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2 days ago | 
jdsupra.com | Jason Cover |Joseph Reilly |Caleb Rosenberg
On June 20, the Texas Legislature passed H.B. 700, which introduces several new regulatory requirements for providers and brokers of commercial sales-based financing operating within the state. The law applies to merchant cash advance transactions and loans with payments that vary based on the borrower’s sales.
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1 week ago | 
jdsupra.com | Stefanie Jackman |Joseph Reilly |Jesse Silverman
The Consumer Financial Protection Bureau (CFPB or Bureau) published in the Federal Register an interim final rule extending compliance dates for its 2023 small business lending rule under the Equal Credit Opportunity Act (Regulation B) (Final Rule) This extension comes in response to court orders in ongoing litigation, affecting the timeline for financial institutions to comply with data collection requirements for women-owned, minority-owned, and small businesses.
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1 week ago | 
openlegalblogarchive.org | Stefanie Jackman |Joseph Reilly |Jesse Silverman |Lori J. Sommerfield
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published in the Federal Register an interim final rule extending compliance dates for its 2023 small business lending rule under the Equal Credit Opportunity Act (Regulation B) (Final Rule) This extension comes in response to court orders in ongoing litigation, affecting the timeline for financial institutions to comply with data collection requirements for women-owned, minority-owned, and small businesses.
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2 weeks ago | 
jdsupra.com | David Anthony |Stefanie Jackman |Joseph Reilly
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to loan originator (LO) compensation and discretionary mortgage servicing, governed by the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X).
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2 months ago | 
openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Joseph Reilly |Caleb Rosenberg
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
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2 months ago | 
jdsupra.com | Jason Cover |Mark J. Furletti |Joseph Reilly
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
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Jan 16, 2025 | 
openlegalblogarchive.org | Joseph Reilly |Chris Willis
In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully ready. They discuss the implications of these orders, the importance of thorough product testing and risk management, and the potential financial consequences of premature product launches.
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Dec 3, 2024 | 
jscholarship.library.jhu.edu | Joseph Reilly
This mixed-methods evaluation assesses the effectiveness of the Ignite Reading virtual literacy tutoring program implemented in Massachusetts during the 2023-2024 school year. Sponsored by the One8 Foundation, the initiative provided targeted one-to-one tutoring for first-grade students across 13 districts with high concentrations of economically disadvantaged populations.
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Nov 15, 2024 | 
jdsupra.com | Joseph Reilly |Caleb Rosenberg |Lori J. Sommerfield
On November 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a pilot study titled “Matched-Pair Testing in Small Business Lending Markets” highlighting what the CFPB believes were two statistically significant disparities in the treatment of Black and white small business owners seeking loans. First, the secret shopping study indicated that Black entrepreneurs were less encouraged by small business lenders to apply for loans.
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Nov 6, 2024 | 
jdsupra.com | Joshua McBeain |Joseph Reilly |Caleb Rosenberg
On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit brought by several trade associations challenges the CFPB’s Final Rule under § 1071 of the Dodd-Frank Act, the “Small Business Lending Data Collection Rule” (Final Rule). The court scheduled oral argument for February 3, 2025.
