Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection...more
6/6/2024
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Loans ,
NMLS ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Agenda
On April 28, 2022, the Federal Trade Commission (FTC) issued a press release announcing a notice of proposed rulemaking (NPRM) and an advance notice of proposed rulemaking (ANPR) seeking public comment on possible changes to...more
5/3/2022
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Goods or Services ,
Lenders ,
NPRM ,
Small and Medium-Sized Enterprises (SMEs) ,
Telecommunications ,
Telemarketing ,
Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFAPA) ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
As we prepare to put 2020 in the rearview mirror, many of us will not have fond memories of the year. Quarantines, masks, social distancing, unspeakable tragedy, economic ruin for some industries. But the fintech world proved...more
1/7/2021
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Madden v Midland Funding ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securitization
On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding...more
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
On May 20, 2020, the U.S. Court of Appeals for the Seventh Circuit sided with a lower court which invalidated applying the “Ineligibility Rule” by the Small Business Administration (SBA) to the Paycheck Protection Program...more
On April 30, the Federal Reserve Board, after receiving more than 2,200 letters in response to a request for feedback on its Main Street Lending Program, announced an expansion of the scope of and eligibility for the program....more
On February 3, 2020, Maryland State Senator Benjamin Kramer introduced a bill that would completely prohibit merchant cash advances (MCAs) in Maryland.
What Happened -
MCAs are a form of small-business financing in...more