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12-10-2012, 02:32 PM #1
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I'm still 99% sure that's exactly what this is targeted at. That industry is under major scrutiny. Not the MCA/Biz loan space. MCA's and biz loans are under virtually zero scrutiny. And they won't be any time soon.
The question we should ask ourselves is why is Google doing this? Because they are suddenly feeling like being an advocate for consumer protection and disclosure? Ha, not a chance. IMO- they are being pressured by regulators. That's the only reason I can see. Google is 100% in it to make money. They would never squeeze advertisers unless they are being forced too.
Google doesn't know the nuances here. They are simply targeting all advertisers that are in the loan space across the board. Clarification will follow shortly. And I'm still pretty much certain it's not going to affect biz loan providers.
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12-10-2012, 03:43 PM #2
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12-10-2012, 07:50 PM #3
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Or maybe google's going to announce their own short term lending program and they want everyone else out of the picture.
check out the video on this
http://www.cnn.com/2012/12/06/opinio...ust/index.html
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12-13-2012, 11:06 AM #4
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lol- not saying it's "impossible" to get regulated but this industry is far far from it. The microscope has come up a few times with zero impact. Rapid in 2008 tried to put the industry on the radar and of there have been a few high profile class actions with little collateral damage.
It's not even on the radar right now and I don't see it happening anytime soon. Regulators always focus on b2c stuff. B2B is largely left alone. In my home state of MD there is zero usary on any unsecured b2b loan above $15k. A handwritten contract on a cocktail napkin is binding too.
We are incorporated in VA. I have it in writing from the div of fin regulation that they have zero oversight on our business. There is not one single regulation in place irt cash advances.
If the meltdown didn't cause any regulations then I can't see anything sudden happening. Famous last words....LOL
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12-13-2012, 02:32 PM #5