[Sean Cash]

Sean,

Do you discuss the FTC's enforcement powers regarding UDAAP at all in your piece? I completely agree with you that there's basically no chance of any new federal legislation coming along to regulate commercial finance. However, I do believe it's possible that in the next few years we could see an FTC enforcement action based on an UDAAP theory. I think you mentioned once that you've seen merchants confuse the split percentage with an interest rate. I think it's possible that the FTC could see that and decide to take a closer look at how some alternative finance products are marketed. If this occurred, I think some industry participants could have issues. This type of enforcement action wouldn't require any additional legislation and has been a recent focus of the FTC.

Definitely not cause to sound the alarm but probably one of the only ways we'd see governmental regulatory action, if at all.

I believe UDAAP only pertains to consumers and from what I've learned from regulators and the lobbyists that interact with them, small businesses never fall into the category of consumers, not even if it's a 1 man sole proprietorship.