- 1Texas and Vermont have passed new merchant cash advance laws.
- 2AFA President Cole Harmonson posted that the next step is the federal level.
- 3The American Factoring Association is the factoring industry's trade group.
The American Factoring Association wants to take its campaign against merchant cash advances to Washington.
Cole Harmonson, president of the American Factoring Association, posted that the next step in the fight against MCAs is the federal level. He made the comment in the wake of new merchant cash advance laws passed in Texas and Vermont.
State laws set the stage
Texas and Vermont are the two states cited as having recently enacted MCA legislation. Harmonson said federal action should come next.
What to watch
The post did not, in the portion summarized here, lay out a specific bill, regulator or timeline for federal action. Whether the association pursues legislation, regulatory rulemaking or another route is not specified.
Source reporting: deBanked.
