We’re witnessing a digital shift in the ARM industry. So, how might you need to staff differently to make sure you can keep up? Jim Beck, COO of MRS BPO, discusses that with Erin Kerr, plus:
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Regulation F (Reg F) is the most significant change to the ARM industry in over 40 years and the Reg F effective date is coming up in just 15 days. In addition to the regulatory issues created by Reg F, you can also expect that consumer attorneys will file a landslide of lawsuits to test Reg F’s limits.
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The California Department of Financial Protection and Innovation has published a fourth
round of modifications to implement SB 1235,
the bill signed into law on September 30, 2018 that requires consumer-like
disclosures to be made for certain commercial financing products, including
small business loans and merchant cash advances. The law contains
exemptions and carve-outs for, among other things, depository institutions,
financings of more than $500,000, closed-end loans with a principal amount of
less than $5,000, and transactions secured by real property. Compliance
with the new disclosure requirements is not required until the DFPI’s final
regulations become effective.
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