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06-07-2016, 04:53 PM #1
Reputation points: 33996
- Join Date
- Jan 2015
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- 463
While I believe increased regulation is inevitable, I also can't help but get the feeling the big players are conspiring to use regulation to eliminate the competition and create artificial barriers to entry while cloaking them selves in a benevolent flag.
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06-07-2016, 04:56 PM #2Zachary Ramirez CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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06-07-2016, 05:01 PM #3
Reputation points: 23718
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- Jul 2014
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06-07-2016, 05:49 PM #4
Reputation points: 54989
- Join Date
- Dec 2013
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-07-2016, 08:41 PM #5
Reputation points: 24139
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
I don't believe the SMART box initiative is an attempt to encourage regulation -- in fact, I think it's the opposite -- it is simply a good proposal to promote proper disclosure and enable borrowers to compare options. While I believe this will help the market, self-regulation is not a viable option (especially "opt-in" self regulation). There are too many bad practices and regulators are completely aware of those practices -- no way they will allow these practices to continue or that anyone inside the market can convince these folks that we are capable of regulating ourselves (our market has proven itself as a market that is incapable of self-regulation). Breakout has stated our public support of both common sense Federal regulation (state by state regulation is a mess, which is already happening) as well as the the SMART box initiative that would allow customers to properly understand the actual cost of the funding and enable borrowers to compare cost across product-types.
I really don't think this is "big" vs "small", it's who can actually support that they have an unassailable product that isn't predatory and doesn't create debt traps. And as FUNd mentioned, some level of barriers to entry, especially in cash advance or broker market, would benefit everybody.Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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