Outdoor Recreation Act to bolster equipment industry
America’s Outdoor Recreation Act of 2023 introduces three programs aimed at investment in outdoor recreation infrastructure poised to prop up the equipment industry. America’s Outdoor Recreation Act (AORA) was introduced on March 16 by U.S. Sens. Joe Manchin (D-W.V.), chairman of
Opinions mixed on finalized CFPB section 1071 Dodd-Frank rulemaking
Opinions are mixed on the Consumer Financial Protection Bureau’s finalized rule that requires small businesses such as equipment dealers to collect information from customers, as financial institutions prepare for new small business lending reporting requirements. The CFPB issued a final rule
Equipment vendors must protect personal information under FTC rule change
Equipment vendors soon will be held to the same standards as banks when it comes to protecting consumer and employee information. Changes to the Federal Trade Commission’s Safeguard Rule will expand the definition of a financial institution to include equipment vendors. The
Small business lending data collection rule change expected in March
Changes to the Equal Credit Opportunity Act (ECOA) that would require equipment lenders to submit to the Consumer Financial Protection Bureau credit application data for women-, minority- and black-owned businesses are expected in the coming months. The CFPB has been since
Commercial fleet lessors face new disclosure requirements
Automotive commercial fleet lessors subject to new disclosure requirements under California’s law passed earlier this month face potentially unexpected costs and a new level of regulatory oversight. The state’s Department of Financial Protection and Innovation’s (DFPI) regulations for commercial financing disclosures
New federal statute eases burden on LIBOR transition
NEW YORK — A new federal statute tied to the Consolidated Appropriations Act should ease the burden on bank-regulated lenders as the industry prepares for the forthcoming transition away from the London Interbank Offered Rate (LIBOR). The Adjustable Interest Rate LIBOR
