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DFPI releases final California Consumer Financial Protection Law regulations imposing UDAAP prohibitions and reporting...

On October 1, 2023 the California Department of Financial Protection and Innovation’s (“DFPI”) final regulations impacting those who provide commercial financial products and services will become effective. The regulations...more

California federal district court denies DFPI motion to dismiss lawsuit challenging state’s regulations requiring consumer-like...

A California federal district court recently denied the motion filed by the California Department of Financial Protection and Innovation (DFPI) seeking to dismiss a lawsuit filed by an advocacy organization seeking to enjoin...more

CFPB determines Truth In Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure...

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia.  The determination will be effective on the date it is...more

New York Department of Financial Services issues final regulations for consumer-like disclosures for commercial financing

The New York Department of Financial Services (DFS) has issued final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL) which requires consumer-like disclosures for “commercial financing”...more

New Jersey Attorney General settles lawsuit against merchant cash advance providers

The New Jersey Attorney General recently announced a settlement in its lawsuit against Yellowstone Capital LLC, its parent company, and various subsidiaries and affiliates alleging that the defendants violated the New Jersey...more

Advocacy group files lawsuit challenging California regulations requiring consumer-like disclosures for commercial transactions

On December 2, a non-profit advocacy organization filed a lawsuit in a California federal district court seeking to enjoin the California Department of Financial Protection and Innovation (DFPI) from enforcing the final...more

CFPB makes preliminary determinations that Truth in Lending Act does not preempt New York, California, Utah, and Virginia...

In a notice of “Intent to Make Preemption Determination under the Truth in Lending Act (Regulation Z),” the CFPB announced that it is seeking comments on its preliminary determinations that the Truth in Lending Act (TILA)...more

Small Business Administration to expand 7(a) program to fintechs and alternative lenders

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...more

California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financing

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...more

Depository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of...

A California Court of Appeal recently found a bank liable to a judgment creditor under California’s Enforcement of Judgments Law for the bank’s registered agent’s mistake in misreading, and subsequently rejecting, a notice of...more

CFPB fines bank $10 million for conduct related to bank account garnishments and account agreements

The CFPB recently ordered a bank to cancel garnishment fees, review its system for processing garnishment orders, cease using contracts which limit consumer rights, and pay a $10 million penalty to the CFPB’s Civil Penalty...more

Update on state small business commercial financing disclosure laws

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

NYDFS announces providers of commercial financing not required to provide consumer-like disclosures under new law until final...

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...more

FTC enters into settlement with two defendants in lawsuit alleging merchant cash advance providers engaged in unfair and deceptive...

The FTC’s recent announcement that it has entered into a settlement with two of the defendants (RAM Capital Funding LLC and Tzvi Reich) in a lawsuit filed by the FTC against two merchant cash advance providers and three of...more

CA DFPI issues fourth modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for...

The California Department of Financial Protection and Innovation has published a fourth round of modifications to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be...more

NYDFS publishes notice of proposed regulation on consumer-like disclosures for commercial financing transactions

On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like...more

District Court Holds That a Late Assignment to a Securitized Trust Is Voidable, Not Void, and Does Not Permit a Claim for Wrongful...

The U.S. District Court for the Northern District of California has issued an opinion in Spangler v. Selene Finance, LP, rejecting a borrower’s allegation that an assignment of a deed of trust recorded after a foreclosure...more

Court Cannot Enter Default Against Trustee that Submits Unopposed Declaration of Non-Monetary Status

The California Court of Appeal recently held that a plaintiff cannot seek entry of default against a trustee that files a declaration of nonmonetary status pursuant to California Civil Code Section 2924l. Section 2924l...more

Clarity May Finally Arrive in the District of Columbia for Lenders and Title Insurers

In response to the concerns of lenders and title insurers, the District of Columbia recently enacted clarifying legislation to amend the Saving D.C. Homes from Foreclosure Emergency Amendment Act of 2010 (the Act). The Act...more

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