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Section 1071 Final Rule: Data Collection and Reporting

As recently discussed on our podcast, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury Limit

As discussed here, in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and...more

Minnesota Enacts Bill Capping All-In APR and Codifying Predominant Economic Interest Test for Short-Term and Small Consumer Loans

On May 18, Minnesota Governor Tim Walz signed into law the Commerce Omnibus Bill, which, among other things, amends Minnesota Statute §§ 47.60 and 47.601 to cap the annual percentage rates (APR) on consumer small loans and...more

Section 1071 Final Rule: An Overview

As recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

CFPB's Policy Statement on Abusiveness (Part 2) - The Consumer Finance Podcast  [Audio]

Please join Troutman Pepper Partner Chris Willis and his colleagues Stefanie Jackman, Caleb Rosenberg, and Chris Capurso for the second installment of our special two-part series about the Consumer Financial Protection...more

CFPB Issues Small Entity Guide With Illustrations on How to Comply With Section 1071 Final Rule

As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the...more

CFPB's Section 1071 Final Rule (Part 2): Deep Dive on Data Collection and Discouragement - The Consumer Finance Podcast [Audio]

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau's (CFPB) new...more

Texas Bankers Challenge CFPB’s Section 1071 Rule

On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Colorado Introduces Bill to Opt Out of DIDMCA, Prevent Interest Rate Exportation

In 1980, Congress enacted the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations and state credit unions to...more

CFPB Issues Tools to Help Small Businesses Navigate Section 1071 Final Rule

As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the...more

Georgia Legislature Passes Commercial Disclosure Legislation

On April 5, the Georgia legislature sent SB 90 (Act) to Governor Kemp for signature. The Act aims to amend Chapter 1 of Title 10 of the Georgia Code to require commercial financing disclosures....more

Lots of Developments in Small Business Finance - The Consumer Finance Podcast [Audio]

Please join Troutman Pepper Partner Chris Willis and his colleagues Caleb Rosenberg and Josh McBeain as they discuss a string of recent developments in small business financing at both the state and federal level, including...more

California Federal Court Denies DFPI’s Motion to Dismiss: Finds Commercial Financing Disclosure Regulations May Violate First...

In a recent decision, a federal district court for the Central District of California denied a motion to dismiss filed by the Commissioner of the California Department of Financial Protection and Innovation (DFPI) finding...more

CFPB Issues Policy Statement on Abusive Conduct under the CFPA

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement purporting to summarize, in clear and simple terms, the meaning of the statutory prohibition on abusive conduct. Policy statements are...more

Amendments to Banking Statutes Sent to Connecticut Senate

On March 23, SB 1033, An Act Concerning Various Revisions to the Banking Statutes, was given a favorable report by the Legislative Commissioners’ Office and sent to the Connecticut Senate. With this bill, Connecticut hopes to...more

It’s Here: CFPB Issues Final Rule Under Section 1071

As promised (and discussed here), the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended...more

Florida Joins States Racing to Impose Disclosure Requirements on Small Business Financing Transactions

On March 2, Florida State Representative Doug Bankston introduced HB1353, the Florida Commercial Financing Disclosure Law, that would mandate covered commercial financing companies provide consumer-like disclosures for...more

FTC Orders Small Business Credit Reporting Companies to Disclose Information About Industry

The Federal Trade Commission (FTC) announced that it is launching an inquiry into the small business credit reporting industry. Specifically, it is ordering five firms to provide detailed information about their products and...more

CFPB Warns Student Loan Servicers About Collecting on Discharged Debt

On March 16, the Consumer Financial Protection Bureau (CFPB) released a compliance bulletin entitled Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. The compliance bulletin...more

Missouri State Senator Reintroduces Commercial Financing Disclosure Bill

Last year, Missouri State Senator Justin Brown (R) introduced a bill that would have imposed certain mandatory disclosure requirements for commercial financing transactions. Ultimately, the bill failed to advance. On December...more

California Publishes Notice of Second Modifications to Proposed Rulemaking Regulating Student Loan Servicing

As reported here, on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act....more

Illinois Becomes Latest State to Introduce Small Business Truth in Lending Act

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

Department of Education Announces Required Cybersecurity Updates for Postsecondary Institutions to Comply with the Safeguards Rule

On February 9, the U.S. Department of Education (ED) released an announcement about updates that postsecondary institutions must make to their cybersecurity and data protection policies in order to comply with the Federal...more

New York Adopts Commercial Financing Transaction Disclosure Requirements

On February 1, the Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services completed the process for adopting a new regulation relating to disclosure...more

Commercial Financing Regulatory Developments - The Consumer Finance Podcast [Audio]

Please join Troutman Pepper Partner Chris Willis and his colleagues Associates Caleb Rosenberg and Josh McBeain as they discuss commercial financing regulatory developments, specifically what is happening in both legislatures...more

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