Politics

Trump Attacks Bitcoin and Cryptocurrencies

July 11, 2019
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President Trump revealed his stance on cryptocurrencies over twitter on Thursday, and he’s no advocate. “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity. Similarly, […]

Former Mazuma Capital Board Member Considered as Supreme Court Justice

July 2, 2018
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Senator Mike Lee of Utah, who had been on the board of directors of Mazuma Capital, is now being considered by President Trump to replace Justice Kennedy  on the Supreme Court. Mazuma Capital is an equipment leasing company that finances businesses in the energy, construction, healthcare  and fitness industries, among others. In its more than […]

Mayor Rahm Emanuel Cuts Ribbon for 160% APR Online Lender

October 11, 2017
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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' […]

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

February 12, 2016
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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 […]

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 […]

Bernie Sanders Poses Bad Lending Question

December 27, 2015
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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 […]

A Student Cash Advance?

October 27, 2015
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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 […]

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
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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 […]

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 […]

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 […]

What Would Barney Frank Say?

July 16, 2014
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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 […]

Merchant Cash Advance Term Used Before Congress

December 18, 2013
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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 […]

What Debit Card Interchange Reform?!

August 1, 2013
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debit card

After years of debating over the law to cap debit card interchange fees and its eventual enactment, a federal court has struck it down. The 21 cent cap is gone but not because it was deemed unfair to banks but because the court thinks the cap should be even lower. Story about it on CNN […]

Forward?

November 8, 2012
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The election is over and now it seems we will be “Moving forward, not back.” The republicans that have already come to accept Romney’s defeat are sounding a lot like Sookie Stackhouse: Onwards we go to help the little guy, a process many feel can’t happen until we end trickle-down economics. It’s the trickle part […]

Is There a Majority of Small Business Owners Ready to Vote for One Presidential Candidate?

November 3, 2012
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For the “everyday” small business owner, trying to figure out which presidential candidate most small business owners support, or even if one candidate has more support from the business community over the other, can be a fruitless endeavor. While we may not be able to come up with an inarguable percentage, going on a Google […]