CFPB ISSUES A NOTICE OF INTENT TO MAKE PREEMPTION DETERMINATION UNDER TILA

In response to a written request by the Small Business Finance Association, the Consumer Financial Protection Bureau published a notice of intent to make a preemption determination regarding whether the Truth in Lending Act preempts the New York Commercial Finance Disclosure Law with respect to certain provisions. See our Alerts dated Sept. 29, 2022 and Dec. 14, 2020 for our discussion of the New York law. The CFPB also provided notice that it is considering whether to make a preemption determination regarding state laws in California, Utah and Virginia that are potentially similar to the New York law. See our ALERTS dated June 15, 2022 (California) and May 6, 2022 (Utah and Virginia) for our discussion of these laws. The CFPB is soliciting public comment on the preemption issue. Comments must be received on
or before January 20, 2023. Read More