Understanding the FCC’s One-to-One Consent Rule: What It Means for Small-Dollar Lenders
What the FCC’s One-to-One Consent Rule Means for Small-Dollar Lenders
Big news for small-dollar lenders: The FCC’s One-to-One Consent Rule takes effect on January 27, 2025, requiring lenders to obtain explicit written consent from borrowers before contacting them via robocalls or texts. This landmark rule emphasizes transparency and compliance, reshaping how lenders approach customer communications and lead generation.
What is the One-to-One Consent Rule?
This rule ensures that each borrower provides clear, written consent for communication from a specific lender—no more relying on generic agreements. For those working with lead generation services, this means borrowers must explicitly approve communication from your business directly.
Why Does It Matter?
For small-dollar lenders, complying with this rule isn’t just about avoiding hefty fines (up to $1,500 per violation)—it’s an opportunity to build trust with borrowers by respecting their privacy and preferences. Transparent consent practices strengthen relationships and minimize legal risks.
How EPIC Loan Systems Supports Compliance
EPIC Loan Systems is committed to helping lenders navigate regulatory changes with tools that simplify consent management and keep your communications compliant. Here's how:
Integrated Communication Consent Settings
Easily manage borrower consent across text messages, phone calls, and emails. Borrowers can opt in to specific communication types—like loan updates, marketing, or collections—using customizable consent forms.
Clear and Transparent Disclosure
EPIC ensures disclosures are presented clearly and in compliance with the FCC’s requirements. Borrowers know exactly what they’re agreeing to, with straightforward language that aligns with the E-SIGN Act.
Comprehensive Recordkeeping
EPIC securely tracks and stores borrower consent records, logging the who, what, and when of each agreement. These records are readily accessible for audits or legal inquiries, ensuring peace of mind.
Automated Notifications
Streamline borrower communication with automated, compliant notifications for payment reminders, account updates, and more.
Preparing for the One-to-One Consent Rule
Audit Your Current Processes: Review and update your consent language and lead generation practices.
Train Your Team: Educate staff on the rule’s requirements and the importance of compliance.
Utilize EPIC’s Tools: Leverage our loan management features to simplify consent collection and ensure compliance.
By combining compliance with borrower-first practices, you can turn regulatory changes into an opportunity to enhance borrower relationships and grow your business.
Ready to Learn More?
Stay ahead of the curve and ensure your business is ready for the FCC’s One-to-One Consent Rule. Contact EPIC Loan Systems today to learn more about how we can support your compliance journey.
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