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
Connecticut’s commercial financing disclosure law, An Act Requiring Certain Financing Disclosures, was signed into law on June 28, 2023, and will take effect on July 1, 2024. The law applies to sales-based financing of...more
If you thought virtual reality was free from real-world regulations, think again. On April 4, 2024, the CFPB released an Issue Spotlight that dives deeply into a realm the agency had not previously traversed—video games and...more
4/18/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Fiat ,
Financial Transactions ,
Fraud ,
Money Laundering ,
Online Platforms ,
Payment Systems ,
UDAAP ,
Video Games ,
Virtual Currency ,
Virtual Reality
Here’s what you need to know:
1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more
In early January, a bill was introduced into the Tennessee legislature that would enhance the existing affirmative consent requirement to charge consumers a fee for automatic renewal or continuous services offers under the...more
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
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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
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have issued a new joint statement focused on anti-discrimination in lending practices as they relate to noncitizens. This guidance not only...more
10/25/2023
/ Assessment ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Discrimination ,
Department of Justice (DOJ) ,
ECOA ,
Fair Lending ,
Immigration Status Discrimination ,
Joint Statements ,
Non-Citizens ,
Regulation B
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
In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more
The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more
There is a trend among state legislatures to regulate commercial finance more tightly, including federal Truth in Lending Act (TILA)-style disclosure requirements more typically seen in the consumer lending context. Now,...more