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New Hires/Promotions in the Leasing Business
and Related Industries

Fox Ridge Capital Appoints Andrew Depping Chief Technology Officer and Ken Oehmig as Director of Software Engineering. In their roles, they will lead product strategy, technology delivery and cross functional teams to accelerate the company’s hybrid technology, product roadmap and scale tailored lending solutions.

Jim Denning was hired as Senior Vice President and Head of Vendor Finance Services, Alliance Funding Group (AFG), Tustin, California. He is located in Nashville, Tennessee. Brij Patel, Founder and CEO of Alliance Funding, said,"Mr.Denning brings deep experience in building vendor programs and leading high performing teams. The launch of Vendor Finance Services is a strategic priority for AFG and his leadership will be instrumental as we expand our capabilities and presence in the vendor channel.” Previously, Mr. Denning was Senior Vice President/Director of Sales, Midland States Bank (January, 2018 - May, 2025); Senior Vice President, National Sales Manager, Scottrade (January, 2013 - January, 2018); Vice President, TCF Equipment Finance (February, 2009 - January, 2013); Vice President-Division Head, Banco Popular de Puerto Rico (January, 2007 - February, 2009)/ Full Bio:
https://www.linkedin.com/in/jimdenning/details/experience/
https://www.linkedin.com/in/jimdenning/

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Equipment Finance Industry Confidence Improves in May

Washington, DC, May 21, 2026 – The Equipment Leasing & Finance Association (ELFA) today released its May 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI), revealing confidence in the equipment finance market is 59.9, an increase from the April index of 54.6. The index provides a qualitative assessment from key executives in the $1.3 trillion equipment finance industry.

May 2026 Survey Results:

Business Conditions – When assessing the next four months, 27.3% of responding executives believe business conditions will improve, up from 11.8% in April. Those who believe business conditions will remain the same increased to 63.6% from 58.8% the previous month. The percentage of executives who believe business conditions will worsen decreased to 9.1% from 29.4% in April.
Capex Demand – For the next four months, 26.1% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (up from 10.5% in April). Additionally, 73.9% expect demand to remain the same (up from 68.4% last month), and none believe demand will decline (down from 21.1% in April).
Access to Capital – Over the next four months, 17.4% of respondents expect greater access to capital to fund equipment acquisitions, a decrease from 31.6% in April. The majority (78.3%) anticipate the “same” access to capital to fund business, an increase from 63.2% the previous month. Those expecting “less” access to capital decreased to 4.4%, down from 5.3% in April.
Employment – Regarding employment over the next four months, 40.9% of executives expect to hire more employees, a decrease from 42.1% in April. Also, 50% foresee no change in headcount (down from 52.6% last month), and 9.1% expect to hire fewer employees, up from 5.3% in April.
U.S. Economy – Of the respondents, 9.1% evaluate the current U.S. economy as “excellent,” up from none in April; 90.9% assess it as “fair,” down from 94.4% last month; and none evaluate it as “poor,” down from 5.6% in April.
Economic Outlook – Over the next six months, 30.4% of respondents believe that U.S. economic conditions will “get better,” an increase from 15.8% in April. Another 47.8% expect the U.S. economy to “stay the same,” relatively unchanged from last month; and 21.7% believe economic conditions will worsen, a decrease from 36.8% in April.
Business Development Spending – Over the next six months, 27.3% of respondents believe their company will increase spending on business development activities, a decrease from 47.4% in April. Those who believe there will be “no change” in business development spending increased to 68.2% (from 52.6% in April), and 4.6% believe there will be a decrease in spending, up from none last month.

May 2026 MCI-EFI Survey Comments from Industry Executive Leadership:

Bank, Small Ticket
“Despite geopolitical events and high oil, the economy is still reacting positively. In many ways, we are in unchartered territory. Though we are cautious about the future, we remain optimistic.” Charles Jones, Senior Vice President, 1st Equipment Finance, Inc.

“The first quarter was a solid start to the year in terms of new business volume with reasonable yields. Small business appears to be stressed as illustrated by materially increased Chapter 11 bankruptcy filings year over year. This is validated by slight increases in delinquency and normalized credit charges in this specific segment. I expect this to continue for much of 2026. With that said, volume and overall performance are strong and I expect Wintrust Specialty Finance will have a strong year in 2026 as illustrated by the start in Q1.” David Normandin, CLFP, President and Chief Executive Officer, Wintrust Specialty Finance

Independent, Middle Ticket
“Energy shock, inflation and recessionary fears will reduce capex spending, but raise yields as conservative lenders pull back from lending, leaving less competition for remaining required capex spending. Some business models will thrive in this type of economy; equipment finance is one that can operate quite well.” Jeffry Elliott, CLFP, CEO, Elevex Capital

Independent, Small Ticket
“The blockade of the Strait of Hormuz is having the effect of driving up fuel costs. The small and mid-sized businesses that don't have the ability to pass along the higher costs are having the biggest challenge in managing their cash flow as a result.” James D. Jenks, CEO, Global Finance and Leasing Services, LLC

About ELFA
The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1.3 trillion U.S. equipment finance sector. ELFA’s over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

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Part II: Reflections from the 2026 ELFA Legal Forum
by Marshall Goldberg, Leasing News Chief Legal Editor

Artificial Intelligence Moves to Center Stage
One of the most talked-about themes of the conference was artificial intelligence and its growing impact on equipment finance.

Sessions explored both the opportunities and risks associated with AI adoption. Discussions included how AI tools may streamline underwriting, document review, collections, fraud detection, portfolio monitoring, and legal analysis. At the same time, speakers cautioned attendees about the legal and ethical challenges associated with AI-driven decision-making, including data accuracy, bias concerns, privacy issues, and regulatory exposure.

A dedicated session on “AI and Data Analytics in Vehicle Finance” examined the growing use of predictive analytics and AI-enabled transaction monitoring in automotive and equipment finance. Panelists emphasized that while technology can enhance operational efficiency, companies must still maintain strong compliance oversight and human review processes.

The legal profession itself was also a subject of scrutiny. One discussion focused specifically on the “increasing use of AI in the practice of law,” highlighting both the promise and ethical implications of AI-assisted legal work.

The message was clear: AI is no longer theoretical in equipment finance, it is already reshaping how transactions are evaluated, documented, monitored, and litigated.

Implementing and Using E-Signatures
Another timely topic addressed during the Forum was the continued expansion and legal significance of electronic signatures and digital transaction platforms in equipment finance. Panelists discussed the growing reliance on e-signature technology for documenting transactions, onboarding customers, and streamlining funding processes, while also emphasizing the importance of maintaining enforceability and compliance.

The discussion focused on practical considerations under the federal E-SIGN Act and applicable state laws, including authentication procedures, consent requirements, record retention, audit trails, and evidentiary issues that may arise during litigation. Speakers noted that while e-signatures are now routine throughout the industry, disputes can still emerge regarding signer identity, authority, document integrity, and the adequacy of electronic records. The session reinforced that careful implementation and strong internal procedures remain critical to ensuring that electronically executed agreements will withstand legal scrutiny when challenged.

Look for more coverage in upcoming Leasing News editions

Part I - https://leasingnews.org/archives/May2026/05_19.htm#elfa

Marshall Goldberg
Glass & Goldberg, A Law Corporation
22917 Burbank Blvd.
Woodland Hills, CA 91367-4203
(818) 474-1532 Direct
(818) 888-2220 Main
(818) 888-2229 Facsimile
mgoldberg@glassgoldberg.com
www.glassgoldberg.com

Help Wanted Ad
Ameris Bank Equipment Finance

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### Press Release #################

Minnetonka, MN – Channel, a leading lender providing equipment finance and working capital solutions for small businesses, today announced the successful closing of its eighth asset backed securitization and third equipment finance–backed issuance. The $205 million transaction is backed by a diversified pool of equipment finance loans and leases across a broad range of industries.

The transaction drew approximately $740 million in orders from 23 investors, eleven of whom were new to the program, reflecting strong and broad-based demand for the CPEF 2026-1 notes. At nearly four-times oversubscribed, the result speaks to continued investor confidence in Channel’s platform, servicing capabilities, and underlying asset performance. The addition of new investors further broadens Channel’s ABS investor base and supports consistent access to the capital markets.

“We were very pleased by the strong demand from a broad group of investor partners, both existing and new,” said Robert Moskovitz, Chief Financial Officer. “Their participation reflects the depth of support for our program and our ability to execute consistently across market cycles.”

Channel intends to be an annual issuer in the equipment finance securitization market while maintaining its annual issuance cadence alongside its established working capital securitization program.

Adam Peterson, Chief Executive Officer, said, “When I look at the infrastructure built over the years, coupled with back-to-back record-breaking quarters and now this kind of investor response, it only reinforces this team’s dedication, focus, and exceptional capabilities. The oversubscription is humbling, but what excites me most is what it reflects: a team that stays disciplined, keeps improving, and commits to doing the right thing at every turn. We’re grateful for the continued investor support and fired up for what is ahead.” Wells Fargo Securities served as sole structuring agent and joint book-running manager for the transaction.

Channel celebrates yet another significant milestone and remains committed to its mission of delivering innovative funding solutions that help small businesses grow.

About Channel Companies | Founded in 2009, the Channel family of companies is a nationwide leading provider of small business financing utilizing customized technology and business processes. The organization delivers equipment finance and working capital product solutions to small businesses through third-party partnerships, helping them provide their customers with access to capital needed to grow their business. Since its founding, Channel has funded over $3.7 billion to more than 39,000 businesses through over 59,000 transactions. With headquarters in Minnetonka, MN, the company has additional locations and business units operating from Kennesaw, GA, Mount Laurel, NJ, Des Moines, IA, and Marshall, MN.

### Press Release #################

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ELFA Honors Dominic Liberatore with 2026 David H. Fenig
Distinguished Service in Advocacy Award

Washington, DC – The Equipment Leasing & Finance Association (ELFA), the trade association representing the $1.3 trillion equipment finance industry, today announced that Dominic A. Liberatore, Deputy General Counsel for DLL, will receive the 2026 David H. Fenig Distinguished Service in Advocacy Award. This prestigious award recognizes individuals who have made exceptional contributions to ELFA’s advocacy efforts in support of a strong equipment finance industry.

Liberatore will be formally honored during ELFA’s Capitol Connections & Best Practices Roundtables event on May 19 in Washington, DC.

“I am truly honored and grateful to receive this recognition for my involvement in ELFA’s advocacy. Partnering with ELFA has been one of the most rewarding and favorite parts of my career, and during my three decades in the industry, it has been a labor of love,” said Liberatore. “I have been fortunate to work with the very talented and dedicated ELFA team and many outstanding industry colleagues on numerous initiatives. ELFA is a driving force behind our industry’s success and I am grateful for the opportunity to contribute and give back to the industry that has been my home for so long.”

Liberatore’s support for ELFA’s federal and state advocacy agenda over the years has promoted a wide range of industry issues. A recognized authority on e-leasing, Liberatore has been a major contributor to ELFA’s advocacy on this issue. For the past decade he has supported ELFA’s multi-year initiative to expand the use of e-docs and e-chattel paper in equipment finance, speaking and writing frequently on the topic. He also served on the Equipment Leasing & Finance Foundation’s E-Signatures Study Subcommittee.

Liberatore has had regulatory engagement with the Consumer Financial Protection Bureau on Section 1071 of Dodd-Frank, and participates regularly in ELFA’s Capitol Connections. He was selected as an industry observer by the Uniform Law Commission (ULC) relating to amendments made to the Uniform Commercial Code (UCC) in 2022 that are critical to the equipment finance industry. More recently, he was selected as an industry observer by the ULC for the drafting of a uniform state disclosure act, also critical to the industry.

In addition to advocacy, Liberatore is a past Chair of the ELFA Legal Committee and has participated in and served leadership roles in numerous subcommittees, including E-Commerce Subcommittee, Lead Editor for the Leasing Law column of ELFA’s Equipment Leasing & Finance Magazine, State Legislative & Regulatory Subcommittee, Capital Markets Subcommittee, Legal Resources Subcommittee, Energy Subcommittee, and Federal Equipment Finance Compliance and Regulatory Subcommittee. He is currently the ELFA Legal Subcommittee Coordinator.

“Dominic Liberatore is not only an exceptional advocate for our industry, but a compassionate leader and mentor to so many,” said ELFA President and CEO Leigh Lytle. “His passion for the industry stretches beyond our committees and boardrooms, bringing a constant encouragement and positive energy to everyone around him. Our team and membership deeply admire his decades of dedicated service, and we are proud to honor him with the 2026 David H. Fenig Award.”

About the Award
The David H. Fenig Distinguished Service in Advocacy Award is named for ELFA’s former Vice President of Federal Government Relations, David H. Fenig, who served as an accomplished and tireless advocate on behalf of the equipment leasing and finance industry from 2004-2011.

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