Regulation

Andrew Smith Named Director, FTC’s Bureau of Consumer Protection

May 20, 2018
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Andrew Smith

On Wednesday, Andrew Smith, former partner of the law firm Covington & Burling, was named the Federal Trade Commission’s Director of the Bureau of Consumer Protection. This is not Smith’s first role in government. From 1997 to 2000, Smith worked as a lawyer for the Securities and Exchange Commission. And from 2001 to 2005, he […]

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California Commercial Financing Disclosures Bill Still a Work in Progress

May 8, 2018
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California State Senate Hearing

SB-1235, a bill that would require APR disclosures on all types of commercial financing products transacted in California (including some types of factoring, leasing, and merchant cash advance), survived the Judiciary Committee hearing on Tuesday. The bill was previously debated by the Senate Committee on Banking and Financial Institutions, where key provisions like a uniform […]

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Hearing on Commercial Financing Disclosures Scheduled in California State Senate

May 7, 2018
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https://debanked.com/2018/04/what-got-said-in-the-california-senate-hearing-about-commercial-loan-disclosures/

Update: Link to the LIVE stream is here The Senate Judiciary Committee for the State of California will convene for a hearing on the commercial financing disclosures bill at 1:30 PST on May 8th. SB-1235, as its known, previously survived the Senate Committee on Banking and Financial Institutions when it was debated and contested on […]

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What You Can Find on the BCFP Consumer Complaint Database

April 30, 2018
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BCFP Seal

Last week, Acting Director of the BCFP Mick Mulvaney told bankers that he had plans to make the agency’s consumer complaints database no longer visible to the public. In light of this, deBanked searched the agency’s complaint database. While there were numerous grievances that consumers reported because they could not fully resolve an issue with […]

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Despite Movement of Negative Bill for MCA and Factoring Industries, Hope for a Solution

April 23, 2018
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https://debanked.com/2018/04/what-got-said-in-the-california-senate-hearing-about-commercial-loan-disclosures/

Last week, California State politicians gathered for a hearing on SB 1235, a bill that would require the disclosure of an Annual Percentage Rate (APR) for all loans and non-loans, including MCA and factoring products. This is very problematic because APR (which includes interest rate) cannot be calculated for most MCA and factoring products for […]

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What Got Said in The California Senate Hearing About Commercial Loan Disclosures

April 19, 2018
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Senator Steve Glazer California

Above: California State Senator Steve Glazer, holds up his proposed disclosure box in Wednesday’s Senate hearing California State Senator Steve Glazer was the reason that representatives from small business finance trade associations were in Sacramento on Wednesday. Glazer’s bill, SB 1235, calls for mandatory APR disclosures on loan and non-loan products alike, even if the […]

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Industry Representatives to Testify at California Hearing

April 18, 2018
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Sacramento Capitol

Above: The Sacramento Capitol Read what was said in the hearing Several people will be testifying in front of the Senate Committee on Banking and Financial Institutions in California today. Among them are Joe Looney, COO & GC at RapidAdvance, who will be speaking on behalf of the Small Business Finance Association, and Katherine Fisher, […]

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Usury Suit By Higbee & Associates Made Null and Void By Judge

April 3, 2018
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lawyer going to the courthouse

An attorney suing merchant cash advance companies in New York has once again been told by a judge that he was ineligible to file a lawsuit in the state. Rayminh Ngo, of counsel with Higbee & Associates, a law firm that tries to sue merchant cash advance companies for usury, met his demise on Tuesday […]

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The Madden Decision, Three Years Later

February 18, 2018
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Thurgood Marshall United States Courthouse

Above: United States Court of Appeals for the Second Circuit. New York, NY This story appeared in deBanked’s Jan/Feb 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE At first, reversing the 2015 Madden v. Midland Funding court decision, which continues to vex the country’s financial system and which is having a negative impact […]

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SEC Chair Says Every ICO He’s Seen is a Security

February 7, 2018
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SEC Chairman Jay Clayton

Jay Clayton, SEC Chairman The murky world of Initial Coin Offerings (ICOs) was hit with alarming news during a cryptocurrency-related Senate committee hearing on Tuesday. That’s because SEC Chairman Jay Clayton said,“I believe every ICO I’ve seen is a security, You can call it a coin but if it functions as a security, it is […]

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