Last month, we reported several laws scheduled to take effect this year. The first was the Commercial Financing Disclosure Law in Missouri. We have previously summarized this statute for commercial finance brokers who engage...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 December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (NPRM) that would regulate data brokers and the sale of Americans’ personal and financial...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Credit History ,
Credit Reports ,
Data Brokers ,
Data Collection ,
Data Management ,
Data Sellers ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Proposed Rules ,
SBREFA
Last week, the Federal Deposit Insurance Corporation (FDIC) published Frequently Asked Questions on the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured...more
Missouri is now part of the growing list of states who have introduced commercial finance disclosure requirements. Additionally, the statute – Section 427.300 of Missouri Senate Bill 1359 – contains substantial requirements,...more
It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024...more
Similar to the Consumer Financial Protection Bureau’s Supervisory Highlights, the Federal Deposit Insurance Corporation (FDIC)’s Consumer Compliance Supervisory Highlights should be on your reading list. While the FDIC has...more
4/23/2024
/ Anti-Discrimination Policies ,
Compliance ,
Consent Order ,
Credit Builder Loans ,
Deposit Insurance ,
Fair Lending ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FinTech ,
Flood Disaster Protection Act ,
Mortgage Brokers ,
Truth in Lending Act (TILA) ,
Truth in Savings Act
On March 8, 2024, the CFPB issued a blog post signaling a new front in its focus on “junk fees”—mortgage closing costs. Notably, the CFPB suggests that title insurance, credit report and appraisal, origination, and other...more
3/19/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Closing Costs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fees ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
RESPA ,
Title Insurance ,
Truth in Lending Act (TILA)
In December 2023, the Federal Deposit Insurance Corporation (FDIC) finalized amendments to its rules on official FDIC signage, bank advertisements, deposit insurance misrepresentations, and the misuse of the FDIC’s name or...more
1/17/2024
/ Advertising ,
Banks ,
Cease and Desist Orders ,
Cryptocurrency ,
Deposit Insurance ,
FDIC ,
Financial Institutions ,
Misrepresentation ,
Non-Depository Institutions ,
Online Banking ,
Policies and Procedures
One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more
1/4/2024
/ Annual Percentage Rate (APR) ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Loans ,
Regulatory Agenda ,
Small Business
California continues to lead the charge for increased regulation in the commercial finance space. Most recently, on October 13, 2023, California Governor Gavin Newsom signed Senate Bill 666 into law, which will prohibit...more
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more
After a brief respite, Section 8 of the Real Estate Settlement Procedures Act (RESPA) is back on the Consumer Financial Protection Bureau’s (CFPB’s) enforcement radar. On August 17, 2023, the CFPB issued two parallel consent...more
On August 30, 2023, the California Court of Appeals addressed whether the Rosenthal Fair Debt Collection Practices Act (Rosenthal FDCPA) protects a non-party to an agreement to pay for electricity produced by a solar energy...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