SBA: Extension of Moratorium Announced on 8(a) Eligibility Requirement for Small Disadvantaged Businesses
Bona Fide Place of Business Moratorium Extension Until Sept. 30, 2025, Will Increase the Opportunity for SDBs to Grow Their Businesses Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced that the moratorium on the 8(a) Business Development Program’s Bona…
CFPB: Rule Proposed to Ban Medical Bills from Credit Reports
Rule would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from…
CFPB: Process Launches to Recognize Open Banking Standards
New rule establishes process for recognizing data sharing standards and prevents dominant incumbents from squelching startups Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial…
CFPB: Agency Warns Against Deception in Contract Fine Print
Companies using illegal or unenforceable terms and conditions risk breaking the law The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios that are used to evaluate compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act. Each respective host state loan-to-deposit ratio shows the ratio of total loans in a state to total deposits in the state for all banks that have that state…
CFPB: Interpretive Rule Issued to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans
Agency’s interpretive rule addresses Buy Now, Pay Later lender obligations to investigate disputes and refund charges The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to…
CFPB: Small Business Lending Rulemaking Implementing Section 1071 Compliance Dates Adjusted
Agency has issued a final rule to implement section 1071 of the Dodd-Frank Act. In the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress directed the Bureau to adopt regulations governing the collection of small business lending data. Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial…
HUD: Proposed Rulemaking Issued to Modernize the Country’s Largest Affordable Housing Grant Program, Making Housing More Accessible for Families Nationwide
The Notice of Proposed Rulemaking for HUD’s HOME Investment Partnerships Program would boost housing supply, support homeownership, and reduce burden on states and local governments. The U.S. Department of Housing and Urban Development (HUD) published a preview of a Notice of Proposed Rulemaking to modernize regulations for the HOME Investment Partnership Program (HOME), with publication…
HUD: New Rule Issued to Revitalize Housing Voucher Program
This Rule increases efficiency and creates opportunities for housing providers to preserve and grow the supply of affordable housing. Today, the U.S. Department of Housing and Urban Development (HUD) announced the publication of a new rule implementing portions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Principal Deputy Assistant Secretary for Public and Indian Housing…
Agencies Issue Proposal on Incentive-Based Compensation
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The National Credit…