FDIC, Innovation and Utah - Community Banking Brief

Utah: The fintech frontier

BankInovation

JULY 17, 2020

Fintechs looking to expand beyond their Bay Area or New York City headquarters have welcomed an unlikely visitor in recent years: Utah Gov. The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development. Gary Herbert. “The

Utah

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

CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” Thus, both the OCC and FDIC have adopted regulations rejecting the Second Circuit’s Madden decision.

Utah

Utah California FDIC West Virginia

California lawmakers urge FDIC to rein in bank partnerships

CFPB Monitor

JUNE 15, 2022

Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans.

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SoFi’s Bank Charter Has Almost No Chance, Former SEC Chairman Says

Bank Innovation

SEPTEMBER 18, 2017

The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].

Utah

Utah Online Security FDIC

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

PYMNTS

MARCH 19, 2020

Also, Square won a banking license for an industrial bank in Utah. FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Coronavirus Triggers Job Losses, Reduced Hours. Fiserv Acquires Bypass Mobile.

FDIC

FDIC Utah Payments Mobile

gpi Makes SWIFT Cross-Border Gains

PYMNTS

DECEMBER 20, 2018

SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic. 19) announcement, the company said the application is with the Federal Deposit Insurance Corporation (FDIC). In its Wednesday (Dec.

Utah

Utah FDIC System Retail

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

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited 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.

California

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Varo Is First FinTech to Receive Full-Service Charter from the OCC

CFPB Monitor

AUGUST 7, 2020

Acting Comptroller Brooks stated that Varo Bank’s full-service charter, the first granted by the OCC to a consumer fintech, “represents the evolution of banking and a new generation of banks that are born from innovation and built on technology intended to empower consumers and businesses.”. The water’s fine!”. Varo Bank, N.A.’s

Fintech

Fintech FDIC Utah National

California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

CFPB Monitor

DECEMBER 21, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans.

California

California Utah FDIC Regulation

California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership

CFPB Monitor

JULY 14, 2022

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint.

California

California Innovation Utah Texas

OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership

CFPB Monitor

MAY 19, 2022

Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s attempt to apply California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank) by alleging that OppFi (..)

California

California Utah United States FDIC

California court rejects OppFi’s attempt to block DFPI’s “true lender” challenge to loans made through bank partnership

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

California FDIC Analysis Utah

California Department Of Financial Protection And Innovation files cross-complaint alleging OppFi is “true lender” on loans made though bank partnership and seeking penalties of “at least $100 million”

CFPB Monitor

APRIL 19, 2022

In response to the complaint filed by Opportunity Financial, LLC (OppFi) seeking to block the California Department of Financial Protection and Innovation (DFPI) from applying California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank), the DFPI has filed a cross-complaint seeking to enjoin OppFi from collecting on the loans (..)

California

California Innovation Utah United States

Community Banking Brief

Utah: The fintech frontier

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

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California lawmakers urge FDIC to rein in bank partnerships

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SoFi’s Bank Charter Has Almost No Chance, Former SEC Chairman Says

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

gpi Makes SWIFT Cross-Border Gains

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

Varo Is First FinTech to Receive Full-Service Charter from the OCC

California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership

OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership

California court rejects OppFi’s attempt to block DFPI’s “true lender” challenge to loans made through bank partnership

California Department Of Financial Protection And Innovation files cross-complaint alleging OppFi is “true lender” on loans made though bank partnership and seeking penalties of “at least $100 million”

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