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7 Ways Instant Payments Impact Deposit Performance

South State Correspondent

Background We combine our experience with data from the Federal Reserve and a recent study by Lu, Song, and Zeng at the University of Washington and the University of Pennsylvania that analyzed 50 billion transactions across multiple banks and credit unions.

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California lawmakers urge FDIC to rein in bank partnerships

CFPB Monitor

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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Senator Sanders to introduce bill imposing 15% or lower consumer credit interest rate cap

CFPB Monitor

The Sanders Bill would implicitly repeal well-established doctrines under Section 85 of the National Bank Act (enacted in 1864) and its analogue provisions (enacted in 1980) that provide usury authority for other FDIC-insured banks and thrifts. That might reasonably be construed to mean the general usury law of the borrower’s home state.

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PLI 24th Annual Consumer Financial Services Institute – 25% discount available

CFPB Monitor

PLI’s 24th Annual Consumer Financial Services Institute will take place on March 25-26, 2019, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New Brunswick, New Jersey); on May 20-21, 2019, in Chicago; and on December 9-10, 2019, in San Francisco (and by live webcast).

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

CFPB Monitor

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.

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Ballard Spahr attorneys to moderate and speak at PBI Consumer Financial Services and Banking Law Update on Oct. 29

CFPB Monitor

PBI’s Consumer Financial Services and Banking Law Update will take place on October 29, 2019, in Philadelphia (and by simulcast in Allentown, Bellefonte, Butler, Chambersburg, Easton, Mechanicsburgh, Pittsburgh, West Chester, and York, Pennsylvania). The CFPB, FTC, FCC, DOJ, FRB, FDIC and OCC. Data Security and Privacy developments.

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A Second Chance

Independent Banker

A Pennsylvania bank helps former inmates rebound after prison. This past spring ESSA Bank began teaming with the federal court system in Pennsylvania, Northampton Community College in Bethlehem, Pa., Gary Olson. By Carol Patton. I understood they were coming out of the federal prison system, that they were felons,” Olson recalls.