CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act
The Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act. The CFPB examined the state disclosure laws to determine if they were inconsistent with and preempted by the Truth in Lending Act. After analyzing public comments on its preliminary determination, the CFPB affirms there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing. Read more
PUBLISHED MAR 24, 2023
We often don’t get to choose the companies that control our most personal and sensitive information. Data brokers is a term to describe those companies that collect, aggregate, sell, resell, license, or share our personal information with others.
Data brokers play a decisive role in our financial lives, impacting whether we’re able to buy a home or find a job. The CFPB wants to hear from the public about the business practices of data brokers and how those practices have directly affected people’s lives. We have released a Request for Information to understand the full scope and breadth of the industry and whether all data brokers are playing by the same rules.
Congress passed the Fair Credit Reporting Act in response to concerns about how companies were creating and selling detailed dossiers of consumers’ personal information. Our inquiry seeks information about data broker business practices employed in the market today to inform the CFPB’s efforts to administer the law, including planned rulemaking under the FCRA. Read more