The California Department of Financial Protection and Innovation became the nation's first regulator with authority to police "abusive" acts and practices in commercial financing when it recently adopted final regulations to...more
On August 18, 2021, the California Department of Financial Protection and Innovation ("DFPI") released draft regulations and an invitation for comments under the California Consumer Financial Protection Law ("CCPL"). The CCPL...more
The Consumer Financial Protection Bureau (CFPB) is asking providers of small business finance to take a survey on potential up-front costs associated with complying with Section 1071 of the Dodd-Frank Wall Street Reform and...more
9/3/2020
/ Compliance ,
Compliance Costs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Request For Information ,
Section 1071 ,
Small Business ,
Surveys
On July 23, 2020, the New York legislature passed A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions (the "Disclosure...more
8/3/2020
/ Annual Percentage Rate (APR) ,
Disclosure Requirements ,
Financial Statements ,
Lenders ,
Loans ,
Merchant Cash Advance (MCA) ,
Merchants ,
New Rules ,
NYDFS ,
Proposed Rules ,
Regulation Z ,
Small Business ,
State Legislatures ,
Truth in Lending Act (TILA)
COVID-19 and the related emergency has had a dramatic effect on small businesses. States have implemented "stay-at-home" orders or otherwise ordered the closure of non-essential businesses, resulting in the virtual...more
4/7/2020
/ Business Closures ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Distress ,
Financing ,
Merchant Cash Advance (MCA) ,
Natural Disasters ,
Risk Assessment ,
Small Business ,
State of Emergency ,
Usury
Congress has responded to the economic crisis brought on by the COVID-19 virus by passing economic stimulus packages to help small and mid-sized businesses. Congress included in the CARES Act $349 billion for Paycheck...more