CFPB: TILA doesn’t preempt N.Y. disclosure law

The Consumer Financial Protection Bureau issued a preliminary determination that the Truth in Lending Act does not preempt a New York state law requiring commercial financing disclosures. The CFPB said the New York law is not preempted by TILA because it regulates commercial financing transactions rather than consumer-purpose transactions.

Request for Comment: The CFPB also issued a request for public comment on whether it should finalize its preliminary determination and extend its decision to similar laws in California, Utah, and Virginia, as required by TILA regulations. The deadline for submitting comments is Jan. 20, 2023.

Previous News

ICBA’s Romero Rainey, Merski Again Named Top Lobbyists by The Hill
ICBA President and CEO Rebeca Romero Rainey and ICBA Group Executive Vice President of Congressional Relations and Strategy Paul Merski are featured on The Hill’s 2022 list of the top Washington advocates in the nation.
Image
Dec 7, 2022
ICBA urges passage of new Senate bill to close ILC loophole
ICBA expressed strong support for the introduction of Senate legislation to close the industrial loan company loophole.
Image
Dec 7, 2022
Grassroots heating up as lame-duck Congress winds down
As Congress considers must-pass end-of-year legislation, ICBA is calling on community bankers to contact their members of Congress on top advocacy priorities.
Image
Dec 7, 2022

Related News Taxonomy

CFPB confirms plan to issue new rule on 1071, extend deadlines
Jul 3, 2025
Agencies issue 2025 list of CRA geographies
Jun 27, 2025
CFPB withdraws proposed rule on Regulation V
May 15, 2025