Thanks for ELVT update. Do you have any view on how the repeal of 'true lender' rule might affect the business? Any ideas what % of loans is made in states with usury limits?
The company’s position is that all their bank partnerships are with banks which fall under FDIC rules, not OCC rules (which the true lender rule applies). So there is no impact to ELVT. I’m not a legal expert so I encourage people to really do their own diligence on these topics. They are tricky to understand and follow.
Great interview! Do you disclose the position(s) you have the most conviction on?
Thanks for ELVT update. Do you have any view on how the repeal of 'true lender' rule might affect the business? Any ideas what % of loans is made in states with usury limits?
The company’s position is that all their bank partnerships are with banks which fall under FDIC rules, not OCC rules (which the true lender rule applies). So there is no impact to ELVT. I’m not a legal expert so I encourage people to really do their own diligence on these topics. They are tricky to understand and follow.