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Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing disclosure law is not preempted by the federal Truth in Lending Act (TILA). The CFPB’s public notice indicates that it initially takes the same view on similar laws recently enacted in California, Utah and Virginia—that these state laws are not preempted by TILA because they do not apply to the same types of transactions regulated by TILA.
Mayer Brown’s Legal Update provides background and further detail on the CFPB’s initial determination and notes next steps for industry.
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