A magistrate judge of the US District Court for the Southern District of Florida has recommended rejecting a challenge by a trade association for providers of merchant cash advances (MCAs) and other revenue based financing to the final small business lending data collection rule the Consumer Financial Protection Bureau (CFPB) issued. The CFPB issued this rule as required by the amendment of the Equal Credit Opportunity Act (ECOA) effected by Section 1071 of the Dodd-Frank Act.
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Revenue Based Finance Coalition v. CFPB: Florida District Court Magistrate Recommends Rejection of Challenge to Small Business Lending Data Collection Rule
