Politics

Mayor Rahm Emanuel Cuts Ribbon for 160% APR Online Lender

October 11, 2017
Article by:

Mayor Rahm Emanuel

Chicago Mayor Rahm Emanuel cut the ceremonial ribbon at OppLoans’ new headquarters in Chicago this week. The APR of a typical installment loan is 160% APR in many states, according to the OppLoans website. In South Carolina, a typical loan is listed as 199% APR over 9-18 months. Today we cut the ribbon on @OppLoans' […]

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Chicago Resumes Call for Protection of Small Business Owners Against Predatory Lenders

February 12, 2016
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Illinois State Capitol Building

Chicago City Treasurer Kurt Summers has picked up where Rahm Emanuel left off a year ago. During a January 25th Illinois Senate Financial Institutions Committee hearing named, Small Businesses, lack of access to capital, and predatory lending practices, Summers called for new legislation to protect small business owners from misleading and dishonest predatory lenders. OnDeck […]

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Former Bizfi Manager is Making a Splash in Delaware State Senate Contest

February 7, 2016
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James Spadola Delaware State Senate Candidate

A former Bizfi manager is underwriting a new kind of 4-year deal. Thirty-two year old James Spadola, who lives in Wilmington, is bringing an impressive resumé to the Delaware state Senate contest for District 1. The world knows him as #HugACop after an outreach campaign he spearheaded for the Newark, Delaware police department went viral […]

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Bernie Sanders Poses Bad Lending Question

December 27, 2015
Article by:

bernie sanders student loans

Two loans: one with collateral, the other without any. All else being the same, which one do you think would have the higher interest rate? Given his tweet, Socialist (Democrat) candidate Bernie Sanders might not understand the question. You have families out there paying 6, 8, 10 percent on student debt but you can refinance […]

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A Student Cash Advance?

October 27, 2015
Article by:

Some interesting legislation was introduced last Tuesday by Senator Marco Rubio. The bill entitled “Investing in Student Success Act of 2015” would allow individuals to enter into Income Share Agreements that bear some of the characteristics of merchant cash advances. The bill defines an Income Share Agreement as, [A]n agreement between an individual and any […]

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Chairman of House Financial Services Committee Requests Information from CFPB on Fair Lending Enforcement Actions, Requests Interview with Director of Fair Lending Office

October 18, 2015
Article by:

capitol hill

Earlier this month, the Chairman of the House Financial Services Committee, Rep. Jeb Hensarling (R., Texas), sent a letter to the CFPB requesting information related to the Bureau’s recent investigations in to alleged fair lending law violations by auto lenders. This information may be helpful in understanding how the Bureau conducts fair lending focused exams […]

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Coalition for Responsible Business Finance Submitted RFI on Behalf of Both Funders and Small Businesses

October 1, 2015
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Coalition for Responsible Business Finance

If you haven’t heard of the Coalition for Responsible Business Finance (not to be confused with the Responsible Business Lending Coalition), I recommend paying attention to it. “The CRBF is a group of businesses and service providers that advocate for the value of alternative financing opportunities for small businesses,” they said in their response to […]

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Dodd-Frank and More Paperwork Make Lending Harder

September 19, 2015
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Dodd Frank Paperwork

It’s not just alternative lenders that have concerns about Dodd-Frank, Section 1071 and the CFPB. Several community bankers recently testified in front of The House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access to explain just how detrimental regulations have been to their lending operations. While the discussion encompassed all types […]

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What Would Barney Frank Say?

July 16, 2014
Article by:

bfrank

While crowd funders navigate the JOBS Act and a possible revision to what constitutes an accredited investor, non-bank business lenders are raising eyebrows with sky high interest rates. Annual Percentage Rates (APRs) are reaching into the triple digits and critics are reaching for their megaphones to say something about it. Unfortunately APRs don’t spell out […]

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Merchant Cash Advance Term Used Before Congress

December 18, 2013
Article by:

capitol building

I’d like to think that the term, merchant cash advance, is mainstream enough that a congressman would know what it was. I have no idea if that’s the case though. What I do know is that Renaud Laplanche, the CEO of Lending Club gave testimony before the Committee on Small Business of the United States […]

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