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01-17-2021, 09:11 PM #1
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Rohit Chopra nominated
https://www.politico.com/amp/news/20...mpression=true
Not sure what the ramifications will be but he's is super anti MCA's.
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01-18-2021, 09:53 AM #2
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01-18-2021, 10:30 AM #3
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- Aug 2014
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Obama/Biden took down a lot of big players in the PDL industry with operation chokepoint, I see that happening again but on steroids and I think MCA to certain degree will get lumped in.
It is going to be at best a very bumpy ride for at least the next 2 years.
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01-18-2021, 11:03 AM #4
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- Aug 2020
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- 143
The CFPB will have a tough time trying to claim authority over MCA and other B2B transactions. They are focused on "consumer" finance. Sure, if you offer products directed at consumers, this is troubling news. However I'm not worried about Rohit trying to "wipe out" MCA anymore since he will no longer be at the FTC and should have a new focus.
MCA will definitely have legal challenges in the near future, but I don't believe it will come from the CFPB. Their big prize is taking down payday lenders.
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01-19-2021, 02:19 PM #5
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- Oct 2020
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- 126
Agreed. They don't care about rules or laws. They want to shut it down.
As he said in August: "We've started suing some of them and I'm looking for a systemic solution that makes sure they can all be wiped out before they do more damage."
Government has unlimited money, MCA companies do not. Maybe some survive but as he said in his own words, they will sue everyone out of business.
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01-20-2021, 08:11 AM #6
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- Apr 2014
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- 781
They will shut it down def...i said this over a year ago and new it was a fact then. It was a v good run..but charging businesses 49 cents on the dollar and fees was legal extortion.....was only a matter of time
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01-20-2021, 09:16 AM #7
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- Mar 2015
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- Boynton Beach
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MCA will not "go away". It may change much like every other capital markets product has over the years. The product has a place in the capital market system.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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01-20-2021, 09:47 AM #8
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01-20-2021, 10:16 AM #9
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01-20-2021, 10:28 AM #10
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- Jun 2017
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Ive actually talked with him.
He isnt anti MCA.
He is against shady players doing illegal things.
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01-20-2021, 10:32 AM #11
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- Jun 2015
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I think we will see more famous legitimate companies/banks coming into the space and the ones that are expanding into higher risk like paypall and amex did and the focus will be on them more .for example i know someone personally that has a bad sub 500 credit score, defaulted on kapitus and just got funded 350k 12 months at 12% from amazon based on the volume he does with them period .
Everyone thought that when the big boys come into our space it will crush our industry but it made it blow up as people walked up the interest ladder form the bank 3% to those guys 12% to an a funder 25% to b funder 40% to c funder 50%
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01-20-2021, 10:33 AM #12
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- Apr 2015
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- 300
ryan $ who have you spoken to?
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01-20-2021, 10:41 AM #13
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- Apr 2015
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01-20-2021, 10:44 AM #14
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- Jun 2017
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Rohit Chopra.
I basically emailed him bashing him for targeting our industry, when in reality it is an underserved market that banks ignore....ect ect.
To my surprise he wrote back, and really isnt against the industry at all.
Just bad players.
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01-20-2021, 10:48 AM #15
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01-20-2021, 10:49 AM #16
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- Jun 2017
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01-20-2021, 11:14 AM #17
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01-20-2021, 11:26 AM #18
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01-20-2021, 11:30 AM #19
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- Jun 2017
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And I was wrong.... Found it.
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01-20-2021, 11:35 AM #20
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01-20-2021, 11:38 AM #21
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01-20-2021, 11:48 AM #22
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01-20-2021, 12:01 PM #23
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- Apr 2018
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01-20-2021, 12:20 PM #24
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- Apr 2015
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ryan1 can we see ur initial email
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01-20-2021, 09:52 PM #25
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- Mar 2017
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- Nunya
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