Comments on: MFAA: One system for credit regulation is best bet for businesses and borrowers

By: Jotoma

Jotoma — Wed, 02 Jul 2008 07:13:51 +0000

I think it’s very easy to take potshots at the MFAA without having regard for the complexities of our regulatory authorities at both state and federal levels. I’m sure MFAA are lobbying as hard as possible, whether the government wants to listen is another matter. I think the various forms of lenders that have evolved (non-bank/bank/mortgage manager/broker/aggregator/sub prime/personal loans) can only complicate the issue. It’s a messy system we are dealing with as the market evolved over the past 10 years.

By: Brett C

Brett C — Wed, 02 Jul 2008 02:01:49 +0000

MFAA have achieved zero regulation, because anytime we have some sort of discussion, OVER regulation is the result. We need finance itself to be regulated. This has nothing to do with brokers we dont make the rules. Sure there are some predatory private lenders. But regulating Brokers will do little to stop this. If we tell a borrower sorry we carnt help them. where do you think the client goes? To a private lender. People dont like to be told no and will go anywhere as long as the credit is available. Look at Motor Finan** Wizar* This group is repeatedly on TV and in trouble. But they are still around, and advertise heavily. Whos going to regulate them? And look at the Financial Planning industry - Regulated and notice how many ads on TV advertising Life Insurance by hotline or internet. Great advise there, really protecting the consumer ! A JOKE . Industry regulation is pushed by the banks to get rid of brokers. THATS ALL wake up people.

By: LCRaider

LCRaider — Tue, 01 Jul 2008 04:21:03 +0000

Are the MFAA really having any influence on what the federal government is going to do. Over the years, the MFAA keeps telling us they are pushing for federal regulation, but to date….ZERO regulation.

By: jotoma

jotoma — Mon, 30 Jun 2008 03:54:36 +0000

Good to see the MFAA proactively lobbying the government on this. It will be a nightmare if compliance is required at multiple levels.