Remove Colorado Remove Compliance Remove FDIC
article thumbnail

Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

CFPB Monitor

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. Supreme Court, a Colorado appellate court (after any chance for appeal has run) or the FDIC adopts a “true lender” test that differs from the safe harbor).

article thumbnail

FDIC sides with Colorado in court tussle over high-cost loans

American Banker

is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. The Federal Deposit Insurance Corp. Three industry groups are suing the state in an effort to stop its attempted crackdown.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

The DBO indicated that it “is investigating whether LoanMart’s role in the arrangement is so extensive as to require compliance with California’s lending laws. The FDIC has not yet proposed a similar rule. If adopted, this rule also will almost certainly be challenged.

Utah 78
article thumbnail

OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

CFPB Monitor

Given such continuing threats, non-bank participants would be well-advised to revisit their vulnerability to “true lender” challenges and their compliance with state licensing laws. Maryland, New York, North Carolina, Ohio, Pennsylvania, West Virginia, and Colorado. The DFPI is not alone in asserting a “true lender” claim.

article thumbnail

Bankers: Is your strategy the same as your competitor?

Jeff For Banks

We are registered in Colorado and Oregon as a lender and our employees maintain home offices in those states from which we originate and underwrite those loans. The amount of deposits available to us while maintaining full FDIC insurance protection for our trust customers has consistently exceeded $30 million for the last three years.

Strategy 100
article thumbnail

Who were ICBA’s Top Lenders of 2022?

Independent Banker

Using FDIC data for 2021, we calculated a lender score out of 100 for each community bank. Self Financial handles the technology, including access to online accounts and an app, as well as marketing aspects of the program, and Lead Bank provides the compliance and access to the banking system. First Colorado National Bank.

article thumbnail

SAFE Banking Act Gains Cannabis-Friendly Spotlight In Congressional Hearing

PYMNTS

In 2018, consumers in Colorado bought some $1.55 Two of the speakers at the hearing — Colorado Rep. Such prohibition could involve limiting FDIC protections for those deposits, for example, or trying to prevent loans to those businesses. billion worth of legal cannabis products. Ed Perlmutter and Washington Rep.

Oregon 230