Bank in West Virginia is closed by regulators
American Banker
APRIL 3, 2020
First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.
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West Virginia bank is first to fail since onset of coronavirus
American Banker
APRIL 3, 2020
First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.
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Credit Karma Now Offers A High-Yield Savings Account
PYMNTS
OCTOBER 4, 2019
Credit Karma is partnering with West Virginia-based MVB Bank on the venture. The bank will handle the funds and will offer FDIC protection up to $5 million. With more than 100 million members around the globe, it made sense for us to jump across the balance sheet with Credit Karma Savings.”.
California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank
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.
OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation
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.
Trade groups take aim at CFPB’s expansion of UDAAP authority
CFPB Monitor
JULY 7, 2022
Supreme Court’s decision on June 30, 2022 in West Virginia v. The arguments made by the four trade associations regarding the invalidity of the recent UDAAP updates to the CFPB’s Supervision and Examination Manual are heavily strengthened by the U.S.
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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