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05-09-2013, 07:18 PM #1
What does this mean for The Cash Advance Industry?
Federal law enforcement officials are investigating whether nearly $90 million in bank loans to a Bohemia finance company
Oak Rock specializes in a variety of businesses that involve credit -- in effect, borrowing money from banks and then loaning the money to other lenders or businesses or financing its own credit transactions.
Jerome Reisman, a Garden City attorney who is representing AmeriMerchant LLC, a firm that borrowed from Oak Rock to advance to merchants, said the matter has the potential to dry up credit for some consumers and merchants.
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05-09-2013, 07:50 PM #2
it means nothing. They lent to a mid-sized mca funder that can get money from whoever they want.