[WhoisKingsley]

So maybe I was wrong because I don't have a full understanding of NAMAA.

So what type of organization will be above and beyond all to make sure the industry is up to par? This should lead into a totally different thread because now I am interested and probably everyone else too.

[CreditGuy]

So what type of organization will be above and beyond all to make sure the industry is up to par?

There will likely never be an industry body that self polices, at least not effectively. The ecosystem is too fractured with few barriers to entry. It will likely evolve into a system where there is a de facto self governance. The good folks will play by one set of rules and the bad actors another. Those that work for or with bad actors will be pariahs and there will be little capital (real or human) flow between good and bad actors. The merchants will catch on too in the long run. Think about what has happened since the mortgage meltdown. How many more consumers are now cognizant of the fact that being qualified for a certain amount of credit doesn't mean that it is prudent to accept the offer? The good players in the space will serve as credit coaches as much as they will act as sales people. Building longevity and solid foundations for the businesses being served is mutually beneficial. That's relationship based sales 101.

As a thought exercise around this idea: Does anyone here honestly think that Pearl (or any other stacker/bottom feeder) will eventually become a legitimate and forthright lender?

Government will get involved eventually as well. Likely CFPB, The C stands for Consumer, but that is a technicality. If anyone is serious about being a long term player in this space, they should be thinking about hiring lobbyists sooner than later to make an attempt at optimizing whatever policy outcomes inevitably transpire.