CFPB Monitor

OCTOBER 27, 2022

Two recently-passed bills in California, Assembly Bill 2311 (“AB 2311”) and Senate Bill 1311 (”SB 1311”), were signed into law by Governor Gavin Newsom on September 13 and September 27, respectively, placing new restrictions on the sale of Guaranteed Asset Protection (“GAP”) waivers in California. 10 USC § 987(i)(6).

California 148

California Security Regulation United States 148

PYMNTS

JANUARY 2, 2020

Sezzle — a “buy now, pay later” (BNPL) company based in Minnesota, but listed in Australia — was denied a crucial lending license from California. Afterpay released a statement confirming approval of its own California lending license six weeks ago, upping its shares by 4.6 The company offers U.S. ”

CA 130

CA Lending California Minnesota 130

CFPB Monitor

SEPTEMBER 10, 2020

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.

California 122

California Regulation Innovation Lending 122

PYMNTS

AUGUST 8, 2019

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. What it doesn’t address is why those people have very little savings in the first place.

Puerto Rico 134

Puerto Rico Regulation New York South Dakota 134

PYMNTS

DECEMBER 30, 2019

30) said a lack of regulation in the online SMB lending arena is raising concerns over sky-high fees and interest rates, sparking a bigger conversation about expanding borrower protections beyond consumers. But recent reports in the Wall Street Journal Monday (Dec. percent for its annual rates in the quarter that ended September. “A

Lending 131

Lending Online California New York 131

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. ” According to the report, the regulator said the unauthorized sales happened from 2008 through 2016. “We The OCC gave the bank until Nov.

California 108

California CA Regulation Policies 108

PYMNTS

JANUARY 3, 2020

In today’s top payments news, Apple’s share price hit a record high above $300 on Thursday, “buy now, pay later” company Sezzle was denied a lending license from California and a European Central Bank policymaker urged area banks to seek alternatives to Libra. CA Denies Lending License For BNPL Firm Sezzle.

CA 130

CA Lending Apple South Dakota 130

PYMNTS

SEPTEMBER 5, 2019

Regulators recently announced plans to take a closer look at the early wage access industry, but as demand among the workforce for such FinTech solutions continues to rise, experts are encouraging lawmakers to get on board with a new normal of payroll. Regulators Step In. Defenders Weigh In.

Regulation 122

Regulation Lending New York Fintech 122

PYMNTS

AUGUST 15, 2018

Headquartered in Orange County, California and founded in 2003, CashCall is a big firm that consumers likely know best from its early commercials featuring the late Gary Coleman. During its 15 years in business, the firm grew up to be the largest lender of its kind in the state of California. The California Court Loss.

Lending 101

Lending California Marketing San Francisco 101

PYMNTS

JULY 20, 2018

California lawmakers are considering legislation that would extend disclosure requirements currently required by consumer lenders to lenders of small business loan products, according to Manatt, Phelps & Phillips, LLP. According to the article’s authors, Thomas R. McMorrow and Charles E. Washburn, Jr.,

California 100

California Los Angeles Lending Regulation 100

CFPB Monitor

JUNE 15, 2022

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. .

California 78

California Regulation CA Utah 78

PYMNTS

MARCH 18, 2019

The Conference of State Bank Supervisors (CSBC) said last week that there should be a “floor” for data privacy and security regulations, a statement issued by the Senate Committee on Banking, Housing and Urban Affairs. He pointed to the recent enactment of the California Consumer Privacy Act of 2018 as an example. financial crisis.”.

California 122

California Data Security Regulation 122

PYMNTS

AUGUST 25, 2016

The company takes a more narrow focus to small business lending than some other FIs by targeting the western U.S. But Clearinghouse CDFI can also offer interesting insight into the state of regulation of small business lending and how greater oversight may impact the SMEs that prop up their local communities. A Regional Reach.

Regulation 100

Regulation Lending Community California 100

American Banker

AUGUST 23, 2023

A new state regulation brings consumer-style rules to the small business realm, extending California regulators' ability to crack down on nonbank lenders that engage in questionable practices. Observers believe that it could be a model for other states.

California 69

California Lending Regulation Compliance 69

PYMNTS

JANUARY 31, 2020

30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). For several years, the bank also violated TILA and Regulation Z by not providing credit card counseling referrals to customers who called and asked for that service on Citizens’ toll-free number. It filed the complaint in the U.S.

Rhode Island 116

Rhode Island Lending Cards New York 116

Payments Source

DECEMBER 31, 2019

A California regulator on Monday denied a lending license to the point-of-sale financier Sezzle in a detailed written decision that could have broader consequences for upstart consumer lenders.

California 64

California Lending Regulation Compliance 64

PYMNTS

DECEMBER 10, 2016

Two years ago today, Lending Club was ringing the bell on an IPO that one early investor called “a no-brainer.”. Lending Club’s model does not need bank branches on each street corner, and it can turn around in minutes and hours, not days. “I So what went so right for LendingClub two years ago today at its IPO — and then so wrong?

Lending 100

Lending Compliance Capital Marketing 100

American Banker

JANUARY 8, 2024

The legislation is the latest step in California's effort to crack down on high-cost small-business loans.

California 85

California Compliance Lending Regulation 85

PYMNTS

SEPTEMBER 14, 2020

Plus, new regulations in China will make Ant Group support any payments, lending or finances with substantial funds. California-based Oracle Corp. New Chinese finance regulations will make Ant Group follow rules to support any lending, payments or other finances with sizable levels of funds. Technology Provider’.

Technology 148

Technology Groups US Payments 148

CFPB Monitor

FEBRUARY 5, 2021

Yesterday, the California DFPI issued an invitation for stakeholders to provide input on rulemaking to implement the recently-effective California Consumer Financial Protection Law (CCFPL). Exemptions – Whether regulations should be issued to clarify the scope of exemptions. Comments are due by March 8, 2021.

California 78

California Los Angeles Regulation Resources 78

PYMNTS

APRIL 10, 2017

The lead regulator for U.S. The Office of the Comptroller of the Currency accused Wells Fargo of an “extensive and pervasive pattern” of discriminatory and illegal lending practices for years. Bradley Linskens was reportedly removed from his position as a result of the bank’s unauthorized accounts scandal that surfaced last year.

Regulation 100

Regulation California Community Bank Cards 100

American Banker

NOVEMBER 30, 2020

A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks.

Lending 90

Lending California Regulation Data 90

CFPB Monitor

AUGUST 19, 2019

The California Department of Business Oversight (DBO) has issued proposed regulations to implement SB 1235 , the bill signed into law in September 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans, merchant cash advances, and factoring.

Regulation 68

Regulation CA California Lending 68

CFPB Monitor

APRIL 14, 2021

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.

CA 78

CA Regulation California New York 78

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

FEBRUARY 6, 2020

5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. She said the evasion would continue unless regulators step in or there is action by Congress to limit interest rates to no more than 36 percent APR.

Utah 130

Utah National California Regulation 130

CFPB Monitor

FEBRUARY 21, 2019

A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably. The CFL provides certain factors to determine whether a loan is of a “bona fide principal amount” or if there has been some artifice to evade regulation under the CFL.

California 68

California Regulation Lending Security 68

CFPB Monitor

JULY 15, 2019

There was movement last week on two California bills that we have been tracking closely and which could substantially alter the lending and brokering landscape under the California Financing Law (“CFL”).

California 60

California Lending Payments Regulation 60

American Banker

DECEMBER 6, 2023

The district judge upheld the state's regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.

California 60

California Lending Regulation Policies 60

PYMNTS

NOVEMBER 25, 2019

In the November Credit Union Tracker , PYMNTS explores the latest in the world of CUs, including new Congressional regulations, partnerships between CUSOs and technology providers, and the new generation of cybersecurity threats. Another CU issue currently awaiting federal regulation is legalized marijuana.

Alaska 154

Alaska Hawaii California Analytics 154

American Banker

JULY 9, 2020

Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments.

California 65

California Community Bank Community Lending 65

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

JUNE 8, 2016

On June 9, 2016, the FTC will host a “ FinTech forum on marketplace lending ,” the first in a forum series described by the FTC as “exploring emerging financial technology and its implications for consumers.”

Lending 60

Lending Fintech California Survey 60

Abrigo

SEPTEMBER 5, 2023

unsecured lending is bad rather than unsecured lending should only be extended to high pass risk rated credit). Path to removal – Sometimes an exception is like the Hotel California – you can check out anytime you like, but you can never leave. It just stays on forever.

Policies 195

Policies Lending Risk Management Examples 195

PYMNTS

APRIL 8, 2020

The Federal Reserve Board said on Wednesday (April 8) that they will temporarily and narrowly modify the growth limits placed on the California financial services company due to what they called “extraordinary disruptions” caused by the coronavirus. Wells Fargo is getting a break thanks to the COVID-19 pandemic.

Maine 140

Maine Lending California Compliance 140

American Banker

APRIL 12, 2020

In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight.

Regulation 93

Regulation Pennsylvania Massachusetts California 93

CFPB Monitor

DECEMBER 5, 2018

Companies providing such financing are not required to comply with the new disclosure requirements until the DBO’s final regulations become effective. The DBO’s invitation provides an important opportunity for providers of commercial financing products to engage with and educate the DBO as it develops proposed regulations.

CA 74

CA Regulation Policies Examples 74