Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection...more
6/6/2024
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Loans ,
NMLS ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Agenda
On April 28, 2022, the Federal Trade Commission (FTC) issued a press release announcing a notice of proposed rulemaking (NPRM) and an advance notice of proposed rulemaking (ANPR) seeking public comment on possible changes to...more
5/3/2022
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Goods or Services ,
Lenders ,
NPRM ,
Small and Medium-Sized Enterprises (SMEs) ,
Telecommunications ,
Telemarketing ,
Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFAPA) ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
An exemption from the California lender licensing law for a person making a single commercial-purpose loan in a rolling 12-month period is about to “sunset” in California, impacting persons who have relied upon the exemption,...more
On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall”...more
8/23/2021
/ Bright-Line Rule ,
Department of Financial Protection and Innovation (DFPI) ,
Electronic Filing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
License Applications ,
Licensing Rules ,
NMLS ,
Regulatory Requirements
On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding...more
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans....more
Short-term lending remains in the news at the Consumer Financial Protection Bureau (CFPB or Bureau), with the CFPB proposing to rescind key ability-to-repay provisions of a much-debated payday lending rule and with the...more
Issuing a warning to other lenders, the Federal Trade Commission (FTC) reached a deal with an online lender over charges the company violated the FTC Act by making false statements about student loan refinancing....more
Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more
Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more
As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions.
What happened -
Financial institutions in California should prepare...more
Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court.
We have been following the Madden v. Midland Funding case as it makes its way through the court system....more
Why it matters -
At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more