The Biden Administration recently announced a slate of new public and private sector initiatives aimed at advancing racial equity by delivering “capital and resources to underserved small businesses and the community lenders who serve them.”  Among these initiatives was a proposed rule change for the Small Business Administration (SBA) that would increase the number of

Yesterday, the CFPB filed its tenth status report with the California federal district court hearing the lawsuit brought to force the CFPB to move forward with rulemaking to implement the small business data requirements of Section 1071 of the Dodd-Frank Act.  The Bureau states in the status report that it is on track to issue

On July 29, the Federal Trade Commission (“FTC”) announced a settlement with First American Payment Systems LP, a Texas-based nationwide payment processor, and two of its sales agent affiliates, Think Point Financial LLC and Eliot Management Group LLC (collectively, “First American”), in an action alleging hidden terms, “surprise” exit fees, and charges made to merchants

The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the Bureau, to require financial institutions to collect and report certain data in connection with credit applications

The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL).  Comments must be submitted by August 8, 2022.

The proposal includes provisions implementing the DFPI’s authority under the CFPL to issue and enforce rules defining unfair, deceptive, or abusive acts or

The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. 

SB 1235, codified at CA Financial Code (Code) sections

Utah and Virginia recently became the first two states to require the registration of providers of merchant cash advances.  The new laws also include disclosure requirements.  (Although laws requiring disclosures for merchant cash advances already exist in California and New York, those laws have not yet become effective.)

Utah.  Signed into law on

On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset Builders, and two individual plaintiffs in 2019.  The purpose of the suit was to force the Bureau to issue a proposal implementing the

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers.

New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.  As we previously reported, the New York State Department

The New York Department of Financial Services has issued a letter announcing that it has concluded that the obligation of providers of commercial financing under the Commercial Finance Disclosure Law (CFDL) to provide consumer-like disclosures does not arise “until the Department issues final implementing regulations and those regulations take effect.”

The CFDL was enacted by