CFPB Monitor
MAY 6, 2021
A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders. The new Maryland matter demonstrates that participants in bank model programs continue to face state licensing threats.
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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American Banker
JULY 2, 2024
Maryland-based Forbright Bank, which is led by a onetime Democratic presidential candidate, relied extensively on brokered deposits as it grew after a 2021 rebranding. The bank says it has made changes in response to regulators' concerns.
CFPB Monitor
SEPTEMBER 10, 2020
Because CCBank is a state-chartered FDIC-insured bank located in Utah, Section 27(a) of the Federal Deposit Insurance Act authorizes CCBank to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless of any California law imposing a lower interest rate limit.
PYMNTS
JANUARY 30, 2018
Maryland Representative Elijah Cummings and California’s Representative Jimmy Gomez, in an open letter to BoA CEO Brian Moynihan, said that many low-income American families rely on the account. Customers can also keep a daily balance of $1,500 to avoid fees. Those who do not meet those criteria will pay a $12 monthly fee.
CFPB Monitor
MARCH 15, 2022
Maryland, New York, North Carolina, Ohio, Pennsylvania, West Virginia, and Colorado. 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.
Jeff For Banks
FEBRUARY 6, 2011
The FDIC has nearly quadrupled its enforcement actions (“EA”) over the past three years. bank regulation banking banks Bay National Bank credit unions enforcement action FDIC formal agreement Jeff Marsico Kafafian OCC subk Suffolk Bancorp Suffolk County National Bank' The stark increase in such orders has been alarming.
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