00:03.240 --> 00:10.260 Sean Murray: Hello, everyone, welcome back to deBanked TV. I'm Sean Murray. Today we have three quick topics that I want to talk about. One 00:10.260 --> 00:19.140 of them is definitely edgy, you might say. It's something that was sent to me this morning, I have been a big advocate of differentiating 00:19.140 --> 00:26.610 yourself with your marketing, kind of going against what the crowd is doing, making sure that you stand out. And it looks like someone has 00:26.610 --> 00:34.890 taken that to an extreme measure. I don't know if you are familiar or have watched the Netflix series Tiger King. But someone thought it was a 00:34.890 --> 00:46.680 good idea to involve Carole Baskin and her past with a banker into a marketing pitch. This is a real a real thing. It's a video video 00:46.680 --> 00:57.030 commercial that Carole Baskin is advertising online, or I guess the company that hired her is advertising online. And this is real. It's part of 00:57.390 --> 01:02.100 what's being advertised in FinTech. Right now Carole Baskin is coming to you live. Let's take a look. 01:03.240 --> 01:09.600 Video: Hey, all you cool cats and kittens in the banking industry. It's Carole Baskin from Big Cat Rescue. You might remember from Tiger 01:09.600 --> 01:11.940 King, I'm married to a former banker. 01:15.680 --> 01:24.470 Sean Murray: Okay. The full, the full video is actually about 48 seconds. And she goes on to explain that banking is changing. And she 01:24.470 --> 01:32.480 knows all about banking, because her former husband was a banker, and that there's a report that you can download to learn more about how to 01:32.480 --> 01:39.080 reform banking. So there's a real company behind it, it's not a prank, we'll actually include the link to the company that made the 01:39.080 --> 01:46.910 video up on the site afterwards, so you can actually download the report. So Carole Baskin is apparently getting into banking and FinTech 01:46.910 --> 01:52.730 or at least being the marketing person, so learn something new every day. I don't know how it will work out for them, but I guess I'm talking 01:52.730 --> 02:01.220 about it. So it's something. I also want to talk about a new bill that was proposed in North Carolina, it just got submitted yesterday. We have 02:01.220 --> 02:09.290 talked a lot about commercial financing disclosures in states like California, New York, Maryland, there was one recently that came out in 02:09.290 --> 02:15.890 Connecticut, although I'm not entirely sure if that has moved forward. But we're now seeing the exact same bill reared its head again, this 02:15.890 --> 02:22.550 time in North Carolina. So there is a commercial financing disclosure bill in North Carolina. It looks very similar to bills that have been 02:22.550 --> 02:30.950 proposed in other states. It's got all the same language. Gotta disclose an APR, it includes factoring includes merchant cash advance, it 02:30.950 --> 02:38.240 includes business loans, it exempts banks, the only thing different about this bill versus some of the others is that it does not include 02:38.240 --> 02:44.870 the term double dipping, but all the rest of it is in there. They want these providers of small business finance of commercial finance to 02:44.870 --> 02:52.400 report to the state banking Commissioner. And this doesn't mean it's going to become the law. It's just a proposed bill at this point that 02:52.400 --> 02:59.840 was submitted literally yesterday on May 11. So stay tuned, though it's up on our site on our homepage, you can learn more about- we have the 02:59.840 --> 03:09.320 full bill link to in the in the article on our site, learn more about what's going on in North Carolina. Lastly, I want to talk about what has 03:09.320 --> 03:19.850 happened with the FTC since they lost their power to seek restitution under Section 13(b) of the FTC act. If you've been following along, you 03:19.850 --> 03:28.010 may recall that the FTC recently suffered a huge blow, and that they cannot go after you for all these damages under Section 13(b), which is 03:28.010 --> 03:35.120 what they kind of use all the time when they're pursuing, you know, bad actors. And it's a game changer, because there was some pending 03:35.120 --> 03:45.590 lawsuits, major ones, that companies were being sued for under 13(b). And presumably, those lawsuits were going to be fruitless or not really 03:45.590 --> 03:51.740 have a lot of weight to them anymore. Because all they could really get is an injunction. The whole idea that they were going to go out there 03:51.740 --> 03:58.670 and pursue all these damages and get all this restitution, it kind of got thrown out the window. So I only have one example. But I think it's 03:58.670 --> 04:07.790 a it's a good it's a good example to focus on. And that is the case in the MCA industry, there was a company being sued by the FTC under 04:07.790 --> 04:18.290 Section 13(b), and what's happened since, I've been keeping my eye on it. It turns out, the FTC is not going to just drop the lawsuit. They 04:18.320 --> 04:26.600 filed a letter with the court this week, saying they intend to amend the complaint. So they got a new theory of what went wrong and how they can 04:26.600 --> 04:35.240 address it. And they they're invoking something called the Gramm-Leach-Bliley Act. And if you're not a lawyer, that's okay. I'm not 04:35.240 --> 04:44.810 a lawyer. And I don't know all the specifics of that particular law, but it has to do with how sensitive information is obtained and used. 04:45.140 --> 04:53.000 So I think a lot of what's been debated and worried about when it comes to the FTC and how you market your business and whether or not you're 04:53.000 --> 05:00.620 misleading customers, whereas Gramm-Leach-Bliley, at least this specific section of it that they said that they intend to pursue when 05:00.620 --> 05:08.930 amending the complaint, has to do with how sensitive data is obtained, and then how it's used. So whether or not that becomes the new plan of 05:08.930 --> 05:17.270 attack going forward for companies that I guess are running afoul of the law is yet to be seen. But I think it's something to definitely consider 05:17.510 --> 05:27.050 in the grand context, because it shows that the FTC can, or even the government in general, may use that as an entry point to regulate. And t 05:27.080 --> 05:33.950 at is, it's not just about whether or not your rates are too expensive, and if you disclosed it, but how you obtain sensitive data from 05:33.950 --> 05:42.410 he customer, and how you shared it afterwards. I think one thing that is talked about a lot in this industry is things like backdooring. How 05:42.440 --> 05:49.790 id the deal get from A to B to C, right? You know, what was the pathway that it went and did the customer adequately know how their information 05:49.790 --> 05:56.390 was being shared? There's a lot of unknowns in there. And sure, maybe there was some disclosure in the original application. But that 05:56.750 --> 06:05.270 might be something that ultimately, a court will have to decide whether or not it was compliant with Gramm-Leach-Bliley. Again, I'm not I'm 06:05.270 --> 06:12.260 not an expert on this area. But if you have the legal resources at your disposal, it might be worth looking into what this is all about an 06:12.260 --> 06:20.900 whether or not you are compliant with Gramm-Leach-Bliley. So get used to at least saying that word and finding out if it's if it's something 06:20.900 --> 06:28.790 that's that's going to be relevant to you. The complaint against the MCA company who I won't name. It's in the article, it's up on our site. 06:28.790 --> 06:39.170 But the FTC did say that they intend to amend the complaint and invoke that as their new plan of attack and in pursuing that company. So stay 06:39.170 --> 06:46.910 tuned for that. You know, there's some good news and bad news. Carol Baskin, FTC, North Carolina. You know what a week it's turning out t0 06:46.910 --> 06:54.020 be already. That's all I have for you today. Thanks so much for following go to deBanked.com/tv to watch more at any time. You can also subscribe 06:54.020 --> 07:01.760 and should subscribe and register for Broker Fair. Brokerfair.org. And I will see you next time. Thanks so much.