Need a Funder or Vendor? START HERE

Results 1 to 25 of 25
  1. #1
    Senior Member Reputation points: 31326
    Join Date
    Apr 2018
    Posts
    180

    Rohit Chopra nominated

    https://www.politico.com/amp/news/20...mpression=true

    Not sure what the ramifications will be but he's is super anti MCA's.

  2. #2
    Quote Originally Posted by happyman View Post
    https://www.politico.com/amp/news/20...mpression=true

    Not sure what the ramifications will be but he's is super anti MCA's.
    welp, it was a good run boys

  3. #3
    Senior Member Reputation points: 23750
    Join Date
    Aug 2014
    Posts
    194

    Obama/Biden took down a lot of big players in the PDL industry with operation chokepoint, I see that happening again but on steroids and I think MCA to certain degree will get lumped in.

    It is going to be at best a very bumpy ride for at least the next 2 years.

  4. #4
    Senior Member Reputation points: 18841
    Join Date
    Aug 2020
    Posts
    135

    Quote Originally Posted by happyman View Post
    https://www.politico.com/amp/news/20...mpression=true

    Not sure what the ramifications will be but he's is super anti MCA's.
    The CFPB will have a tough time trying to claim authority over MCA and other B2B transactions. They are focused on "consumer" finance. Sure, if you offer products directed at consumers, this is troubling news. However I'm not worried about Rohit trying to "wipe out" MCA anymore since he will no longer be at the FTC and should have a new focus.

    MCA will definitely have legal challenges in the near future, but I don't believe it will come from the CFPB. Their big prize is taking down payday lenders.

  5. #5
    Senior Member Reputation points: 64261
    Join Date
    Oct 2020
    Posts
    127

    Quote Originally Posted by TheUnderwritingProdigy View Post
    welp, it was a good run boys
    Agreed. They don't care about rules or laws. They want to shut it down.

    As he said in August: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage."

    Government has unlimited money, MCA companies do not. Maybe some survive but as he said in his own words, they will sue everyone out of business.

  6. #6
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    They will shut it down def...i said this over a year ago and new it was a fact then. It was a v good run..but charging businesses 49 cents on the dollar and fees was legal extortion.....was only a matter of time

  7. #7
    Senior Member Reputation points: 337045
    Join Date
    Mar 2015
    Location
    Rock Ridge
    Posts
    3,453

    MCA will not "go away". It may change much like every other capital markets product has over the years. The product has a place in the capital market system.
    Hedley Lamarr......That's Hedley

  8. #8
    Senior Member Reputation points: 301165
    Join Date
    Jun 2015
    Posts
    3,313

    Quote Originally Posted by golf2014 View Post
    They will shut it down def...i said this over a year ago and new it was a fact then. It was a v good run..but charging businesses 49 cents on the dollar and fees was legal extortion.....was only a matter of time
    A year? you have been saying it for 5 years at least. Yet you are still here

  9. #9
    Senior Member Reputation points: 25752
    Join Date
    Apr 2015
    Posts
    300

    Quote Originally Posted by Michael I View Post
    A year? you have been saying it for 5 years at least. Yet you are still here
    so michael i what do you think happens? what do u see for the next 12 months?

  10. #10
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Ive actually talked with him.
    He isnt anti MCA.
    He is against shady players doing illegal things.

  11. #11
    Senior Member Reputation points: 301165
    Join Date
    Jun 2015
    Posts
    3,313

    Quote Originally Posted by harvey View Post
    so michael i what do you think happens? what do u see for the next 12 months?
    I think we will see more famous legitimate companies/banks coming into the space and the ones that are expanding into higher risk like paypall and amex did and the focus will be on them more .for example i know someone personally that has a bad sub 500 credit score, defaulted on kapitus and just got funded 350k 12 months at 12% from amazon based on the volume he does with them period .
    Everyone thought that when the big boys come into our space it will crush our industry but it made it blow up as people walked up the interest ladder form the bank 3% to those guys 12% to an a funder 25% to b funder 40% to c funder 50%

  12. #12
    Senior Member Reputation points: 25752
    Join Date
    Apr 2015
    Posts
    300

    ryan $ who have you spoken to?

  13. #13
    Senior Member Reputation points: 25752
    Join Date
    Apr 2015
    Posts
    300

    Quote Originally Posted by ryan $ View Post
    Ive actually talked with him.
    He isnt anti MCA.
    He is against shady players doing illegal things.
    who have you spoken too?

  14. #14
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Rohit Chopra.
    I basically emailed him bashing him for targeting our industry, when in reality it is an underserved market that banks ignore....ect ect.
    To my surprise he wrote back, and really isnt against the industry at all.
    Just bad players.

  15. #15
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Quote Originally Posted by ryan $ View Post
    Rohit Chopra.
    I basically emailed him bashing him for targeting our industry, when in reality it is an underserved market that banks ignore....ect ect.
    To my surprise he wrote back, and really isnt against the industry at all.
    Just bad players.
    Ryan, can you share a screenshot of the email?

  16. #16
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Quote Originally Posted by abfunders View Post
    Ryan, can you share a screenshot of the email?
    Sent it while i worked for someone else. No longer have access to the email. Was about a year ago i think.

  17. #17
    Senior Member Reputation points: 97075
    Join Date
    Jun 2015
    Posts
    754

    Quote Originally Posted by ryan $ View Post
    Sent it while i worked for someone else. No longer have access to the email. Was about a year ago i think.
    I don’t think you would actually have the balls to email him like that

  18. #18
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Quote Originally Posted by SmartAdvanced View Post
    I don’t think you would actually have the balls to email him like that
    Stupidity. Is more like it. It required stupidity. But, response was fair enough.

  19. #19
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    And I was wrong.... Found it.

  20. #20
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051


  21. #21
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051


  22. #22
    Senior Member Reputation points: 91418
    Join Date
    Sep 2019
    Posts
    402

    Quote Originally Posted by harvey View Post
    ryan $ who have you spoken to?
    Yea, pretty broad claim with no proof?

  23. #23
    Senior Member Reputation points: 31326
    Join Date
    Apr 2018
    Posts
    180

    Quote Originally Posted by ryan $ View Post
    valid proof. thank you ryan $ for sharing.

  24. #24
    Senior Member Reputation points: 25752
    Join Date
    Apr 2015
    Posts
    300

    ryan1 can we see ur initial email

  25. #25
    Senior Member Reputation points: 198007
    Join Date
    Mar 2017
    Location
    Nunya
    Posts
    831

    Quote Originally Posted by ryan $ View Post
    Heyyyyyy now we're talking.

Similar Threads

  1. FTC Commissioner Rohit Chopra on Merchant Cash Advances
    By BP4130 in forum Merchant Cash Advance
    Replies: 1
    Last Post: 08-04-2020, 09:26 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY