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Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license

CFPB Monitor

The Order also directs SoLo to stop enforcing loans made to Connecticut residents and make restitution of any amounts it obtained in connection with such loans together with interest. Some Connecticut borrowers were assessed a late fee equal to 15% of the principal loan amount, which was generally split equally between the lender and SoLo.

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Varo Achieves Milestone As First Consumer FinTech To Get National Charter

PYMNTS

On Friday (July 31), the Office of the Comptroller of the Currency (OCC) announced Varo Bank has been granted its full-service national bank charter. As a new national bank, Varo joins the world’s most respected system of financial institutions and has the opportunity to become a household name as many other national banks have become.”.

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Millbury National Bank Offers Kasasa Cash and Saver in the Northeast

BankDeals

Millbury National Bank's Kasasa Cash and Kasasa Saver are available in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.

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Patriot National hires outsider as next leader

American Banker

The Connecticut company recruited Robert Russell from Millington Bank to become its president and CEO.

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Unemployment Filings Top 3.1M Across US

PYMNTS

Total claims filed since COVID-19 hit the nation in March have topped 30 million. The highest insured unemployment rates in the week ending April 18 were in Vermont (25.2), West Virginia (21.9), Michigan (21.7), Rhode Island (20.4), Nevada (19.9), Connecticut (18.7), Puerto Rico (17.9), Georgia (17.3), New York (17.2)

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Uber Eats Says Customers Donated $3M To Help Unemployed Workers

PYMNTS

Uber Eats said it will send its matched portion to the National Restaurant Association’s Restaurant Employee Relief Fund. As reported in early April, the National Restaurant Association created the fund to support U.S. Two days later, it expanded citywide and then was introduced over the next week to the rest of the nation. “We

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Buying into AML risks in real estate

Abrigo

According to the National Association of Realtors, there were more than 106,000 real estate brokerage firms in the United States. Including rental and leasing licensees, as of 2021, the industry comprises approximately 16.7% of the United States GDP, with estimates exceeding $3.9 In 2017, over 5.51

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