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The Suspense Is Over - NYDFS Adopts Final Commercial Financing Disclosure Rules, Announces Effective Date, and Provides New Exemptions

USA - February 2 2023 Small business financers and brokers (“providers”) active in New York are officially on notice to finalize their preparations to comply with New…

Krista Cooley, Francis L. Doorley, Eric T. Mitzenmacher, Daniel Pearson, Jeffrey P. Taft

Iowa Targets Out-of-State Bank Partner for Usury, Shedding Light on State’s Interpretation of DIDMCA Opt-Out

USA - January 12 2023 In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank…

Francis L. Doorley, Eric T. Mitzenmacher, Daniel Pearson, Jeffrey P. Taft

CFPB Preliminarily Determines State Commercial Financing Disclosure Laws Not Preempted by Truth in Lending Act

USA - January 5 2023 Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached…

Krista Cooley, Francis L. Doorley, Eric T. Mitzenmacher, Daniel Pearson, Jeffrey P. Taft

Understanding the True Scope of a Financial Firm’s Exposure to Crypto

USA - December 21 2022 With crypto winter fully upon us, most regulated financial institutions understand that if they want to engage directly in cryptocurrencies—i.e…

Matthew Bisanz, Christopher B. Leach, Thomas V. Panoff

US Treasury Report Addresses Impact of Fintech-Bank Partnerships

USA - December 20 2022 Fintech firms and other non-bank companies have “augmented consumer finance markets” and “accelerat[ed] an evolution in consumer financial products…

David L. Beam, Francis L. Doorley, Rohith P. George, Grace Kim, Eric T. Mitzenmacher, Daniel Pearson, Joe Pennell, Jeffrey P. Taft