[isaacdstern]

Good morning everyone,

This past week my colleagues and I in the CFC spent 2 days in Albany meeting with a dozen different senators and staffers to discuss part EE of the proposed 2017 NYS budget.

If part EE was put in the budget it would effect every aspect of doing business in NYS for funders and brokers mostly due to heavy restriction and licensing requirements.

The scariest part of this is most states look to New York and if it is passed we think they will likely follow in similar fashion.

If you are looking to get involved and have a say in the future of doing business in NYS.

Myself and most of the members of CFC along with our lobbyists will be at Lendit next week.

If you would like to have a meeting to get involved in the CFC below is my contact information.

Thanks!
Isaac D. Stern
Isaac@yellowstonecap.com
cell (917) 743-8369

[AndyYSCISOdept]

This part EE sounds scary....

[mcaguru]

I am not a spokesperson for the CFC..However brokers should start advocating their funding houses to become members.

Here is why: (nothing is similar to our industry with the following story other then what happens when industries don't come together!!)
My friend ran one of the largest travel agencies in America in the late 90's (at that time almost evrey ticket outside of the direct airline was sold by a travel agency) when they noticed that these online companies were popping up and doing less then 1% of the booking volume they formed a group to pressure the airlines not to work with online sellers and they proposed not selling tickets for 7 days and bring the airlines to their knees HOWEVER just a handful of companies joined the coalition and the rest is history.

[J.Celifarco]

I am not a spokesperson for the CFC..However brokers should start advocating their funding houses to become members.

Here is why: (nothing is similar to our industry with the following story other then what happens when industries don't come together!!)
My friend ran one of the largest travel agencies in America in the late 90's (at that time almost evrey ticket outside of the direct airline was sold by a travel agency) when they noticed that these online companies were popping up and doing less then 1% of the booking volume they formed a group to pressure the airlines not to work with online sellers and they proposed not selling tickets for 7 days and bring the airlines to their knees HOWEVER just a handful of companies joined the coalition and the rest is history.

the way the proposed law is worded it is not just the funder that would beed to be licensed. The broker and anyone else who's hands touch the file will need to have the license

[mcaguru]

the way the proposed law is worded it is not just the funder that would beed to be licensed. The broker and anyone else who's hands touch the file will need to have the license

correct, and that would not benefit anyone. licensing in most cases is just a way to collect fees unless its like years of training like medical or becoming pilot taking a few courses will never stop a bad apple only the industry can self cleanse from the bad actors. (Even that's not guaranteed -- when after all any bad actor on death row can send a 3rd cousin to get the licensing or sign up to be an ISO).

[J.Celifarco]

correct, and that would not benefit anyone. licensing in most cases is just a way to collect fees unless its like years of training like medical or becoming pilot taking a few courses will never stop a bad apple only the industry can self cleanse from the bad actors. (Even that's not guaranteed -- when after all any bad actor on death row can send a 3rd cousin to get the licensing or sign up to be an ISO).

I think it may be individual licenses for all the people that work at the company similar to what a mortgage broker needs.. Not just the company unless I am reading it wrong. SO that would stop someone else getting the license for the company. The problem is in my opinion the wording. It is so vague it can mean almost anything which is the scariest part to me, the not knowing

[isaacdstern]

With Clock Ticking, Members of the Commercial Finance Coalition Journeyed to the New York State Capitol

http://debanked.com/2017/03/with-clock-ticking-members-of-the-commercial-finance-coalition-journeyed-to-the-new-york-state-capitol/

[Karen37a]

I am glad you are making an attempt to do something and I agree that this could be catastrophic to this industry and the vagueness of the wording is disturbing.

Most people are aware of my stance on burdensome regulations. They usually are not properly vetted, different regulatory agencies do not play nice with each other and they do not take into account the evolution of the Financial Markets.

People can point to the Doody Frankenstein act and the problematic Volcker rule with the costly and mostly ineffective and useless disclosures and compliance to point the way to smarter regulation before they make more catastrophic decisons.

[CreditGuy]

ILPA and CRBF just merged, which makes CFC a marginal player at best now. Not only does CFC represent considerably smaller players, but those companies it does represent engage in some of the most predatory and reckless practices in the industry, like stacking and double dipping renewals.

[BankComplianceGuy]

I am glad you are making an attempt to do something and I agree that this could be catastrophic to this industry and the vagueness of the wording is disturbing.

Most people are aware of my stance on burdensome regulations. They usually are not properly vetted, different regulatory agencies do not play nice with each other and they do not take into account the evolution of the Financial Markets.

People can point to the Doody Frankenstein act and the problematic Volcker rule with the costly and mostly ineffective and useless disclosures and compliance to point the way to smarter regulation before they make more catastrophic decisons.

The volcker rule has nothing to do with retail lending. Dodd--Frank is a broad piece of legislation with many rules that impact many areas of finance, like the volcker rule and prop trading. What about it is bad for small business, in your opinion?

My view, if you hopped from stocks, to mortgages to MCA's, you're likely part of the problem in finance.

[drosc5]

Certain Regulations for this industry should be welcomed, not feared...

[WestCoastFunding]

What about it is bad for small business, in your opinion?.

Don't expect a coherent response.

[Karen37a]

The volcker rule has nothing to do with retail lending. Dodd--Frank is a broad piece of legislation with many rules that impact many areas of finance, like the volcker rule and prop trading. What about it is bad for small business, in your opinion?

My view, if you hopped from stocks, to mortgages to MCA's, you're likely part of the problem in finance.

I never stated that it has anything to do with retail lending (I explained who did the overseeing on what because that west guy didn't understand) My point was /is when people make hasty decisions without vetting them in a complex area of Finance, certain problems can arise that were not foreseen... the fed agrees giving numerous extensions to banks on the volcker rule "to provide for orderly divestitures and to prevent market disruptions”

And your "view" on me "hopping" is not based on facts as I had a pristine record and reputation when I was an investment banker then Financial coaching which included, mutual funds, insurance and mortgages ( not just mortgages alone) 200 agents in my former organization who I had compliance over and supervision of and now MCA's alone. I educate my clients on the pitfalls and problems associated with "high cost alternative products" the dangers of stacking and doubling dipping and try to avoid it. I have 1 default to date , 1 slow pay and a 80% renewal ratio. Thanks for inquiring though.

(Now I am curious about you and your purpose; your name says "bank compliance", so this way we wont have to guess, then come up with an unsubstantiated "view" on you)

I would have to give a small seminar on why it is bad for small business and for what reason? So you and a few of your buddies can make snide retorts? Or worse yet make moves to profit on what i say? Its predictable and boring. (Id like West to stay with his virtual office sitting in the basement of his Grandma's house, in his dirty socks, pretending to be a big player in the industry, closing 1 advance every 3rd month thru advance seo skills, waiting for me to show up on the DF so he can make cutting remarks towards me.Cause he cant surf)

Its hard to think opposite from the crowd and actually make money, you must do whats opposite of popular opinion. " like buy what people are selling and sell what people are buying" Most cant do it because they are relying on the opinions of others and following along like sheep to slaughter.


ive already stated on these boards part of the reasons I dislike it. Instead of reining in big banks and Wall Street, the regulatory burdens imposed by Doody Frank harmed local community banks, raised lending costs, and restricted access to capital for businesses. The costs for compliance put a big strain on banks increased costs and also the capital requirements ...this caused them to focus on Mortgage lending Vs Non Mortgage lending. But it did give strength and purpose to the Mca industry hence me "hopping" onboard.


I would give ALL the reasons I believe its was very very bad thing,and also on the regulations they are looking to impose on the MCA industry but it just causes the few to make snide remarks, that make their day......and you really do not want the answer you are just waiting to respond.




Droc5. I agree to a very very small extent

[WestCoastFunding]

Don't expect a coherent response.

I called it.

[Karen37a]

West,

Everyone understands what I am saying because they actually close merchant cash advances with clients. I am glad you are not on my team. So many men like you have shown up, with their AA degree and bank resume( just recently fired) and think they know whats what.

You never last in the business and you cant be taught or coached into understanding how the "real wall st " works. Other people on these boards told you this already "people like you wind up *****ing about leads or lending companies, phone sales etc" If you only knew how silly you look stalking me on these boards. I am glad you are on the west coast or I might have to hire a full time body guard

A big wig at one of the largest diversified holding companies in Finance..financial planning, asset mgt, investment banking debated you on here because he is a personal friend of mine. Happy Horsht who you also tried to debate is also in charge of 500 stock brokerage firms clearing/trading. The first firm made billions because they are on the NYSE, second one he wont tell me, its not on the NYSE and if he is a multi multi multi millionaire I will ask him to buy me a new car.

If this was real life I wouldn't be as nice as I am. And I know you wouldn't make attempts to annoy , harass or stalk me, only behind a screen.

If your only contribution to this forum is to follow people , or women around and make nasty snide comments, not directed toward the topic, but the person commenting, Maybe this forum needs to think about why they let you do it all day every day.Its negative and serves no purpose other than bolstering your fragile ego. In Ny they call that small Dic* syndrome.

Usually only Gay guys hate women so much, they also hit women in fights. Its ok, you are safe and among friends no one will judge you.

This isn't a playground for ex Mca brokers whos lunch money got stolen to get even. Go write a book.

Is that coherent?

I am going to yell "Stranger Danger "from now on when you come near me, you are wasting my time.

Ps one of my brokers said you are up very early in the am 7:13 east coast time, what time is that on the west coast if you are there ,,geez lol

[HDF]

West,

Everyone understands what I am saying because they actually close merchant cash advances with clients. I am glad you are not on my team. So many men like you have shown up, with their AA degree and bank resume( just recently fired) and think they know whats what.

You never last in the business and you cant be taught or coached into understanding how the "real wall st " works. Other people on these boards told you this already " you wind up *****ing about leads or lending companies, phone sales etc" If you only knew how silly you look stalking me on these boards. I am glad you are on the west coast or I might have to hire a full time body guard

A big wig at one of the largest diversified holding companies in Finance..financial planning, asset mgt, investment banking debated you on here because he is a personal friend of mine. Happy Horsht who you also tried to debate is also in charge of 500 stock brokerage firms trading. The first firm made billions because they are on the NYSE, second one he wont tell me, its not on the NYSE and if he is a multi multi multi millionaire I will ask him to buy me a new car.

If this was real life I wouldn't be as nice as I am. And I know you wouldn't make attempts to annoy , harass or stalk me, only behind a screen.

If your only contribution to this forum is to follow people , or women around and make nasty snide comments, not directed toward the topic, but the person in general. Maybe this forum/ Sean needs to think about why he lets you do it all day every day.

Its negative and serves no purpose other than bolstering your fragile ego. In Ny they call that small Dic* syndrome.

Usually only Gay guys hate women so much, they also hit women in fights. Its ok, you are safe and among friends no one will judge you.

This isn't a playground for ex Mca brokers whos lunch money got stolen to get even. Go write a book.

Is that coherent?

You took the bait again.

[RickyR3712]

it does not take much to get her fired up.
Not to sound racist but karen are you Latino?

[WestCoastFunding]

Karen with her usual lack of self-control.

Don't you feel silly claiming sexism every time you're challenged about the incoherence of your comments?

[jotucker1983]

I honestly think all of you guys should chill with the personal attacks. What does someone being a female, or a guy being gay, or someone being Latino, etc., have to do with Commercial Finance Regulation?

Absolutely nothing, so how about we just stick to discussing all sides of the topic folks . That's one of the reasons I come around, to see excellent debates on both sides of important topics.

[John Galt]

I hate everyone equally, that's why I sell MCAs too. Lmao.

[WestCoastFunding]

Here is why: (nothing is similar to our industry with the following story other then what happens when industries don't come together!!)
My friend ran one of the largest travel agencies in America in the late 90's (at that time almost evrey ticket outside of the direct airline was sold by a travel agency) when they noticed that these online companies were popping up and doing less then 1% of the booking volume they formed a group to pressure the airlines not to work with online sellers and they proposed not selling tickets for 7 days and bring the airlines to their knees HOWEVER just a handful of companies joined the coalition and the rest is history.

This is one of the worst arguments, ever, against change. While online flight bookings may have been bad for travel agencies, it is fantastic for consumers and airlines. I can't imagine anyone would ever want to go back to the day when you had to go to a travel agency to book a plane ticket. And let's be honest: there was no trade group that would have ever have stopped to stop the move to online booking. What? Strike for a week and and piss of the airlines and customers? That would make the move to innovation happen faster.

[WestCoastFunding]

I honestly think all of you guys should chill with the personal attacks. What does someone being a female, or a guy being gay, or someone being Latino, etc., have to do with Commercial Finance Regulation?

Absolutely nothing, so how about we just stick to discussing all sides of the topic folks . That's one of the reasons I come around, to see excellent debates on both sides of important topics.

Let's be honest, this all comes from one person. One person asked why Karen why the Volcker Rule is bad for small business, and went into a rant without providing an answer. A second attempt to get her to answer led to another unhinged rant.

It's really tough to have intelligent discussion when a person will alway disregard empirical evidence and the use of truth through data, only to repeat something they heard a couple of investment bankers discussing while standing on line at a deli (and use their convo out-of-context, at that. Just random.) in every argument, and act like the **** is profound. It's not. And when you try to get them to clarify, you're called sexist. I mean, come on.

[Karen37a]

1-Hdf you are right, stranger danger.. lol

2-I am actually part Sicillian..raised half Christian and half Jewish, does that send a red flag off as well?

3- West fights with everyone, he just posted that mca guru gave the worst explanation ever, jabbing at him, then says its karen, only 1 person lol. I am sure if we look back on posts we can see him jabbing at everyone, all the time . And he truly does not understand the investment side of the business , the lender side, iso side ,the broker side , nor marketing.

4- John we would have to be sane adults and I am not sure sane adults make in in Financial Services..this is a half jk

5- John Galt you dont hate everyone, you are intelligent and cool on the phone .

I feel like I am in a sales room and the jr league brokers are pissed off that I have 10 sales funded on the board for 800k and they cant get past the "hello are you the owner part of the pitch " lol .Oh yeah I am.

Anyway. Life is great. Get on the phone and grind it out. I really do not have time to play in the playground today.
I am not participating in critical personal attacks on people, nor responding anymore deals to close...

waving bye ***

[WestCoastFunding]

Karen has yet to learn that people have discussions were people argue their stances, and air out their disagreements. Its called debate.

Marcus is good-natured, and never responds with anger or hostility. You could learn a thing or two from him.

[isaacdstern]

It truly was awesome seeing so many people I have not seen in years at Lendit.

We added 6 new members while at the show and continue to add more.

If you would like to get involved reach out to me.

Have a great day everyone!