Results 1 to 6 of 6
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07-09-2014, 11:54 AM #1
- Join Date
- Jul 2014
- Posts
- 3
Web Banks
Does anyone know the names of the web banks that many of the lenders use?
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07-09-2014, 11:55 AM #2
whats the purpose
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07-09-2014, 12:00 PM #3
- Join Date
- Jul 2014
- Posts
- 3
Just wondering who the "fronting" banks were in this industry. I think its web bank and bank of the internet but I am not sure who uses them
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07-09-2014, 01:13 PM #4
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Im not sure what you are referencing would you care to enlighten me?
Andrew J. McDonald
Director of ISO Development
Yellowstone Capital LLC
1 Evertrust Plaza
Suite 1401
Jersey city, NJ 07302
PH - 347.464.0785
FX - 646.213.1790
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07-09-2014, 03:30 PM #5
- Join Date
- Dec 2012
- Posts
- 116
Vinnyd you are correct. ODC and CAN use a 3rd party bank and export the bank charter to protect from usury. The downside is the regulators can extend their oversight to all 3rd party relationships. Imagine the nightmare if you are ODC or CAN and the regulators want to audit you.
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07-09-2014, 04:05 PM #6
Yeah, imagine is a disgruntled ex employee were to make a certain phone call....
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