On March 2, Florida State Representative Doug Bankston introduced HB1353, the Florida Commercial Financing Disclosure Law, that would mandate covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions. The law would also define and prohibit specific acts by brokers of those transactions, including the collection of advance fees. New York, California, Utah
The Federal Trade Commission (FTC) announced that it is launching an inquiry into the small business credit reporting industry. Specifically, it is ordering five firms to provide detailed information about their products and processes.
According to the FTC, the impetus for this inquiry is that unlike consumer reports, which are governed by the Fair Credit
On March 15, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (Request) seeking public comment on the business practices of data brokers and how they impact the daily lives of consumers. Specifically, the CFPB is interested in hearing details about the types of data that data brokers collect and sell, as well
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
As we reported here, late last year, the Consumer Financial Protection Bureau (CFPB) signaled that it planned to increase scrutiny of the Buy Now, Pay Later (BNPL) industry and issued its first report about BNPL. Yesterday, the CFPB issued a report exploring the financial profiles of BNPL borrowers. According to the CFPB, on average,
On February 16, Illinois State Representative Hoan Huynh (D) introduced HB3064, the Small Business Truth in Lending Act, that would impose certain mandatory disclosure requirements for commercial financing transactions and require registration of small business finance companies and brokers. Illinois follows the lead of states such as New York, California, Utah, and Virginia which
On February 28, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) jointly issued a Request for Information, seeking public comment on how background screening affects individuals seeking rental housing in the United States. Specifically, the Request seeks information on the use of consumer reports and credit scores, criminal and eviction records, and
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
After lengthy discovery and litigation, a U.S. district court judge in the Western District of New York ended a class action lawsuit by holding that communications between attorneys are not actionable under the Fair Debt Collection Practices Act (FDCPA).
In (Fein Such), the plaintiffs filed a class action complaint alleging that Fein Such made improper