News & Analysis as of

Covered Entities Small Business

Venable LLP

Through the National Defense Authorization Act for FY2024, Congress Looks to Tighten Controls on Contractors Consulting for...

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The end of the calendar year once again sees Congress rapidly approaching the holiday finish line with unresolved business. From most indications, however, members will successfully send a defense authorization bill to...more

Allen Matkins

The Nebulous Meaning Of "Small Business" In New Ban On Commercial Loan Fees

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Beginning in January, "covered entities" will be prohibited from charging specified fees in connection with a commercial financing transaction with a "small business" or "small business" owner.  Cal. Stat. ch. 881 (SB 666). ...more

Troutman Pepper

California Joins War on Fees With Passage of S.B. 666

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On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Finalizes Small Business UDAAP Rule

Recently, the California Department of Financial Protection and Innovation (DFPI) approved the final rule implementing and interpreting certain sections of the California Consumer Financial Protection Law (CCFPL) that...more

Goodwin

The CFPB Faces Challenges to the Small Business Lending Rule in Texas and Kentucky

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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (Final Rule) which implements the small business lending data collection requirements set for in Section 1071 of the...more

Schwabe, Williamson & Wyatt PC

SBA’s Latest Moves: Moratorium Extension and Response to Ultima Decision

There were two important announcements from the Small Business Administration (“SBA”) on Monday, August 21, 2023: - The SBA is extending the moratorium on the application of the bona fide place of business rule for 8(a)...more

Venable LLP

Small Business Lenders Data Reporting Obligations Under Section 1071

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The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...more

Eversheds Sutherland (US) LLP

CFPB Gears Up to Advance Financial Inclusion Agenda with Proposed Rule Requiring Annual Reports on Small Business Credit...

On September 1, 2021, the CFPB issued a proposed rule that would add a new subpart to Regulation B, which implements the federal Equal Credit Opportunity Act (ECOA). The rule would implement Section 1071 of the Dodd-Frank Act...more

Epstein Becker & Green

Regulators Issue Final Dodd-Frank Standards for Assessing Diversity Policies and Practices of Covered Entities in the Financial...

Epstein Becker & Green on

On June 9, 2015, six federal agencies (“Agencies”) subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) issued much-anticipated joint final standards (“Final Standards”) in accordance with...more

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