The commercial finance industry has been waiting for the US Treasury Department to issue regulations requiring commercial finance companies to implement anti-money laundering programs since the USA Patriot Act was enacted in Oct 2001. Recently, Treasury Department officials indicated to the Commercial Finance Association that the Department is now looking to publish the proposed regulations by the end of 2005. The law requires companies in these sectors to develop anti-money laundering programs that will prevent the services they offer from being used to facilitate money laundering or the financing of terrorism.
Los Angeles, California firms - Special Report: Banks and Finance - Industry Overview
For a little historical perspective the author asked Joseph Elias, a former field-examination manager for Fleet National Bank, for his thoughts on the history of field examinations. Elias indicated that when he entered the industry in the 1950s, only the commercial finance companies performed field examinations. Back then, he adds, the commercial finance companies maintained duplicate records of the borrowers accounts receivable. The field examiner brought the duplicate records with him/her and compared those records in detail to the borrower's. From the author's perspective, today's field examination is an on-site detailed analysis of a potential or current borrower's books and records for the lender. In the past, inside field examiners were generally long-term employees of the lenders...
TORONTO, Sept. 5, 2012 /CNW/ - Financial regulators should turn their attention to the potential threats to financial stability lurking in the shadow banking system, according to a report released today by the C.D. Howe Institute. In "Combatting the Dangers Lurking in the Shadows: The Macroprudential Regulation of Shadow Banking," David Longworth, former deputy governor of the Bank of Canada, argues greater regulation of the financial entities in the sector is required to mitigate the risks of another run on the shadow banking system exacerbating financial instability, as occurred in the 2008/ 2009 financial crisis. Regulatory work, Longworth notes, has recently shifted to some extent to the shadow banking sector, which broadly refers to the system of credit intermediation outside the r...
In the mergers and acquisitions market in 2005, 28 commercial finance transactions were announced representing $4.6 billion in total deal value, versus 40 transactions for $8.8 billion in deal value during 2004, according to SNL Financial LC. If the end of 2005 and beginning of 2006 is any indication, it appears that banks and thrifts, large commercial finance companies, and financial buyers will continue to aggressively seek acquisitions in the asset-based lending and factoring sectors. In an environment characterized by a flattening yield curve, banks and thrifts continue to take steps to gain better understanding of asset-based lending, while at the same time examining ways to grow the business internally or, more notably, through acquisitions. Asset-based lenders and factors should ...
Hedge funds are one of the fastest-growing areas in the financial services arena. Hedge funds make rapid-fire decisions to quickly offer money for any purpose, and they structure their deals to fix the borrower's immediate problem. Unlike mutual funds, which are highly regulated and restricted in their investment opportunities, hedge funds are lightly regulated. They can take on more risk and seek more opportunities, investing in a variety of different instruments, including receivables, inventory, and a variety of hard assets. Hedge fund managers do not appear to be aware of the inherent risks in handling volatile credits, particularly in a second-lien position. In their deal-making, hedge funds appear to agree to ultra-liberal rules of the road. There is a very fine line between greed...
... to The New York Times, retail industry companies are selling for prices that were not possible just...
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