[mcaguru]

Why do the republicans not like this group ?

http://www.wsj.com/articles/gop-busi...fpb-1479292203

[LoanFunder]

I'm no poli sci major but aren't Republicans for less regulation all around?

[Happy Horse Shit]

Why do the republicans not like this group ?

http://www.wsj.com/articles/gop-busi...fpb-1479292203

How do you pass legislation that was not written? here is a blank page fill it in later--That is why Republicans and Sane Democrats hate Doody Frank.

[Karen37a]

Omg Happy Horse **** you made it to these forums LOL I have been talking about you for a year !!!! People think you are imaginary.

Everyone this is my best friend of 40 years, he wished he never met me Ha ha ha half jk bout time you spoke up. This is funny made my day

Doody frank ...classic

[Karen37a]

And the actual reason people do not like the group is because of what Happy H just said...but to break it down.

Doody Frank ( im stealing your word Happy) was passed and they had over 20,000 pages of regulatory content, added along the way ( 20000 pages is like reading 40 longgggg drawn out books / I think the Bible the old and new testament has around 1300 pages)

It has over 250 proposed but not legislated./approved additions ( to add to it ). They added in the Volcker rule which is the worst of all worlds.

Way Before the banking crisis's had hit not one bank alone could topple the financial system (not enough market share), but that changed and it went from banking competition to the top 5 banks controlling 10% of the assets. Now they hold $4 out of every $9 . The monopolistic effect of this has become worse with all these regulations. Banks are regulated up the ying yang because of the FDIC insuring money.Money is tight, its going to stay tight..hence me entering into the MCA industry.

Consolidating and Regulating is not the answer.

Investment Bankers and Hedge funds have fiduciary rules on who where and what their money is being used for.

They have enacted Fiduciary rules or caps on commission, fees earned etc.There are rules and suitability tests and excess paperwork ( which i hate) >>>which slows sales.Small places are going to go under because of the mounting costs of compliance.God forbid you have a lawsuit because you didn't dot the I or cross the T on the new regs. ( if you even made it past the first 1000 pages)

Regulation including the Doody Frank act is not a good thing .

Despite the Good intention of Dodd Frank it has harmed small banks (Under 10 billion) and the communities they serve. Big banks and their compliance staff of 5000 people made the necessary changes and survived.

What happens when you are forced to hire many compliance officers or a full compliance staff? I got turned into a compliance thru every shake out, while staying a salesperson/mgr. ( I cant stand the Job )

Regulatory costs become overwhelming and it takes the focus away from acquiring new customers and maintaining good relationships with existing once.

You cant replace salespeople as I have said in the past., anyone maneuvering to cut commission( especially on existing contracts ) will feel a pinch and eventually go under

As stated Dodd Frankenstein is a monster in spite of its good intentions.

jk. So you cant go to the bank mr so and so to get a 5% loan for 30 years, so either send me your docs or get off my phone, and no you are not getting 3-5 years with your 50 nsfs I dont even think Mca is going to take you ...joke

[Karen37a]

I guess you really didn't want the answer..I got carpal tunnel typing that out lol

[Karen37a]

Doody Frankenstein

Banks have Fiduciary rules and when they go out of bounds regulators step in and force them to pull peoples credit line