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Financing Small Business Financial Services Industry

Troutman Pepper Locke

From Banks to FinTech: The Evolution of Small Business Lending — Payments Pros – The Payments Law Podcast

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In this special crossover edition of the Payments Pros and Consumer Finance podcasts, Carlin McCrory and Jason Cover are joined by their colleague Caleb Rosenberg to explore the evolving landscape of small business financing....more

Husch Blackwell LLP

CFPB Pilot Study Finds Differential Treatment in Small Business Lending Markets

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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

Alston & Bird

States Impose Commercial Financing Disclosure Requirements

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What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more

Orrick, Herrington & Sutcliffe LLP

District Court grants motion for summary judgment to DFPI in commercial financing disclosure case

On December 4, the U.S. District Court for the Central District of California granted the California DFPI’s motion for summary judgment in Small Business Finance Association v. Clothilde Hewlett, which challenged the DFPI’s...more

Mayer Brown

Bad Omen: CA Imposes New Fee, UDAAP, and Annual Reporting Requirements on Small Business Financers

Mayer Brown on

Mere days before Halloween, California enacted California Senate Bill 666, imposing a set of restrictions on the fees that commercial financers may charge their small business customers. Signed by the governor on October 13,...more

Alston & Bird

Georgia, Florida, Connecticut Enact Commercial Financial Disclosure Laws

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Our Financial Services & Products Group illuminates three new state laws in Georgia, Florida, and Connecticut requiring provider disclosures in commercial financing transactions....more

Holland & Knight LLP

New York's "Small Business" Commercial Financing Disclosure Law

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If you are a nonbank finance company that makes commercial loans of $2.5 million or less in New York or represent such a company, this Holland & Knight alert is for you. There has been a growing concern expressed over the...more

Husch Blackwell LLP

Illinois Bill Seeks to Add Consumer-Type Disclosures and Broad Enforcement to Commercial Financing

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On February 16, 2023, the Illinois House introduced a bill titled the Small Business Truth in Lending Act. This proposed legislation, similar to statutes that have been enacted in other states, was written with the stated...more

Mayer Brown

CFPB Preliminarily Determines State Commercial Financing Disclosure Laws Not Preempted by Truth in Lending Act

Mayer Brown on

Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more

Miles & Stockbridge P.C.

New York Moves Forward to Regulate Commercial Loan Disclosures to Small Businesses

Miles & Stockbridge P.C. on

In the absence of a federal law requiring disclosures be provided to small businesses, regulators in California in 2018, and now New York, have jumped into the void. With the Enactment of the New York Commercial Finance...more

Ballard Spahr LLP

Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

Ballard Spahr LLP on

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more

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