What small business need to know about UDAP in 2021
There’s a developing trend with financial regulators to use FTC Act Section 5 authority to apply consumer protections to small business borrowers. We explore the impacts for community and midsize banks.
Prepare now for Section 1071 data collection requirements
Additional reporting requirements for small business lenders are expected to be a priority for the incoming Biden Administration. A Notice of Proposed Rulemaking is expected to be issued by September 30, 2021.