Earned Wage Access: Exploring the CFPB's Proposed Interpretive Rule — Payments Pros – The Payments Law Podcast
Earned Wage Access: Exploring the CFPB's Proposed Interpretive Rule — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: Buy Now, Pay Later – Evolution, Regulation, and What You Need to Know about the CFPB Interpretive Rule Effective July 30
An In-Depth Analysis of the CFPB's Proposed Overdraft Rule — Payments Pros – The Payments Law Podcast
An In-Depth Analysis of the CFPB’s Proposed Overdraft Rule - The Consumer Finance Podcast
Exploring the Future of Open Banking: A Discussion on CFPB's 1033 Proposed Rule – Crossover Episode With Regulatory Oversight Podcast – The Consumer Finance Podcast
CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas – The Consumer Finance Podcast
CFPB's Policy Statement on Abusiveness (Part 2) - The Consumer Finance Podcast
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower....more
On June 4, the Fed published a request for comment on a proposal to extend the “Recordkeeping and Disclosure Requirements Associated with CFPB’s Regulation Z” for three years without revision. According to the notice, the...more
The Consumer Financial Protection Bureau's interpretative rule provides that traditional "Buy Now, Pay Later" (BNPL) products – closed-end loans that do not have a finance charge and are repaid in four installments – are...more
The SEC has issued a controversial 886-page final rule imposing climate-related disclosure requirements on publicly traded companies, including banking organizations, which will require them to include certain climate-related...more
In Franklin Savings Bank v. Bordick, issued on February 29, 2024, the Law Court reversed a decision of the Business and Consumer Docket (BCD) and remanded a personal property recovery judgment for further analysis regarding...more
Point-of-sale financing arrangements payable in four or fewer interest-free installments, known as buy now, pay later (BNPL) arrangements, have soared since their initial breakthrough during the pandemic. Unlike conventional...more
Recently, the California DFPI announced it was granted a summary judgment by a federal court to uphold the DFPI’s commercial financing disclosure requirements applicable to small businesses as implemented by SB 1235,...more
A California federal district court recently granted the motion for summary judgment filed by the California Department of Financial Protection and Innovation (DFPI) in the lawsuit filed by an advocacy organization seeking to...more
On December 4, a federal district court for the Central District of California granted summary judgment in favor of the Commissioner of the California Department of Financial Protection and Innovation (DFPI) finding that...more
To Whom Do the Laws Apply? What are the Required Disclosures? Georgia and Florida join others in passing commercial financing disclosure laws – new state regulations requiring disclosure statements from certain commercial...more
California, Connecticut, Florida, Georgia, New York, Virginia, and Utah have enacted laws requiring consumer-like disclosures in certain commercial loans. Some of these “Commercial Financing Disclosure Laws” require...more
While consumer lenders have long been attuned to disclosure requirements under the Truth in Lending Act, many commercial financiers are or soon will be subject to similar state-level obligations. On June 23, 2023, Florida...more
On June 23, 2023, Florida Governor Ron DeSantis signed into law Florida House Bill 1353, the latest in the growing trend of commercial financing disclosure laws (CFDLs). Florida follows the lead of California, Georgia, New...more
There is a trend among state legislatures to regulate commercial finance more tightly, including federal Truth in Lending Act (TILA)-style disclosure requirements more typically seen in the consumer lending context. Now,...more
On April 11, the U.S. Court of Appeals for the Third Circuit upheld the dismissal of a putative class action suit claiming a national bank’s failure to itemize fees in its credit card renewal notices violated TILA and...more
On March 28, the CFPB issued a preemption determination that that TILA does not preempt commercial lending disclosure regulations enacted in California, New York, Utah, and Virginia (we discussed state commercial financing...more
On March 28, the CFPB issued a determination that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by TILA. ...more
We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more
As discussed here, on December 7, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that New York’s Commercial Financing Law (the New York law) was not preempted by the Truth in Lending...more
The Maryland Senate unanimously approved amended Senate Bill 496 last week – a measure proposed to curb perceived commercial lending abuses in Maryland by requiring additional financial disclosures when making loans to small...more
There has been increased focus on commercial financing transactions over the past few years. States have been moving to introduce consumer lending disclosure regimes to commercial financing. Several states, including...more
On February 16, Illinois State Representative Hoan Huynh (D) introduced HB3064, the Small Business Truth in Lending Act, that would impose certain mandatory disclosure requirements for commercial financing transactions and...more
On February 10, 2023, the Illinois General Assembly introduced the “Small Business Truth in Lending Act”, which would require lenders to make TILA-like disclosures for small business commercial loans. If passed, Illinois...more
Providers of commercial financing that are subject to the New York State Commercial Finance Disclosure Law (CFDL) must provide disclosures to potential recipients of commercial financing at the time a specific offer of...more
State legislative sessions are well underway in 2023, and many states already have introduced various forms of commercial financing disclosure legislation. These proposed laws (commercial financing disclosure laws or “CFDLs”)...more