PYMNTS

DECEMBER 7, 2017

The state of California’s insurance regulator is aiming to suspend or revoke the insurance licenses from Wells Fargo due to illicit sales practices with an online referral program. We have been cooperating with the CA Department of Insurance (DOI) over the course of this year.” The OCC gave the bank until Nov. 24 to respond.

California 108

California CA Regulation Policies 108

CFPB Monitor

SEPTEMBER 11, 2018

Notably, the new disclosure requirements would apply to sponsors of bank-model lending programs in addition to companies directly extending certain forms of commercial credit pursuant to California Finance Lender licenses. ” This would appear to include commercial credit cards but not commercial sales finance contracts.

CA 60

CA California Lending Security 60

CFPB Monitor

JANUARY 7, 2020

According to the DBO in its Statement of Issues , license denial was warranted because Sezzle had engaged in unlicensed point-of-sale lending. In the first action, the DBO denied the application of Sezzle Inc. for a lender’s license under the California Financing Law (CFL). Concrete Prods. Gosh Constr.

CA 78

CA California Regulation Analysis 78

South State Correspondent

JANUARY 16, 2024

Barings Bank, Orange County (CA), Enron, Long-Term Capital Management, and other entities misused derivatives or didn’t understand the difference between hedging and speculating. BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY.

Community Bank 195

Community Bank Community Compliance CA 195

CFPB Monitor

AUGUST 21, 2018

Although unconscionability claims of this nature will be difficult to prosecute, the decision creates heightened risk for nonbank consumer lenders doing business in California, particularly when lending at high rates. On October 16, 2018, from 12 p.m. ” The webinar registration form is available here.

California 68

California CA Lending Regulation 68

PYMNTS

APRIL 25, 2017

Other concerns are that the OCC doesn’t understand FinTech and therefore shouldn’t regulate it. 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.

Fintech 109

Fintech Ohio Florida Oregon 109

PYMNTS

MARCH 16, 2016

Although the CFPB has claimed, in many cases, that it allows many smaller banks and credit unions to be exempt from many of the regulations, the congressional members have expressed fear that the bureau may not be doing enough to ensure those smaller financial institution aren’t unnecessarily regulated.

Community Bank 100

Community Bank Community CA Regulation 100

CFPB Monitor

SEPTEMBER 10, 2020

The bill authorizes the Department of Business Oversight (“DBO”), soon to be known as the Department of Financial Protection and Innovation, to begin adopting regulations pertaining to the new licensing requirement on January 1, 2021. To register, click here. The licensing requirement would be enforced beginning on January 1, 2022.

California 122

California Regulation Innovation Lending 122

American Banker

MAY 9, 2016

State officials in California have asked top online lending firms a series of probing questions regarding their compliance with laws and regulations dealing with referral fees, bank partnerships, fair lending and other sensitive issues.

Regulation 28

Regulation Online California Lending 28

CFPB Monitor

JANUARY 23, 2017

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter it submitted on the CFPB’s proposed payday/auto title/high-rate installment loan rule.

CA 60

CA Regulation Lending Course 60

PYMNTS

MARCH 29, 2019

Consider the events of earlier this month when Representative Maxine Waters (D-CA), also head of the House Committee on Financial Services, said that Sloan should be “shown the door,” even as Sloan appeared before that same committee and said the bank had made operational improvements in the face of scandals stretching back years.

Los Angeles 144

Los Angeles CA Risk Management Policies 144

American Banker

APRIL 22, 2016

Illinois, California and New York are all taking initial steps to try to crack down on borrower abuses in the fast-growing digital lending marketplace. The states are facing pressure to intervene because federal agencies have yet to take decisive action.

Illinois 28

Illinois Regulation Online New York 28

American Banker

APRIL 8, 2016

The findings from the California Department of Business Oversight, which also included data on interest rates and delinquencies, could be a precursor to new state regulations.

Lending 28

Lending Report California Regulation 28

Fintech Labs Insights

SEPTEMBER 3, 2020

But regulators are not exactly on board. And more recently, Lending Club has a $185M acquisition of Radius Bank pending, though the lender’s $80M Q2 loss is not going to help ease regulators’ concerns. But most fintech startups want to buy a ticket to the financial rails, not a large customer base.

Fintech 15

Fintech FDIC Oakland Minnesota 15

NCR

MARCH 15, 2016

In today’s world, banks base their lending on the most recent tax returns. How can a bank fund a business if its new treasurer had once been cited by regulators? When it comes to determining whether or not a bank should consider lending to a company, a CPA is the one of the most valuable resources. Bradford L.

Taxes 40

Taxes CA Lending Strategy 40

CFPB Monitor

MAY 22, 2019

The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates the Administrative Procedure Act and requiring the CFPB to promptly issue such regulations.

CA 68

CA Regulation Community Resources 68

American Banker

SEPTEMBER 27, 2016

million by the Consumer Financial Protection Bureau and the California Department of Business Oversight for overcharging borrowers and violating payday and installment lending laws. The parent company of the consumer lender LendUp has been fined more than $6.3

California 28

California Lending Company CA 28

American Banker

AUGUST 31, 2016

Plenty of banks have ended their federal loss-share deals early, but despite the incentives to wind them down, plenty more still have these crisis-era arrangements in place. It may be due to varying deadlines, mistakes calculating loan values or worries that they still might need the coverage for home equity lines.

FDIC 28

FDIC CA Community Bank Regional 28

American Banker

MAY 23, 2016

Nonperforming commercial-and-industrial loans are soaring, and loans to farmers and construction firms — not just oil and gas companies — are a big reason.

Industry 31

Industry Company CA Community Bank 31

Tomorrow's Transactions

JANUARY 23, 2017

Now what this passporting might mean is anyone’s guess, since this is just a newspaper story based on gossip, but I think it might be a little more complex to arrange than it seems at first because of the nature of banking regulation in the United States. This seems anachronistic. I don’t see any immediate problem that this solves.

Payments 30

Payments Regulation National New York 30

PYMNTS

OCTOBER 7, 2016

While it has not quite broken Lending Club’s record from this summer of longest consecutive number of days on the fizzle list, it has spent a rather unfortunate amount of time there since summer first started giving way into fall a few weeks ago.

Fraud 162

Fraud CA Policies Meeting 162

PYMNTS

APRIL 11, 2019

The Trump administration has promised — and, in some cases, has been executing on promises — to roll back at least some of the regulations contained in the Dodd-Frank tenets that took shape a decade ago. He said that “leveraged lending” and “student lending [are] growing rapidly, and deteriorating rapidly.”

Lending 158

Lending America cryptocurrency System 158

PYMNTS

APRIL 11, 2019

The Trump administration has promised — and, in some cases, has been executing on promises — to roll back at least some of the regulations contained in the Dodd-Frank tenets that took shape a decade ago. He said that “leveraged lending” and “student lending [are] growing rapidly, and deteriorating rapidly.”

Lending 100

Lending America System CA 100

PYMNTS

OCTOBER 31, 2016

Maxine Waters (D-CA), has thrown down the banks-need-to-be-broken-up gauntlet. The bipartisan assault on the banks and the business models that underpin the delivery of banking and payments services were punctuated with the regulation of interchange under the Durbin Amendment to the Dodd-Frank Act.

Regulation 100

Regulation Innovation Data Industry 100