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Jan 13, 2025 | 
mondaq.com | Jessica Sklute |Eric Knight
Massachusetts has passed a bill expanding its money transmitterlaw to include domestic money transmission. While Massachusettshistorically has only regulated entities facilitating moneytransmission to foreign countries, effective September 2025, thelaw will now require any person facilitating domestic moneytransmission for a Massachusetts consumer to maintain a license andcomply with certain substantive requirements.
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Oct 4, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Charles Washburn Jr.
Continuing a nationwide trend towards increased regulation of commercial financing, Governor Newsom has signed into law a bill extending the reach of California’s Rosenthal Fair Debt Collection Practices Act (the “Act”) to covered commercial debt (“SB 1286”). The requirements would apply to any debt entered into, renewed, sold, or assigned on or after July 1, 2025. The Act prohibits debt collectors from engaging in certain unfair or deceptive acts or practices in the collection of consumer debts.
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Jun 11, 2024 | 
mondaq.com | Scott Pearson |Charles Washburn |Eric Knight
Increased regulation of commercial financing shows no signs of
stopping. California SB 1482, which would require
commercial financing providers and brokers to register with the
California Department of Financial Protection and Innovation
(DFPI), recently passed the Senate 39–0 (with one abstention)
and will move on to the Assembly.
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Jun 6, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Charles Washburn Jr.
Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection and Innovation (DFPI), recently passed the Senate 39–0 (with one abstention) and will move on to the Assembly.
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Jun 3, 2024 | 
mondaq.com | Bryan Schneider |Eric Knight |Scott Pearson
To the likely surprise of providers of buy now, pay later
("BNPL") financing, last week the Consumer Financial
Protection Bureau ("CFPB") issued an interpretive rule stating that BNPL products
are actually "credit cards" under the Truth in Lending
Act (TILA) and BNPL providers are "card issuers" and
therefore "creditors" under, and subject to, Regulation
Z.
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May 31, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Bryan Schneider
To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards” under the Truth in Lending Act (TILA) and BNPL providers are “card issuers” and therefore “creditors” under, and subject to, Regulation Z.
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Nov 19, 2023 | 
mondaq.com | Scott Pearson |Bryan Schneider |Eric Knight
On October 26, a Texas District Court issued an expanded injunction preventing the CFPB
from implementing and enforcing its small-business data collection rule issued under Section 1071
of the Dodd-Frank Act, so that it now benefits all companies
subject to the rule. The Court's prior injunction, issued on
July 31, applied only to the named plaintiffs in the suit.
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Oct 2, 2023 | 
law360.co.uk | Scott Pearson |Eric Knight |Charles Washburn Jr.
ADVERTISEMENT Don't want ads? Subscribe or login now. By Scott Pearson, Eric Knight and Charles Washburn Jr. (October 2, 2023, 4:50 PM EDT) -- Regulatory scrutiny on the commercial financing industry is increasing.... A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
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Sep 15, 2023 | 
jdsupra.com | Eric Knight |Mehul Madia |Scott Pearson
On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and Examination Manual (“Exam Manual”), holding that the Bureau exceeded its statutory UDAAP authority and that the Bureau’s funding structure is unconstitutional.
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Sep 15, 2023 | 
mondaq.com | Scott Pearson |Bryan Schneider |Mehul Madia |Eric Knight
On September 8, 2023, the U.S. District Court for the Eastern
District of Texas issued an opinion and order vacating a March 2022
anti-discrimination update to the UDAAP section of the Consumer
Financial Protection Bureau's ("CFPB" or
"Bureau") Supervision and Examination Manual ("Exam
Manual"), holding that the Bureau exceeded its statutory UDAAP
authority and that the Bureau's funding structure is
unconstitutional.
