CFPB
The federal agency with rulemaking and enforcement authority over consumer financial products, and over small business lending data under Section 1071.
Its revised Section 1071 rule, issued in May 2026, excluded merchant cash advances from covered credit transactions on the reasoning that they are structured differently from traditional lending products.
Why it matters to a broker
The exclusion is not an endorsement. The same structural argument the Bureau accepted is the one state regulators are pressing from the opposite direction.
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