[Sean Cash]

For those that missed the story this morning, Mayor Rahm Emanuel of Chicago "will call on state and federal agencies to regulate business to business lenders. Emanuel said cash advance companies have accelerated their marketing efforts in recent months, resulting in small businesses taking loans they cannot afford." Emanuel is a former White House Chief of Staff.

And on that note, the Law Office of Pepper Hamilton is hosting a lunch at their office in NYC on Tuesday January 27th to discuss the merchant's cash advance industry's long term future. If you are an ISO or funder and interested in sharing your thoughts and attending, send me a private message.

[len@accfunding.com]

Emanuel needs to worry about reducing the murder rate in Chicago. The government has never had any involvement in regulating any B to B activity. What are going to create the BFPB, Business Financial Protection Bureau? With a republican controlled Congress, I wouldn't stand a chance.

[JSL23]

AMEN!!! If his boss wasn't crippling the middle class and banks weren't turning down small business loans over half the time we might not be as busy. If they Liberals weren't giving mortgages to low income families to buy Mcmansions maybe the economy wouldn't be in the ****ter.........unbelievable.

And when will they get it: THERE IS NO APR IN A MERCHANT CASH ADVANCE!!! Calling it a loan is like calling Coca Cola Pepsi....

[Sean Cash]

Emanuel seems to want it both ways, 2 days ago he pledged to support more loans in the $50,000-to-$250,000 range for small businesses that have trouble getting loans in the no-man’s land “between micro-loans and six figures.

http://chicago.suntimes.com/news-chi...conomic-agenda

2 days later he declared a war on companies lending to Chicago businesses from 50k to 250k...

It's interesting that 50k to 250k is characterized as "no-man's land" which makes our case for why products in that range are expensive.

[JSL23]

Sounds great, because we all know how successful the Government is at helping Small Business........ They want to talk about excessive cost.....what has the current administration spent.....7 TRILLION...........GTFO

[Chambo]

Emanuel needs to worry about reducing the murder rate in Chicago. The government has never had any involvement in regulating any B to B activity. What are going to create the BFPB, Business Financial Protection Bureau? With a republican controlled Congress, I wouldn't stand a chance.

the way he can get around this is to push the state of Illinois to crack down. then reciprocating states will follow suit. The dominoes will fall and all the stacking, fee mongering cretins will have to go out there and get new jobs

[JSL23]

the way he can get around this is to push the state of Illinois to crack down. then reciprocating states will follow suit. The dominoes will fall and all the stacking, fee mongering cretins will have to go out there and get new jobs

So you're saying you want this slug to stick his nose in our business and encourage Government regulation?! And while we're on the subject on the state of Illinois(Chicago specifically) it is and always has been one of the most corrupt cities in the country. Filled with liars, con men, shakedown artists, extortionists, gun runners and thieves....and that is just the politicians!

[len@accfunding.com]

I agree with JSL23, I wonder if Rod Blagojevich is enjoying his time in Club Fed? Last I heard Emanuel is the mayor of a city and not the governor of a state. It's going to take a lot more then a mayor to change this industry. The government has always had a hands off approach in dealing with B to B transaction. As long as there are no Consumers involved they stay out of it.

[michaelh]

Its an election year -who cares!

[JSL23]

Not too many people apparently, there are only 5 posters on this thread. If one politician does this,others will follow suit.....you don't ever want the Government in your pockets........

[J.Celifarco]

I agree, this is what always scared me, One politician making this his cause and then having other jump on with him. Not saying this is the end of the world for us, but definitely could become a big problem

[Chambo]

So you're saying you want this slug to stick his nose in our business and encourage Government regulation?! And while we're on the subject on the state of Illinois(Chicago specifically) it is and always has been one of the most corrupt cities in the country. Filled with liars, con men, shakedown artists, extortionists, gun runners and thieves....and that is just the politicians!

Cry all you want, but half of the nonsense that goes on in this industry (outrageous junk fees, stacking, misrepresentation, etc) is extremely bad for long term business.

If you are looking to make a killing and get out in a year? Then keep doing what you are doing.

[JSL23]

That's exactly why I DON'T want this to happen, it's taken me a year to build a decent book and get to a place where I feel good about the long-term. I don't want to move on. I will always try to get someone a 1st position and keep them with one Lender over a stack.

Also, I really doubt they are putting everything under a microscope like that; this is what they are looking at: High INTEREST, short-term loans. If anyone is at fault it is the lazy asses who do not even attempt to educate their clients about what this product actually is. Loans, Interest rates and APR are facets of Lending most business Owners know about and understand, so people leave it alone. Every time I read an article or blog about MCA it credits us with being fast and convenient but slams us for the "high APR". They aren't talking about stacking or broker fees(which i agree; people need to either establish a reasonable, agreed upon fee or just not do it).

I am a Broker in this Industry, not a Lender, not a politician; those that are considered Leaders need to start creating industry standards and find some sort of way we can regulate ourselves. Because if we don't and the Govt. does you will be doing the "crying."

[Batter UP]

We don't charge any fees at Batter Up Capital

[funding pro]

Any feedback?

[Sean Cash]

Just a heads up that there are still some spots left at the meeting being hosted on Tuesday from 10am to 2pm at the Law Office of Pepper Hamilton in NYC. Lunch will be served. The agenda is to talk about the future of the industry, the regulatory threats, and a path forward.

If you are interested in attending, please message me or shoot me an email.

Attendance is free. Both ISOs and funders are welcome.

[Jared_Weitz]

Just a heads up that there are still some spots left at the meeting being hosted on Tuesday from 10am to 2pm at the Law Office of Pepper Hamilton in NYC. Lunch will be served. The agenda is to talk about the future of the industry, the regulatory threats, and a path forward.

If you are interested in attending, please message me or shoot me an email.

Attendance is free. Both ISOs and funders are welcome.

see you there man

[Sean Cash]

Due to the impending blizzard, this meeting is being postponed to February 26th

[Jstarr]

for those of you who didn't see it.

http://www.fox10phoenix.com/story/27...ood-to-be-true

[admin]

for those of you who didn't see it.

http://www.fox10phoenix.com/story/27...ood-to-be-true

merged with existing thread about it.

[cardinalequity]

Victims?!? seriously! These news anchors are dumb puppets that should learn more about what we do and not be quick to crucify us. Then again this news sells!

[Chambo]

when you are stacking a third and forth position, charging junk fees (in some cases up to 20% of the deal)...yes, it is predatory. You, as the lender, have a fiduciary responsibility to conduct proper due diligence and UW on these deals to make sure the merchant can actually afford to pay it back.

[cardinalequity]

I agree 100% with you! The news video didn't mention stacking or junk fees..Just a restaurant owner that took 1 MCA. At the bottom of his name they had him labeled Victim.lol

when you are stacking a third and forth position, charging junk fees (in some cases up to 20% of the deal)...yes, it is predatory. You, as the lender, have a fiduciary responsibility to conduct proper due diligence and UW on these deals to make sure the merchant can actually afford to pay it back.

[JSL23]

I agree 100% with you! The news video didn't mention stacking or junk fees..Just a restaurant owner that took 1 MCA. At the bottom of his name they had him labeled Victim.lol

Exactly, the Liberal Media/Politicians are going to go after the industry as a whole.....not just "Stackers." If people want to limit extra fees (and excessive Underwriting costs while they're at it) and stacking then this industry needs to self-govern. Set guidelines, policies and procedures. Because by the time the Government does it, it will be too late.......

[Chambo]

Exactly, the Liberal Media/Politicians are going to go after the industry as a whole.....not just "Stackers." If people want to limit extra fees (and excessive Underwriting costs while they're at it) and stacking then this industry needs to self-govern. Set guidelines, policies and procedures. Because by the time the Government does it, it will be too late.......

Didn't your teachers tell you when you were little that "one bad apple spoils the bunch"?