A trade association for providers of merchant cash advances (MCAs) and other revenue based financing has moved to stay, and toll the compliance deadlines under, 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: Merchant Cash Advance Trade Association Seeks Stay of and Tolling of Compliance Deadlines Under Small Business Lending Data Collection Rule
