flow imbalances, unexpected expenses, or income disruptions during periods of economic stress or disaster recoveries.
In response to the coronavirus crisis, Velocity Solutions is extending a special offer to credit unions to allow you to serve your members and small businesses who need liquidity during this time of financial unrest. Velocity Solutions will implement CashPlease®, our small-dollar consumer loan platform or Akouba™, our small business loan platform on an expedited basis and will provide a one-time discount and special terms to make it easier and lower-risk for credit unions that would like to try either program.
Your members and community small businesses need your support now more than ever during this unprecedented crisis. To learn more about Velocity’s CashPlease® and Akouba™ solutions and to take advantage of this special offer, please visit: https://myvelocity.com/covid19