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CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial financing

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

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CFPB and 11 states file lawsuit against companies engaged in origination and collection of income share agreements

CFPB Monitor

The Consumer Financial Protection Bureau, the California Department of Financial Protection and Innovation (CA DFPI), and ten state Attorneys General have filed a lawsuit against Prehired, LLC (Prehired) and two related companies, Prehired Recruiting, LLC and Prehired Accelerator, LLC, alleging that the companies violated the Consumer Financial Protection (..)

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FinTech Could Be Hurt By Fight Between OCC And States

PYMNTS

Some are concerned the OCC is hurting innovation, while others think it’s overstepping its limits. Vullo in January penned a letter to the OCC in which she said banks with national charters don’t have to abide by state lending rules, and that the new charter could allow payday lenders to sign up for protections meant for tech companies.

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California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financing

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. .

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CFPB announces new appointments to advisory groups

CFPB Monitor

According to the CFPB, the new members “include experts in consumer protection, financial services, community development, fair lending, civil rights, consumer financial products or services, representatives of community banks and credit unions, and scholars with relevant methodological and subject matter experience.”

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Deutsche Boerse goes live with spot crypto trading | Meta is building a giant AI model for videos | X could soon receive payment licenses in NY & CA

Bussman Advisory

The post Deutsche Boerse goes live with spot crypto trading | Meta is building a giant AI model for videos | X could soon receive payment licenses in NY & CA appeared first on Bussmann Advisory AG. More information on www.bussmannadvisory.com.

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California legislature passes bills requiring licensure of debt collectors

CFPB Monitor

As part of California’s recent triad of consumer financial services legislation, including AB-1864 , which creates the Department of Financial Protection and Innovation and the California Financial Protection Law, and AB-376 , which includes a new Student Loan Borrower Bill of Rights. To register, click here.