Regulation

Senate Bill Introduced to Ban Confession of Judgments Nationwide

December 6, 2018
Article by:

Senator Marco Rubio

Senators Sherrod Brown and Marco Rubio have called for a nationwide ban on Confessions of Judgment in response to the Bloomberg Businessweek series published last month. The bill, which would amend the Truth in Lending Act, may be named the Small Business Lending Fairness Act. You can download the bill here Though Businessweek has been […]

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Who Are the New York City Marshals?

November 28, 2018
Article by:

NYC

In 2017, New York City Marshal Ruth Burko earned less in poundage than she owed the city in annual fees. At 91-years old, Burko’s tenure as a city licensed judgment enforcer has finally come to an end. She technically announced her retirement at the end of 2016 but her long career began when Mayor John […]

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ELFA Reacts to New Jersey Small Business Loan Bill

October 31, 2018
Article by:

New Jersey Capitol Building in Trenton

The Equipment Leasing Financing Association (ELFA) had its 57th Annual Convention in Phoenix in the middle of October. During the convention, ELFA’s Vice President of State Government Relations Scott Riehl left abruptly to get to Trenton, New Jersey. Why the rush? He had been alerted that there was a hearing on a small business lending […]

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Regulators Say ‘Sandboxes’ Work

October 22, 2018
Article by:

Emergence of RegTech at Money2020

From left to right: JoAnn Barefoot, Hummingbird Regtech, Barefoot Innovation Group | Nick Cook, Financial Conduct Authority (UK) | Christopher Sidler, Promontory | Patrick Pinschmidt, Middlegame Ventures | Alex Raydin, PerformLine At the regulatory technology (or RegTech) sessions at Money 20/20 yesterday, toy shovels seemed glaringly absent given the number of times the word “sandbox” […]

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How Regulators Like to Be Approached

October 22, 2018
Article by:

The Regulatory Environment

From left to right: Duane Pozza, FTC | Chris Camacho, Greater Phoenix Economic Council | Paul Watkins, BCFB | Melissa Koide, FinRegLab | Manny Alvarez (moderator), Affirm On the first day of Money 20/20 yesterday, a panel of current and former regulators discussed how the regulatory environment can help emerging fintech companies and how the […]

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NJ Legislature Aims to Classify Merchant Cash Advance as a Loan in New Disclosure Bill

October 15, 2018
Article by:

New Jersey Capitol Building in Trenton

S2262 in New Jersey, a bill to require disclosures in small business lending, was amended this afternoon to define merchant cash advances as small business loans for the purposes of disclosure. Banks and equipment leasing companies are exempt from the bill. You can listen to the hearing here. Debate on S2262 begins at the 6 […]

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New Jersey Moves to Regulate Small Business Loan Disclosures and Brokers

October 15, 2018
Article by:

New Jersey Capitol Building in Trenton

A committee within the New Jersey State Senate convened today at 1:30pm to discuss S2262, a new small business loan disclosure bill. Similar to SB1235 in California, this bill would require all of the following on small business loan contracts less than $100,000: The APR (This was removed during the committee hearing) The annualized interest […]

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California Now Requires Mandatory Disclosures on Commercial Finance

October 1, 2018
Article by:

Senator Steve Glazer California

California Governor Jerry Brown has signed SB 1235. As of Jan 1, 2019, commercial finance companies in California will be required to disclose the following on their contracts: (1) The total amount of funds provided. (2) The total dollar cost of the financing. (3) The term or estimated term. (4) The method, frequency, and amount […]

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Renaud Laplanche Barred From the Securities Industry

September 28, 2018
Article by:

LendIt USA 2016

Renaud Laplanche, 1 month before he resigned from LendingClub at the LendIt USA 2016 conference in San Francisco, California, USA on April 11, 2016. (photo by Gabe Palacio) The SEC announced today that it charged LendingClub Asset Management, formerly known as LendingClub Advisors LLC (LCA), and its former president and co-founder Renaud Laplanche, with fraud […]

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Congressman Cleaver’s Findings on Fintech Lending Mixed

August 30, 2018
Article by:

cleaver principles

Congressman Emanuel Cleaver, II from Missouri announced findings earlier this month from a year-long inquiry he initiated into fintech small business lending practices and minorities. His initial inquiry was to determine if merchant cash advance companies had mechanisms in place to avoid discriminatory lending practices.   Cleaver concluded that some common practices in non-bank underwriting […]

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