Connecticut moves to regulate EWA
Payments Dive
SEPTEMBER 19, 2023
The state is instituting new lending regulations that are likely to apply to some earned wage access providers starting next month.
EWA could create wage violations, Connecticut warns
Payments Dive
MAY 16, 2024
The warning comes as states and the federal government weigh options for regulating earned wage access products.
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Connecticut poised To become fifth state to enact privacy law
CFPB Monitor
MAY 4, 2022
Connecticut is the next in a growing list of states to pass comprehensive data privacy legislation. Last Friday, the Connecticut legislature passed, by large margins, Senate Bill 6 — which we are referring to as the Connecticut Data Privacy Act (CTDPA). The law now awaits the Governor’s signature. Conclusion.
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Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business
PYMNTS
JANUARY 14, 2021
Connecticut Attorney General William Tong is launching an antitrust probe into how Amazon runs its eBook business, the Wall Street Journal (WSJ) reported on Thursday (Jan. Connecticut’s inquiry is just the latest antitrust probe by several state and federal authorities into how Amazon conducts its business.
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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
MAY 19, 2022
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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Connecticut enacts significant changes to Small Loan Act
CFPB Monitor
JULY 5, 2023
Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. . The primary changes are as follows: New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)). Continue Reading
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Connecticut bank sued for alleged discriminatory mortgage lending
CFPB Monitor
OCTOBER 9, 2018
Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act.
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Connecticut Department of Banking Issues Order Establishing Remote Office Locations on a Permanent Basis
CFPB Monitor
JULY 2, 2021
The order applies to individuals working on behalf of persons licensed in Connecticut as: Consumer collection agencies; Debt adjusters; Debt negotiators; Mortgage brokers, mortgage correspondent lenders or mortgage lenders; Mortgage servicers; Sales finance companies; Small loan companies; and.
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Connecticut private bank draws regulatory ire
American Banker
SEPTEMBER 11, 2024
Fieldpoint Private Bank & Trust and its parent company entered a written agreement with state and federal supervisors pledging to address several compliance issues.
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New York Raises Check Cashing Fees
Perficient
FEBRUARY 26, 2021
of New York State’s Superintendent’s Regulations which provides for an annual fee adjustment, based upon the increase in the consumer price index (CPI) of the New York – Northern New Jersey – Long Island, NY – NJ-CT-PA area for all urban consumers. According to New Jersey Check Cashing Regulation 3:24-4.1, 90, whichever is greater.
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State Regulators Investigate Payday Advances
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. Many people living paycheck to paycheck already make more than median income.”.
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Connecticut federal court allows CFPB claims to proceed against mortgage company and principals for alleged licensing and other violations
CFPB Monitor
APRIL 11, 2022
A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.
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Buying into AML risks in real estate
Abrigo
JUNE 27, 2023
Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue.
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EU Privacy Regulators To Coordinate Uber Hack Cover-Up Inquiries
PYMNTS
NOVEMBER 30, 2017
Privacy regulators of the European Union said Wednesday (Nov. According to a news report in Reuters , European data protection authorities said regulators from France, Italy, Spain, Belgium, the U.K. But it’s not just European regulators who want answers from Uber. Meanwhile, regulators in the U.K., Lawmakers in the U.S.
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Regulators Want Answers From Uber Over Hidden Hack
PYMNTS
NOVEMBER 23, 2017
Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., According to a report in Fortune published Wednesday (Nov. Meanwhile, in the U.K., were impacted by it.
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Does Numisma open or close the door for more novel banking charters?
American Banker
JUNE 2, 2024
Numisma, a Connecticut-chartered uninsured bank, was granted a Federal Reserve master account last week — the first bank with a novel charter to do so since the Fed issued its master account guidelines in 2022. Whether others can do the same is an open question.
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Today In Payments: CT AG Launches Antitrust Probe Into Amazon’s eBook Business; Petco’s $864 Million IPO Beats Forecasts
PYMNTS
JANUARY 14, 2021
In today’s top news, Connecticut’s Attorney General has opened an antitrust probe into Amazon’s eBook business, and Petco beat expectations in its IPO. Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business. ECB's Lagarde: Bitcoin A Money Laundering Tool, Needs More Regulation.
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CFPB issues report on state community reinvestment laws
CFPB Monitor
NOVEMBER 6, 2023
On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and the District of Columbia that evaluate the record of state-chartered financial institutions and other lenders in meeting the credit (..)
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AGs Probe Google Data Breach
PYMNTS
OCTOBER 9, 2018
The New York Attorney General and the Connecticut Attorney General are investigating the Google data breach that may have exposed the private data of at least 500,000 users. In addition, Ireland’s data protection regulator said it would request additional information from Google regarding the breach. “The
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Update on state small business commercial financing disclosure laws
CFPB Monitor
FEBRUARY 16, 2022
Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.
Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers
CFPB Monitor
MAY 23, 2019
Colorado and Maryland have each enacted legislation regulating student loan servicers. The law also requires student loan servicers to respond to inquiries and complaints within 30 days of receipt, and grants enforcement authority to the Office of the Commissioner of Financial Regulation.
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Varo Achieves Milestone As First Consumer FinTech To Get National Charter
PYMNTS
JULY 31, 2020
Department of the Treasury that charters and regulates financial institutions. The initiative was co-led by new investor Gallatin Point Capital LLC, a Connecticut private investment firm, and existing investor The Rise Fund , a global impact investment fund. OCC is an independent bureau of the U.S. To date, Varo has raised $419.4
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New Bank TNB USA Sues The Fed
PYMNTS
SEPTEMBER 7, 2018
A new bank, launched by one of the Federal Reserve’s own, is now suing the Fed of New York , accusing the regulator of preventing the bank from moving forward with its business plans. based in Connecticut, is suing the Fed for its inaction on an application to open an interest-bearing account at the New York Fed. percent.
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CFPB settles with New Jersey debt buyer for alleged FDCPA and CFPA violations based on unlicensed collection activity
CFPB Monitor
DECEMBER 29, 2020
According to the Bureau, RAB threatened to sue, sued, and demanded payment from consumers in Connecticut, New Jersey, and Rhode Island even though RAB did not hold the licenses that those states required to sue to collect debts. After obtaining the default judgments, RAB used judgment-enforcement mechanisms to collect on the judgments.
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NCUA bans two for embezzlement, larceny
American Banker
NOVEMBER 30, 2020
The regulator issued prohibitions for former credit union employees in Virginia and Connecticut.
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45 A further update on state AG/regulator lawsuits using Dodd-Frank authority
CFPB Monitor
NOVEMBER 12, 2014
Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut.
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OCC outlines risk plan as Northeastern loan growth doubles
Abrigo
OCTOBER 29, 2014
Multifamily, commercial and automotive loans are driving loan growth among banks in the Northeast, but increasing risk will draw fresh attention from regulators to ensure recent and future growth is sound, the Office of the Comptroller of the Currency said recently. The OCC on Oct. The OCC on Oct. percent as measured on June 30 of this year.
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CT federal district court rules state’s demands to PHEAA for federal student loan documents preempted by federal law
CFPB Monitor
MAY 5, 2020
The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency (PHEAA) for federal student loan documents are preempted by federal law.
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Facebook Hit With Three State Probes Over Privacy Violations
PYMNTS
FEBRUARY 1, 2019
According to Bloomberg , Attorneys General in Pennsylvania, Illinois and Connecticut are investigating existing allegations against the company, while New York, New Jersey and Massachusetts are looking to find any potential unknown violations. regulators met to discuss issuing a “record-setting” fine against the company. billion.
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Gig Economy Drone Operators Could Soon Pilot Last-Mile Delivery
PYMNTS
SEPTEMBER 2, 2020
As reported by CNN , Connecticut-based Aquiline Drones is aiming to debut a smartphone app that will allow licensed drone operators to do short-term, project-based work as drone pilots. The guidelines would classify drones as a “special class” of airplanes, with regulations similar to those seen for business aircraft or small private planes.
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Booking Holdings Is Latest Backer To Bail On Libra
PYMNTS
OCTOBER 14, 2019
Connecticut-based Booking Holdings – known best for operating Kayak.com and Priceline.com — joins Visa, Mastercard, PayPal, eBay, MercadoLibre and Stripe in departing from the project. Membership was originally made up of 28 founding members, but the total continues to dwindle amid widespread scrutiny from regulators worldwide.
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‘Amazon’s Choice’ Badge Attached To Questionable Products
PYMNTS
DECEMBER 23, 2019
While Amazon reportedly attaches the badge to many legitimate listings, it also appears with products that make false claims or that regulators have noted safety concerns about, as well as listings that have been manipulated by sellers to receive the endorsement. Bob Menendez and Connecticut Sen.
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Update on state AGs/regulator lawsuits using Dodd-Frank authority
CFPB Monitor
JANUARY 27, 2015
Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut. On July 29, 2014, a Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court.
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60 NY DFS announces multistate investigation of payroll advance industry
CFPB Monitor
AUGUST 7, 2019
The DFS states that the investigation will focus on “whether companies are in violation of state banking laws, including usury limits, licensing laws and other applicable laws regulating payday lending and consumer protection laws.” Illinois Department of Financial Professional Regulation. Oklahoma Department of Consumer Credit.
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Appeal In McDonald’s Payroll Card Ruling Falls Flat
PYMNTS
OCTOBER 27, 2016
” The court added that state lawmakers are in the midst of drafting legislation that would regulate payroll cards used by Pennsylvania employers. Since the case first began, other defendants have joined, including payroll card issuers, like JPMorgan Chase.
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100 Picking Up The Bill On Consumer Trust, Post-Data Breaches
PYMNTS
DECEMBER 5, 2017
Florida Senator Bill Nelson introduced the bill, which was co-sponsored by Connecticut Senator Richard Blumenthal and Wisconsin Senator Tammy Baldwin. Forty-eight states currently have data breach notification laws , but they are inconsistent; the proposed bill would create uniform regulations across the country.
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Patriot National in Connecticut freed from order with OCC
American Banker
SEPTEMBER 8, 2021
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Why ?Dining Out? Is About To Become A Much More Literal Term
PYMNTS
MAY 23, 2020
The pilot in Tampa is not unique: In Cincinnati, Atlanta, New Jersey, Massachusetts, California and Connecticut, local governments are trying out arrangements to allow restaurants to reclaim space not normally used for serving customers to make reopenings possible. In Connecticut, Gov.
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CFPB Files Complaint Against a Former Mortgage Lender
CFPB Monitor
JANUARY 21, 2021
The CFPB recently filed a complaint in the United States District Court for the District of Connecticut alleging violations of various federal consumer protection laws by 1 st Alliance Lending, LLC (1 st Alliance), a former mortgage lender. The complaint also names several principals of 1 st Alliance as defendants.
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78 Equifax Blames Flaw In Database Software For Breach; Backlash Mounts From Consumers, Lawmakers
PYMNTS
SEPTEMBER 11, 2017
and Canadian regulators to determine appropriate next steps. Pennsylvania Attorney General Josh Shapiro said in a statement that his state, along with Connecticut and Illinois, is leading a collaborative inquiry into the data breach. and Canadian residents. Equifax noted it is working with U.K. New York Attorney General Eric T.
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CardX CEO: Ban On Card Surcharge Ban May Lead to Lower Interchange Fees
PYMNTS
JANUARY 28, 2019
As noted in this space by Karen Webster, the ban on the ban – where, now, in New York, surcharges are allowed when merchants post total prices for transactions – shows the inefficiencies of regulation that supersede card networks’ own rules governing merchant activities.
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The Digital Evolution Of The Online Gaming Ecosystem
PYMNTS
FEBRUARY 4, 2020
Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”. And New Hampshire is far from unique: According to the Monitor’s reports, both Connecticut and Rhode Island have seen similar results with their online gambling platforms.
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Accounting About-Face
Independent Banker
JULY 28, 2016
To their credit, federal regulators have already showed they are on board with the approach laid out in FASB’s final standard. This is a complete reversal from just a year ago, when a regulator-led webinar suggested banks should consider investing in third-party modeling systems. Connecticut headquarters. Grassroots gains.
Santander Gets Hit With Fine Due To Overdraft Practices
PYMNTS
JULY 15, 2016
Santander is a national bank based in Wilmington, Delaware, and operates a network of close to 700 retail branch offices in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.
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