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New Hires/Promotions in the Leasing Business
and Related Industries

Marc Angel, CLFP, was hired as Senior Credit Underwriter, DLL , Wayne, Pennsylvania. He is located in the Greater Kalamazoo Area. Previously, he was Senior Credit Analyst, LEAF Commercial Capital, Inc. a subsidiary of M&T Bank (December, 2022 - December, 2024). He joined Strye April, 2017, as Senior Credit Analyst; promoted Lead Credit Analyst (February, 2019 - December, 2022). Full Bio:
https://www.linkedin.com/in/marc-angel-analyst/details/experience/
https://www.linkedin.com/in/marc-angel-analyst/

Joey Borges was promoted to Manager, Strategic Partnerships, North Mill Equipment Finance, LLC, Norwalk, Connecticut. He is located in the New York City Metropolitan Area. He joined NMEF as Marketing Intern, December, 2018, promoted May, 2019 Account Manager, promoted Credit Analyst, August, 2021, promoted Relationship Manager (February, 2023 - December, 2024). Full Bio:
https://www.linkedin.com/in/joey-borges-4312ba178/details/experience/
https://www.linkedin.com/in/joey-borges-4312ba178/

Bill Choi, CAE is leaving his current position at ELFA.

"Wow, 20+ years at Equipment Leasing and Finance Association and this is my last week! What an amazing ride it's been. I'm so incredibly thankful for the experiences and the people I've met along the way. I especially want to express my sincere gratitude to the ELFA community. You are, without a doubt, one of the best groups of people I've ever had the pleasure of working with. Your passion and commitment have been truly inspiring. And to the fantastic ELFA staff – thank you for everything! You've made my time here so rewarding. I'm excited for what the future holds and can't wait to see what everyone accomplishes. Let's stay connected!"

He joined the Equipment Leasing and Finance Association August, 2006, promoted Vice President, Research & Industry Services (May, 2010 – December, 2024). Previously, he was Manager, Information and Industry Research (October, 2002), promoted Director of Institute of Ratchets (August, 2006 - May, 2010); Product Manager/Senior Marketing, Financial Analyst, Specialty Brands Division, Mass Markets, MCI Telecommunications Corporation (August, 1998 - January, 2001). Full Bio:
https://www.linkedin.com/in/billchoi/details/experience/
https://www.linkedin.com/in/billchoi/

Bruce Hudson, CLFP, was promoted to Vice President, Data Analytics, North Mill Equipment Finance, LLC, Norwalk, Connecticut. He is located in Salt Lake City, Utah. He joined NMEF as Assistant Vice President, Operations (April, 2004 - December, 2024). Previously, he was F&I, Larry H. Miller Dealerships (April, 2003 - April, 2004).
https://www.linkedin.com/in/bruce-hudson-clfp-5859a01a/

Gregory Mason was promoted to Director of Asset Sales, CT&I, DLL, Wayne, Pennsylvania. He is located in Spring City, Pennsylvania. He joined DLL as Remarketing Specialist, December, 2018, promoted Manager, Asset Management & Remarketing (September, 2021- December, 2024).
https://www.linkedin.com/in/gregory-mason-b53aa0165

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Sales Make it Happen
Salespeople Aren't Marketers!
By Steve Chriest

When sales leaders and senior managers push their sales teams to "market" on behalf of the organization, something is wrong. Salespeople aren't marketers and successful marketing doesn't require salespeople to step into the role of marketing.

Professor Peter Drucker, widely regarded as the founding father of the study of management, thinks marketing and sales are antithetical. In fact, he believes they aren't synonymous or even complimentary, as most people think.

According to Drucker, the aim of marketing is to know and understand the company's customers so deeply that when they see the company's product or service offering, it so clearly fits what they want and that they are ready to buy. There is no selling in this scenario; there is only a customer ready to buy and a company that either stands in the way or facilitates the purchase. In an ideal world, selling becomes superfluous.

In the business-to-business environment, the job of the marketing group is to fill the top of a company's sales funnel with high quality, bona fide prospects who are ready to become customers! Assuming your products and services meet the actual needs of your customers, failure to fill the top of the sales funnel points directly at a problem in the marketing department. The marketing folks may not truly understand what their customers want and need, or the marketing messages may not directly impact what the customers want to accomplish, fix or avoid.

When the marketing department does its job successfully, selling, in the traditional sense, becomes superfluous, as Professor Drucker states. So, are we one day to look forward to the demise of the professional salesperson? Hardly. The good news is that successful marketing changes the role of the salesperson in the organization.

Steve Chriest
www.openadvance.com
schriest@openadvance.com
925-570-5459

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support

The Speculative Fed - Dow Drops 1,100
By Dale R. Kluga, CPA

On December 18, Fed Chair Powell finally admitted how politicized the Fed has become by stating that we suddenly have “uncertainty around inflation” which justifies his non-data based, subjective decision yesterday to move slower on rate cuts for next year.

Powell speculated, “It’s kind of common-sense thinking that when the path is uncertain, you go a little bit slower. It’s not unlike driving on a foggy night or walking into a dark room of furniture. You just slow down.”

He clearly pivoted yesterday by entirely contradicting his prior consistent strategy message of adjusting rates based on what the “data” tells him and his Fed Governors.

What happened after his speech? The market crashed - Dow dropped 1,100 points. Why?

Irresponsible political speculation unjustified by actual Congressional action or sticky inflation “data” but rather his assumptions based on Trump’s comments regarding tariffs and immigration.

Here we go again.

The Fed has reversed course on its “data” strategy and returned to its prior defensive strategy to avoid another “transitory” blunder based principally on political speculation, not actual data evidence. All in the name of his lack of confidence in the next administration and the Fed’s own fear of failure.

Just like his 2021 blunder when Powell and Janet Yellen incorrectly proclaimed record inflation as transitory.

Welcome to the speculative Fed. Unfortunately, it won’t get any better until they acknowledge their own Achilles heel. The truth is that they never have and never will put full trust in their own national data. That is why Powell has made a colossal mistake by telling the public he will manage our economy based on the “data” which everyone knows is both unreliable and inaccurate.

Source: LinkedIn

Dale Kluga, CPA
Commercial Banking and Leasing Executive Founder and President. Kluga Capital LLC
https://www.linkedin.com/in/dale-kluga-cpa-85704740/

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Top Ten Most Read by Readers
December 16 to December 20

(1) Nancy Pistorio answered questions for Leasing News
Re: Madison Capital to Cease Direct Equipment & Vehicle Financing
https://leasingnews.org/archives/Dec2024/12_18.htm#nancy

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Dec2024/12_16.htm#hires

(3) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Dec2024/12_20.htm#hires

(4) North Mill Equipment Finance Promotions
"Highlighting Outstanding Contributions"
https://leasingnews.org/archives/Dec2024/12_20.htm#nm

(5) Chesswood Group Limited Cases Extended
to January 31, 2025
https://leasingnews.org/archives/Dec2024/12_18.htm#cwg

(6) 2024 CLFP Accomplishment Report
Now Available
https://leasingnews.org/archives/Dec2024/12_20.htm

(7) Baltimore-based Madison Capital to Cease Direct
Equipment & Vehicle Financing
https://leasingnews.org/archives/Dec2024/12_18.htm#mad

(8) Leasing News Person of the Year 2024
To Be Announced in January 2025
https://leasingnews.org/archives/Dec2024/12_20.htm#poy

(9) Story Credit Financing
Business Loans, SBA Loans, Working Capital
https://leasingnews.org/archives/Dec2024/12_16.htm#sc

(10) As End of Year Gets Closer, Here is Advice:
Understand the Regulations
https://leasingnews.org/archives/Dec2024/12_16.htm#as

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2025 Commercial Finance/Leasing Finance
Conferences and Forums – Updated

February 11-12. SFNet’s Asset-Based Capital Conference, Wynn, Las Vegas, Nevada.
“Our Introduction to Asset Based Lending curriculum provides participants a broad overview of the ABL industry, touching all key fundamental aspects of all roles responsible for sourcing, underwriting and managing a profitable loan.”
https://www.sfnet.com/
More Information:https://www.sfnet.com/home/industry-data-publications/the-secured-lender/tsl-express-daily-articles-news/tsl-express-article-detail/navigating-2025-sfnets-asset-based-capital-conference-returns-to-las-vegas-with-premier-insights-and-networking

Feb. 20 DeBanked, Miami, DeBanked Connect, Fontainebleau, Miami Beach, Florida
Broker Battle Returns: https://debanked.com/2024/11/are-you-the-top-broker/ There will also be 3 separate championships (Revenue Based Financing, SBA Lending, and Equipment Financing’ https://debanked.com/brokerbattle

February 23-25 ELFA Equipment Management Conference and Exhibition, JW Marriott, Las Vegas, Nevada https://tradeshowz.com/event/2925#google_vignette
Attending Listing: https://cvdata.elfaonline.org/cvweb/cgi-bin/utilities.dll/customList?QNAME=ATTENDEEL

March 4-6 Funders Forum & Broker Expo, Hollywood, Florida
Mike Tyson will as the keynote speaker at the Funders Forum and Brokers Expo, taking place March 4-6, 2025, at the Hard Rock Hotel & Casino in Hollywood, Florida
https://myemail.constantcontact.com/Don-t-Miss-Keynote-Mike-Tyson----Secure-Early-Bird-Pricing---Sponsorships-Now---.html?soid=1133130637774&aid=6WxiUX18MEc

March 11-13 National Equipment Finance Association Spring Conference, Oni, La Costa Resort & Spa, Carlsbad, California.
https://www.nefassociation.org/event/2025-spring-conference/

April 9–10 NVLA Conference, Clearwater Beach, Florida–Early Bird Registration Open https://www.nvla.org/events/EventDetails.aspx?id=1912595&group=
https://www.linkedin.com/posts/national-vehicle-leasing-association_national-vehicle-leasing-association-nvla-activity-7266910489354346497-lqCv/ This year's conference will feature Keynote Speaker, Michelle "MACE" Curran, Women in Leasing Poolside Social, informative education sessions, and ample networking opportunities.

April 9-11 AACFB Annual Conference,
Las Vegas, Nevada – Registration is Open https://myemail.constantcontact.com/2025-AACFB-Annual-Conference---Registration-is-LIVE.html?soid=1101351616781&aid=Q5xtnThS2zo – Sponsor/Exhibitor Prospectus
https://higherlogicdownload.s3.amazonaws.com/NAELB/428526f6-ca58-4f47-9a01-08937fe2f53f/UploadedImages/2025_AACFB_Sponsorship_Prospectus_-_FINAL.pdf

April 15-17 ELFA National Funding Conference
Chicago, Illinois
https://www.elfaonline.org/education-networking/national-funding-conference
More Information: https://10times.com/national-funding-conference

September 10-12 AACFB Commercial Financing Expo, Austin, TX
https://members.aacfb.org/Conference

October 14-16 National Equipment Finance Association Fall Conference, Renaissance Minneapolis Hotel, Minneapolis, Minnesota
https://www.nefassociation.org/event/2025-fall-conference/

October 26-28 ELFA 64th Annual Convention
Marco Island, Florida
https://cvdata.elfaonline.org/cvweb/cgi-bin/eventsdll.dll/EventInfo?SESSIONALTCD=CONV2025

To be listed or to update: kitmenkin@leasingnews.org

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2024 Regulatory Roundup
By Sloan Schickler, Esq.

Non-Compete Agreements

As I reported earlier this year, the Federal Trade Commission (“FTC”) published a final rule on April 23, 2024, banning employers from entering into, enforcing or attempting to enforce most non-compete agreements covering post-employment. The effective date of the rule was to be September 4, 2024. See my LeaseWire Article on non-compete agreements here.

On August 20, 2024, the U.S. District Court for the Northern District of Texas granted a nationwide injunction against the rule in Ryan LLC v. Federal Trade Commission, holding that the FTC had improperly exceeded its authority, the rule was arbitrary and capricious, and violated the Administrative Procedures Act. On October 18, 2024, the FTC filed an appeal of the order with the Fifth Circuit Court of Appeals.

Meanwhile, there have been other cases brought in Pennsylvania and Florida that have also challenged the FTC rule and held it to be improper. The U.S. District Court for the Middle District of Florida’s decision was appealed to the Eleventh Circuit on September 24, 2024.

The FTC now has the opportunity to litigate the legality of the rule in two different appeals courts, giving rise to the possibility of inconsistent decisions that ultimately may end up going to the U.S. Supreme Court.

What should you do now as an employer? While the non-compete ban is not currently in effect, if you use these clauses in your employment agreements, you should remain vigilant in 2025 to see how these cases resolve.

Corporate Transparency Act

Last year, I reported to you that the Corporate Transparency Act (“CTA”) applies to most entities formed in the United States before January 1, 2024. The CTA requires filing beneficial ownership information of reporting entities with the Financial Crimes Enforcement Network. Reporting entities include LLCs, corporations and other entities formed by filing a document with the secretary of state or its equivalent may be subject to this law with some exceptions. For entities formed before January 1, 2024, a filing was required to be made before January 1, 2025. For entities formed after January 1, 2024, the CTA requires filing within 30 days after formation.

However, on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide injunction enjoining the CTA and its enforcement so that filing is not required pending resolution of the case Texas case. Be aware that this issue has been litigated in other states that have not agreed with the Texas District Court decision.

What should you do as a reporting company? You may voluntarily report at this time although it is not required, or you may monitor this situation to be certain to make a timely filing if the outcome of the Texas case reverses the ruling and the injunction is dismissed.

Commercial Finance Disclosure Laws

States across the country continue to consider and adopt disclosure laws for commercial finance transactions. These disclosures are similar to those required for consumer transactions. The laws vary in the states where they have been introduced and they may apply to your transactions depending on their financial substance. Many of these laws exempt leases. Note that even though a transaction is labeled a “lease” it may not mean it is a lease for all purposes under a particular statute. As the laws are not uniform, they may present challenges for you to comply using a multistate form. States that have adopted commercial finance disclosure laws include:

California
Connecticut
Florida
Georgia
Kansas
New York
Utah
Virginia (sales-based financing only)

What should you do as a lessor/lender? Have your lease contracts reviewed to be certain that they comply with applicable financial disclosure laws.

Finally, we are in a state of uncertainty with a new administration on the horizon. It is likely that there will be changes afoot that will impact the leasing industry. In particular, we may see developments concerning disclosures arising under Dodd-Frank regulations and matters enforced by the Consumer Financial Protection Bureau. All bets are off.

Source:
NVLA LeaseWire - December 2024

Sloan Schickler, Esq.
Schickler & Schickler PLLC
One Rockefeller Plaza, FL11
New York, NY 10020
Direct Dial: 212-262-5297
sloan.schickler@schicklerlaw.com
https://schicklerlaw.com

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