On May 17, 2024, the CFPB announced it will issue an interim final rule to extend the compliance deadlines for its Small Business Lending Rule. When it takes effect, the
Continue Reading CFPB Announces New Compliance Deadlines for Small Business Lending Rule
On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas issued a nationwide injunction prohibiting the Consumer Financial Protection Bureau (CFPB) from implementing or enforcing its
Continue Reading Court Issues Nationwide Stay of CFPB’s Section 1071 Small Business Lending Rule
On March 30, after years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1071 of the Dodd-Frank Act. Small business lenders, if they
Continue Reading Small Business Lenders: CFPB Issues Final Rule on Small Business Lending
After years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) may issue a final rule later this month that would require lenders to collect and report data on small
Continue Reading Small Business Lenders: CFPB’s Anticipated Section 1071 Rule Would Impose New Data Collection, Reporting Obligations
On Dec. 21, 2020, Congress approved H.R. 133, referred to as the “Consolidated Appropriations Act, 2021” (the Act). The legislation, signed into law by President Trump on Dec. 27, 2020,
Continue Reading Paycheck Protection Program – Expected Impact of ‘Second Draw’ Loans
On May 22, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness: “Business Loan Program
Continue Reading PPP Loan Forgiveness: What the Latest Guidance Means for You