On February 25, 2025, Judge Danny C. Reeves of the Eastern District of Kentucky granted a Joint Motion to Stay Proceedings in Forcht Bank, NA et al v. Consumer Financial Protection Bureau et al, temporarily staying litigation...more
The Fifth Circuit Court of Appeals has granted a stay in the case challenging the Consumer Financial Protection Bureau’s (CFPB) Small Business Lending Rule, also known as Dodd-Frank Section 1071. This rule, stemming from the...more
As we step into a new year, we’re excited to introduce a fresh look for our Alternative Commercial Finance blog. Alongside a new monthly publication schedule, we’ll be placing a stronger emphasis on upcoming laws,...more
1/31/2025
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Loans ,
Regulatory Freeze ,
Regulatory Requirements ,
Reporting Requirements ,
Section 1071 ,
The Rosenthal Act ,
Truth in Lending Act (TILA)
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more
1/17/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
EFTA ,
Enforcement Actions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
No-Action Letters ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Sandbox ,
Truth in Lending Act (TILA)
On November 13, the Consumer Financial Protection Bureau (CFPB) released a report on matched-pair testing in small business lending, highlighting potential racial discrimination. The study reveals that Black small business...more
11/27/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Financing ,
Popular ,
Race Discrimination ,
Small Business ,
Small Business Loans
2024 has been an eventful year for the CFPB. As we detailed in June, the CFPB survived its second constitutional challenge at the Supreme Court in CFSA v. CFPB, and “[n]ewly emboldened, the CFPB’s already robust policy agenda...more
11/8/2024
/ Congressional Review Act ,
Consumer Credit Protection ,
Consumer Financial Protection Bureau (CFPB) ,
Data Brokers ,
Dodd-Frank ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Government Agencies ,
Late Fees ,
Medical Debt ,
Open Banking ,
Overdraft Fees ,
Popular ,
Small Business ,
Trump Administration ,
UDAAP
In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more
In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more
On August 2, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a final rule that prohibits certain persons from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in...more
8/30/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Dodd-Frank ,
Farms ,
Federal Trade Commission (FTC) ,
FTC Act ,
Reporting Requirements ,
Small Business ,
State and Local Government ,
Unfair or Deceptive Trade Practices
Over the last several weeks, there have been two significant developments involving Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, on June 28, 2023, the Consumer Financial Protection...more
The Consumer Financial Protection Bureau (CFPB) recently released its Spring 2023 rulemaking agenda, signaling an expansion of its supervisory authority over the payments market. Of particular interest is the introduction of...more
6/30/2023
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Dodd-Frank ,
Fees ,
Financial Services Industry ,
Insufficient Funds ,
Loan Payments ,
Non-Bank Lenders ,
Proposed Rules
The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank...more