On February 27, the Wyoming governor signedHB 284, which requires debt buyers to be licensed as “collection agencies” beginning July 1. Under the act, a collection agency now includes any person who operates as a debt buyer, defined as “any person that is regularly engaged in the business of purchasing charged-off consumer debt for collection purposes, whether the person collects the debt, hires a third party for collection of the debt or hires an attorney for collection litigation[.]”
A sharp drop in loans for apartments led a general pullback in commercial real estate lending. The U.S. multifamily sector saw a plunge in lending from a high quarterly growth rate of 5.4% in the second quarter of last year to 2.4% in the fourth quarter.
WASHINGTON, D.C. – Today, 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.
The banking crisis that erupted earlier this month elicited some predictions of a halt in interest rate hikes, since previous borrowing cost increases garnered blame for the financial distress.
NEW YORK – New York Attorney General Letitia James secured $200,000 from the law firm, Heidell, Pittoni, Murphy & Bach LLP (HPMB) for failing to protect New Yorkers’ personal and healthcare data.
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