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California AG Agrees with CFPB’s Preliminary Preemption Determination, Urges Bureau to Further Narrow TILA Preemption

As discussed here, on December 7, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that a New York commercial financing law was not preempted by the Truth in Lending Act (TILA)....more

CFPB Issues Guidance on “Negative Option” Subscription Services

Do “negative option” subscription services constitute unfair or deceptive practices under the Consumer Financial Protection Act (CFPA)? According to the Consumer Financial Protection Bureau (CFPB) in its recent circular,...more

Arizona AG Concludes Non-Recourse, No-Interest Earned Wage Access Products Are Not “Consumer Lender Loans” Requiring a License

Arizona Attorney General Mark Brnovich released opinion No. 22-(R22-011), concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those...more

Colorado AG Announces Two More Settlements in GAP Refund Cases

On January 4, Colorado Attorney General Phil Weiser announced that his office had reached settlements with Bellco and Canvas credit unions which will provide $4 million in refunds of unearned guaranteed automobile protection...more

NJ Attorney General Reaches Settlement With Merchant Cash Advance Company Over Alleged Unfair and Deceptive Practices

On December 27, the New Jersey Division of Consumer Affairs (the Division) entered a consent order with Yellowstone Capital LLC (Yellowstone) and several related companies to resolve allegations that, in violation of the New...more

CFPB Intends to Clear Way for New State Laws Requiring Cost Disclosures in Commercial Transactions

On December 7, the Consumer Financial Protection Bureau (CFPB) published a notice of intent to make a preemption determination on whether the Truth in Lending Act (TILA) preempts a New York commercial financing law. The CFPB...more

Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and...

On October 13, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced increased dollar thresholds used to determine whether certain consumer credit and...more

FTC Report Highlights Evolving Dark Patterns and Signals Increased Enforcement

The Federal Trade Commission (FTC) recently released a Bringing Dark Patterns to Light report, detailing the rise in sophisticated “dark patterns” that the FTC asserts are designed to trick and trap consumers. As the FTC’s...more

Registration Begins Under Utah’s Commercial Financing Registration Act

As we previously posted here, in March, Utah enacted its Commercial Financing Registration and Disclosure Act (CFRDA), requiring commercial financing providers to register with the Utah Department of Financial Institutions...more

CFPB Agrees to March 31, 2023 Deadline for Final Rule Under Section 1071

The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose...more

California Approves Final Commercial Financing Disclosure Regulations and Sets Compliance Deadline

On June 9, California’s Office of Administrative Law approved commercial financing disclosure regulations (Regulations) which require consumer-like disclosures for certain commercial financing products such as small business...more

FTC Revisiting Key Digital Advertising Guidance

On June 3, the Federal Trade Commission (FTC) published a request for information that could form the basis for a major update of its digital advertising guidance. The FTC’s most recent digital advertising guidance is its...more

Utah Governor Signs Commercial Financing Registration and Disclosure Act

On March 24, Utah’s governor signed the Commercial Financing Registration and Disclosure Act (CFRDA) into law. Under the CFRDA, beginning January 1, 2023, commercial financing providers must register with the Utah Department...more

Virginia Legislature Passes Sales-Based Financing Disclosure and Registration Requirements

On March 22, the Virginia legislature sent HB1027 (Act) to the governor. If signed by April 11, the Act will impose the nation’s first registration requirement on sales-based financing providers and brokers....more

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