CFPB Announces New Compliance Deadlines For Small Business Lending Rule

In March 2023, the CFPB issued a final rule to implement Section 1071 of the Dodd-Frank Act. As we discussed in a GT Alert issued at that time, the CFPB’s Small Business Lending Rule, when implemented, will require lenders to collect and report data on small business loan applications, including applications from minority-owned, women-owned, and LGBTQI+-owned small businesses. The rule will thus create the first comprehensive database of small business credit applications in the United States.

In […]

By | May 22nd, 2024 ||

Outsourcing For U.S. Financial Institutions After Dodd-Frank: Regulation, Risk And Governance

The global economic crisis has powerfully re-taught a lesson that we have understood for some time — the whole world is economically connected. In response, the Dodd-Frank Act (“DFA”) has created new regulatory structures such as the Financial Stability Oversight Council (“FSOC”), and put more regulations in place to improve market transparency and to consolidate reporting in the hope that more information and more monitoring and more diligence will prevent the next economic crisis, […]

By | May 20th, 2024 ||

New York Adopts Final Commercial Financing Disclosure Regulations

On February 1, NY DFS announced the adoption of the final regulation implementing the New York State Commercial Finance Disclosure Law (CFDL) (N.Y. Fin. Serv. Law §§ 801 to 812). The regulations require companies that offer commercial financing less than or equal to $2.5 million (providers) to make standardized disclosures about the commercial financing’s credit terms to recipients of the commercial financing (recipients). The final regulations were effective February 1, 2023, and the compliance date for the final regulation is […]

By | February 7th, 2023 ||