[Emoney]

https://www.jdsupra.com/legalnews/ft...fintech-51150/

Can anyone other than Karen speculate on what this may become?

P.S. You know I love you mama...

[StealMyDeal]

Seems pretty clear to me - the FTC is going to start going after brokers...

"Mr. Smith is also reported to have identified lead generation in the context of online lending as a key area of interest for the FTC."

Lead gen = brokers; yes, it includes many other sources, but it's not hard to read between the lines here - they are going to be cracking down [FINALLY]

[WestCoastFunding]

FTC charged Lending Club with lying to customers. Basically making false promises and charging hidden fees. I’m sure this would be in conection with that. Just don’t make any false claims online and don’t hide fees (after advertising you don’t hide fees).

[Karen37a]

Seems pretty clear to me - the FTC is going to start going after brokers...

"Mr. Smith is also reported to have identified lead generation in the context of online lending as a key area of interest for the FTC."

Lead gen = brokers; yes, it includes many other sources, but it's not hard to read between the lines here - they are going to be cracking down [FINALLY]

They are not going after brokers they are going after Funders and lenders who use seo as a marketing platform and online applications


As stated previously

Only the phone sales people and face to face will survive and the Funders who use the 1099 sales force or have a strong phone sales team

Financial Decisions cant be automated... Fiduciary Responsibility on a min level

[Emoney]

They are not going after brokers they are going after Funders and lenders who use seo as a marketing platform and online applications


As stated previously

Only the phone sales people and face to face will survive and the Funders who use the 1099 sales force or have a strong phone sales team

Financial Decisions cant be automated... Fiduciary Responsibility on a min level

She is right guys....some on this board need to realize that & just learn a little humility...

The days of certain lenders running a puppy mill are over...

[Karen37a]

She is right guys....some on this board need to realize that & just learn a little humility...

The days of certain lenders running a puppy mill are over...

yes


You have bled with Wallace, now bleed with me

https://www.youtube.com/watch?v=eclbaC3q94k


the funders who treated brokers well will make money...they stay loyal (most)

[Karen37a]

Not to be cocky BUT

I have been a salesperson forever since age 17 and I went thru 4 markets crashes( including this one) and massive regulation and survived and came out the other end on top

How on earth do you think I know all the rules? We had to choose the sacrificial lamb to be the Compliance officer ...the Regulator....I was chosen each and every time saying no no no no no NO NO NO I am a phone salesperson.

You think i volunteered to pass all those exams licences? I hate school

no one in my care EVER had a fine...nor did I

They are going to regulate more and more. When brokers need a licence in every state, ill still be here ...most won't...

Online lenders will have to have someone who acts as a trusted advisor aka Fiduciary..... merchant cash advance broker. Some Lenders and /funders can never get their old salesforce back

I think this is where West coast talks about pissing on someones grave

[WestCoastFunding]

This isn’t about damn SEO, 1099s or anything else other than lying to consumers. Just follow what the FTC is actually doing, rather than guessing:




FTC Charges Lending Club with Deceiving Consumers
Defendant promises “no hidden fees” but charges them anyway


The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

“This case demonstrates the importance to consumers of having truthful information from lenders, including online marketplace lenders,” said Reilly Dolan, acting director of the FTC’s Bureau of Consumer Protection. “Stopping this kind of conduct will help consumers make informed choices about loan offers.”

As stated in the FTC’s complaint, Lending Club recognized that its hidden fee was a significant problem for consumers, and an internal review noted that its claims about the fee and the amount consumers would receive “could be perceived as deceptive as it is likely to mislead the consumer.” An attorney for one of the company’s largest investors also warned the company that the “relative obscurity” of the up-front fee in light of the company’s prominent “no hidden fees” representation could make the company a target for a law enforcement action.

According to the FTC, Lending Club ignored these and other warnings and, over time, made its deceptive “no hidden fees” claim even more prominent.

The FTC also alleges that Lending Club falsely told loan applicants that “Investors Have Backed Your Loan” while knowing that many of them would never get a loan, a practice that delayed applicants from seeking loans elsewhere.

https://www.ftc.gov/news-events/pres...ng-consumers-0


It’s simple, don’t lie to people online.

[Karen37a]

West coast do you know who is the new director of the FTC consumer protection unit is or what he did for a living before? Because I do.

He was a bulldog lawyer who represented payday loans he use to represent criminally convicted racketeers in payday loans


You guys can make up whatever scenarios you want. I wasnt nearly right ...I was exactly right

Senator Elizabeth Warren, Democrat of Massachusetts, who opposed Mr. Smith’s selection. “The agency should pick someone with a track record of protecting consumers, not companies that cheat people.”

[Karen37a]

I do not know what you or anyone did to that guy...not pay him his commission, his fees

But stop being so bold and brazen...that guy will rip thru some companies...and he knows the inside


The best way to avoid being torn limb by limb by people like this is to AVOID regulation


Oh yeah I don't want regulation because of a dui...not that this pitbull is coming for people who have sand a rock and stupidity for a weapon

Add . West coast remembers that strategy you told me about. Trashing the competitor to gain an advantage??


These people use regulation as a battering ram to force you into submission...they use the DOJ as a weapon


I promise you when most are regulated you are toast...you had to survive all this to know

not one mark


add ** Ps some of those guys are coming right out of Boca fla and ny

[Karen37a]

https://www.csbs.org/csbs-pursue-litigation-against-occ

Washington, D.C. -- State financial regulators will renew their litigation efforts against the Comptroller of the Currency (OCC). The issue: the OCC’s recent decision to create a special purpose charter for financial technology firms.

At its August 28 meeting, the Board of Directors of the Conference of State Bank Supervisors (CSBS) approved moving forward with litigation against the OCC. The case will be filed at a time deemed appropriate.

[Karen37a]

https://www.natlawreview.com/article...-legal-funding

Friday, September 14, 2018
On September 12, Judge Preska entered an order and judgment dismissing all of the New York Attorney General’s federal and state law claims against RD Legal Funding. The NYAG had filed the case jointly with the CFPB and in a June 21 ruling, Judge Preska held that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional, struck the CFPA (Title X of Dodd-Frank) in its entirety, dismissed the CFPB from the case, and allowed the NYAG to proceed with its CFPA and state law claim


__


The CFPB’s constitutionality is also at issue in two other pending cases. A petition for certiorari was filed in the U.S. Supreme Court late last week by State National Bank of Big Spring which, together with two D.C. area non-profit organizations that also joined in the petition, had brought one of the first lawsuits challenging the CFPB’s constitutionality. In April 2018, the Fifth Circuit agreed to hear All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality.

[Karen37a]

Regulation = Litigation= $$$$$$$

Any sane person who went thru any of this previously doesn't volunteer to be regulated.

Or maybe rookies in regards to the regulated landscape ...Financial Services

[Lmonus]

5 in a row huh?

[Karen37a]

5 in a row huh?

I am posting news. No one is commenting on the posts

Lior. I won't do business with your company because of you



Next time I will make sure I edit and put them all in one post

[Lmonus]

Stop taking everything to the Heart Karen, be happy.

Thats your choice to do business or not to. Either is fine by me. Enjoy your weekend.

Interesting article though.

[Karen37a]

Stop taking everything to the Heart Karen, be happy.

Thats your choice to do business or not to. Either is fine by me. Enjoy your weekend.

I am happy. I lead a great life and do not look to cut people down for fun. I do not cheat merchants nor brokers nor funders and I have lived this way my whole life and in spite of this I made alot of money.

I am still never going to do business with your company or anyone's company who have brokers/rep who are extremely disrespectful to the producers who bring the files in

[Lmonus]

Happy to hear you have the right head on your shoulders - as should every broker.

We bleed respect and honesty. I have no clue when i have ever been disrespectful to you and if you would like to talk about it, you can reach me on my cell or send me an email. If me saying "5 in a row" Triggered you this much, I can only imagine what happens when an underwriter needs to kill a file for you.

[Karen37a]

Happy to hear you have the right head on your shoulders - as should every broker.

We bleed respect and honesty. I have no clue when i have ever been disrespectful to you and if you would like to talk about it, you can reach me on my cell or send me an email. If me saying "5 in a row" Triggered you this much, I can only imagine what happens when an underwriter needs to kill a file for you.

This isnt your first comment to me and this is whats wrong with the industry

I am not Karen some little girl who lols on the Daily funder... I am Elizabeth who has and had a career and life most can never attain

, I can only imagine what happens when an underwriter needs to kill a file for

Again jabbing and disrecpect...if the file is not in their wheelhouse then it isnt. Most brokers ask "why"...and it isnt my damn money they can so no to anything they want

The backdooring is another thing...and imagine when clients go to default..it isnt good ( I wont let them..or try with all my might)

[WestCoastFunding]

5 in a row huh?

If not for your comment, Lior, she would have made it 10.

[Karen37a]

If not for your comment, Lior, she would have made it 10.

west isnt there some old lady walking by ..you can steal her cane and hold it up as a prize..or a handicapped person

[WestCoastFunding]

west isnt there some old lady walking by ..you can steal her cane and hold it up as a prize..or a handicapped person

Hold up her cane as a prize? You kidding me? I’d much rather kneecap her with the cane, then place one foot atop her body laying on the ground like a champ.

[Karen37a]

Hold up her cane as a prize? You kidding me? I’d much rather kneecap her with the cane, then place one foot atop her body laying on the ground like a champ.

lool

__

West coast ...clean house ...I do not care if most of the brokers get regulated and leave the industry

it will knock the cocky disrespectful and non-productive ones out

Happy?

Compliance courses and exams like mortgages...level 1 2 3 4

100k min to be an iso and surety bond

[DonMcGrath]

5 in a row huh?

I heard she ripped her keyboard in half and replaced it with three self reloading, sub machine, no-recoil magazines, which block carpal tunnel and keeps her safe when the electricity goes off during hurricanes.


Right through usb.

[Karen37a]

The FTC also alleges that Lending Club falsely told loan applicants that “Investors Have Backed Your Loan” while knowing that many of them would never get a loan, a practice that delayed applicants from seeking loans elsewhere.

She also knows that there is a theory or premise in law called "promissory estoppel" which is a legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.


Which is why I've objected to the practice of some companies purposefully denying a majority of their fiile in final underwriting after the contract was signed. And why I picked up the slack myself and started Pre Underwtriting more on the front. Then stopped using some companies because I knew they could get me in trouble or sued if a smart lawyer or merchant was estopped ( In the end I figured since most of the Funders and brokers dont understand this...the merchants wont)... Regulation will change this as well.

( I've always objected to having to sit in long boring law classes when I can pass the bar without it)... Several U.S. states offer a little-known alternative path to the bar exam room: “reading the law” — or serving as an apprentice in the office of a practicing attorney or judge.I think only in Calif, virginia washington vermont you take the bar without the extensive law classes and the licence is not reciprocial. I had a choice way back when...complete law school or wall st and money...law school ...money....off to wall st. Then when you live all this regulation from the inside, you really really understand it)


Abraham Lincoln studied law on his own he famously wrote in 1855. “It is a small matter whether you read with anyone or not; I did not read with anyone...always bear in mind that your own resolution to succeed is more important than any other one thing.”

The American Bar Association (ABA) changed everything. Formed in 1878 by a group of 100 lawyers from 21 states, the ABA frowned upon the self-led study of the law, calling for a “national, uniform code of ethics.” Throughout the ensuing decades, it lobbied tirelessly, convincing almost every state to only allow law school students to take the bar exam and ultimately, become lawyers.( this was the last thing I preached to my boring teacher as a quit and headed for wall st)

__

** one good thing, because of all this I did not want to make a "promise" or give hope to merchants and kill it at the last second 90 % of the time (ethically, morally, legally), I semi figured out the backdooring in 2 days flat

This is also why I appreciate the good Funders, the ones that treat the 1099 salesforce with respect. Why on earth some thought we were all "telemarketers" "boiler rooms" because we call merchants on the phone is beyond me. (And I am glad that some didnt believe my resume or stories, some wouldnt have let me in the door...I guess getting in a small a amout of trouble made me one of the "gang")

(let's get my cousin Vinny movie" lawyer" against the stuttering guy," lawyer" vs that FTC guy or any other Regulation lawyer who made their way up the ranks by being in court and winning cases, with money and resources of the states or federal govt. When you are regulated they do not have to take you to court and win, they just FINE YOU, sanctions etc ...its going to be a slaughter)

I volunteer to step up to a formal debate( timed with a moderator) against the A-plus paper wonder guy who thinks Isos are boiler rooms

Last I am commenting on this, Your fate is in your hands and remember who tried to block it.