[Cfairbank]

[QUOTE=mcaguru;48583]

Marcus, we are regularly on Capitol Hill and regulation is absolutely coming to this space -- the question is from whom, when, and in what form -- and common sense federal regulation is far better than state-by-state regulation which will happen if the federal regulators don't move quickly (and in NY it could be particularly harsh on cash advance companies). Cash advance now carries a stigma from which it will be difficult to recover, and I'd recommend that all parties (lenders, funders, and brokers) assess their business model and make their business practices as unassailable as possible.


Carl the only way to please regulators if we fund deals under 20% annually.

Regulators aren't focused on rates; they are focused on oversight, proper disclosure, UDAAP, debt traps, and predatory protections. In the dozens of meetings I have attended, not once have I heard the concept of a rate cap as a remotely likely option.

[FUNd]

Regulators aren't focused on rates; they are focused on oversight, UDAAP, debt traps, and predatory protections. In the dozens of meetings I have attended, not once have I heard the concept of a rate cap as a remotely likely option.

Cheers to that Carl!

[mcaguru]

[QUOTE=Cfairbank;48587]

Regulators aren't focused on rates; they are focused on oversight, proper disclosure, UDAAP, debt traps, and predatory protections. In the dozens of meetings I have attended, not once have I heard the concept of a rate cap as a remotely likely option.

Oh then MCA world should be at ease.

[J.Celifarco]

[QUOTE=mcaguru;48594]

Oh then MCA world should be at ease.

Some people can be at ease, The A-C first position funders yes, some of the responsible second position funders yes, everyone else not so much. Anyone who is stacking 3rd or 4th positions and then sticking a COJ on top of that shouldn't.

[mcaguru]

[QUOTE=J.Celifarco;48602]

Some people can be at ease, The A-C first position funders yes, some of the responsible second position funders yes, everyone else not so much. Anyone who is stacking 3rd or 4th positions and then sticking a COJ on top of that shouldn't.

John are you aware that many Credit Card card companies (I think applied-bank is the largest) that offer Credit cards to "Credit challenged" Americans (consumers) that they give a $300 Credit line and when you activate they take out $99 dollars plus I believe a $15 monthly fee (another $180 annually) and 2 or 3 other fees annually and then charge 24.99APR...just because it seems terrible to me and you does not make it illegal and for some reasons millions of these cards are floating in American Consumers pockets! and I'm sure many watch groups are fighting them but bottom line its legal.

[J.Celifarco]

[QUOTE=mcaguru;48613]

John are you aware that many Credit Card card companies (I think applied-bank is the largest) that offer Credit cards to "Credit challenged" Americans (consumers) that they give a $300 Credit line and when you activate they take out $99 dollars plus I believe a $15 monthly fee (another $180 annually) and 2 or 3 other fees annually and then charge 24.99APR...just because it seems terrible to me and you does not make it illegal and for some reasons millions of these cards are floating in American Consumers pockets! and I'm sure many watch groups are fighting them but bottom line its legal.

do you know what the best part about htis conversation is, one of us is going to be right. I think its me you think its you and only time will tell. I just see the way the conversation is heading and I cant see how some form of regulation doesn't happen. Just my oppinion

[mcaguru]

[QUOTE=J.Celifarco;48614]

do you know what the best part about htis conversation is, one of us is going to be right. I think its me you think its you and only time will tell. I just see the way the conversation is heading and I cant see how some form of regulation doesn't happen. Just my oppinion

I am not saying there wont be regulation but its more from the large online lenders entering this space vs a few MCA companies funding a file that already has funds from another MCA company or etc.