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.” The DOB indicated that such loans have interest rates greater than 90 percent.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

JUNE 8, 2020

The defendant in the case is Utah resident Daniel F. Rodriguez of Utah and Jean Paul Ramirez Rico of Colombia — are alleged to have lied to investors and misappropriated funds. In Hong Kong, 39 percent of new FinTech firms launched in the last year are now operating via blockchain, Cointelgraph reported.

blockchain 131

blockchain Analytics Utah cryptocurrency 131

American Banker

FEBRUARY 7, 2020

Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.

Utah 80

Utah California Fintech Industry 80

Payments Source

MARCH 1, 2021

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

Utah 133

Utah Industry Payments Company 133

BankInovation

JANUARY 15, 2021

Fintechs MX and Blend secured $300 million funding rounds Wednesday just as both companies top off plans for digital innovations in the coming months. Global payments fintech Rapyd also joined the pack with its own $300 million package, which it will use to expand its engineering teams.

Fintech 75

Fintech Utah Analytics Software 75

PYMNTS

SEPTEMBER 18, 2020

This week saw an impressive $324 million in combined funding for a range of B2B FinTechs and other solution providers, including alternative lenders looking to support small businesses as they manage working capital instability. Allica Bank, a FinTech in the process of building a small business challenger bank, raised more than $33.6

San Jose 226

San Jose Capital Utah Operations 226

PYMNTS

DECEMBER 19, 2018

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues.

San Francisco 165

San Francisco Utah Capital Regulation 165

CB Insights

NOVEMBER 6, 2019

The fintech space is gaining momentum. Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year. GET THE 83-PAGE q2 2019 FINTECH TRENDS REPORT. Q2’19 fintech funding topped $8.3B, boosted by a record quarter of $100M+ mega-rounds. KEY TAKEAWAYS.

United States 72

United States Fintech North Carolina Rhode Island 72

PYMNTS

JULY 31, 2020

This week’s look at the latest funding for B2B FinTech and other startups showcases an investor appetite for security, data and business intelligence, with nearly $63.5 Focused on mitigating third-party risk for B2B buyers and suppliers, Utah-based Whistic recently announced a $12 million Series A investment round, FinNSMEs reported.

Security 166

Security Data Capital Utah 166

Bank Innovation

JUNE 15, 2017

It’s not everyday that a fintech applies for a bank charter, so when SoFi did just that it caught our eye. But will this be a big bank? The short answer is no, or not at least for a few years. Buried in SoFi’s application are details on the proposed bank’s staffing size. The bank […].

Fintech 250

Fintech Utah Operations America 250

PYMNTS

OCTOBER 17, 2017

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. And while much has been quiet on the ILC front ever since, as of 2017, two big FinTechs made them very visible again: Sofi in June and Square in mid-September. Industrial banks are not subject to BHA.

Industry 108

Industry Fintech FDIC Community Bank 108

South State Correspondent

JULY 24, 2024

If you bank in a fast-growing state such as Nevada, Utah, Idaho, Arizona, Texas, Florida, or South Carolina, population and business formation growth result in lower acquisition costs. Customers rarely walk into your branch or through digital doors, ready to move the business to you. Occasionally, due to geographic location, that happens.

South Carolina 417

South Carolina Marketing Capital Idaho 417

CFPB Monitor

DECEMBER 13, 2018

The OCC’s decision to issue special purpose national bank (or fintech) charters has sparked renewed litigation. We also look at fintech charter alternatives, including full-service and Utah industrial banks.

Fintech 60

Fintech Utah National Industry 60

CB Insights

OCTOBER 26, 2017

Following our previous mapping of the most well funded startups in each state and most well funded food & beverage startups in each state , we used CB Insights database to identify the most well-funded private fintech startup in each state. FINTECH TRENDS Q3 2017 RESEARCH BRIEFING. Click on the image below to enlarge. Washington.

United States 78

United States Fintech North Carolina Rhode Island 78

Payments Source

JULY 3, 2019

Utah this week became the third state to let companies test cutting-edge financial products without fear of violating licensing and other regulations.

Utah 89

Utah Regulation Company Wyoming 89

BankInovation

MAY 29, 2024

Cache Valley Bank has selected fintech Finastra for its core banking and digital banking offerings. The Logan, Utah-based bank will use the tech provider’s core banking platform, Fusion Phoenix, and its mobile banking platform, Fusion Digital Banking, for commercial and retail banking clients, according to a May 16 release from Finastra.

Digital Banking 77

Digital Banking Phoenix Utah Retail 77

CFPB Monitor

AUGUST 7, 2020

a wholly-owned subsidiary of fintech Varo Money, Inc. The approved application is for a full-service charter, not the OCC’s controversial FinTech charter that is currently the subject of ongoing litigation. team — the first consumer fintech to receive a national bank charter. The water’s fine!”. Varo Bank, N.A.’s

Fintech 78

Fintech FDIC Utah National 78

CFPB Monitor

JANUARY 24, 2022

as a full service national bank headquartered in Cottonwood Heights, Utah. The lawsuit, like previous CSBS lawsuits, challenged the OCC’s authority to issue special purpose national bank (SPNB) charters to non-depository fintech companies or to uninsured deposit-taking fintechs.

National 78

National Fintech Company FDIC 78

American Banker

MARCH 1, 2021

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

Utah 98

Utah Industry Payments Company 98

PYMNTS

FEBRUARY 6, 2020

She offered a list of other firms engaged in similar practices, such as LoanMart, where auto title loan rates range from 60 percent to 222 percent, and where bank sponsors are based in Utah. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes.

Utah 130

Utah National California Regulation 130

PYMNTS

NOVEMBER 1, 2017

Kabbage works with Celtic Bank, chartered by the state of Utah, to provide SMB borrowers with loans via its platform.

Massachusetts 128

Massachusetts Utah National Regulation 128

PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108

CFPB Monitor

MAY 4, 2022

The CTDPA follows the form and content of other privacy laws passed in the prior year, including the Colorado Privacy Act (CPA), Virginia Consumer Data Protection Act (VCDPA), and Utah Privacy Act (UPA). This language was likely drafted with Connecticut’s fintech and payment processing industries in mind. Biometrics.

Connecticut 148

Connecticut Utah Colorado California 148

CFPB Monitor

NOVEMBER 16, 2020

The CFPB announced ACFIN’ s creation last year, in conjunction with finalizing revisions to its trial disclosures and no-action letter policies and its proposal to create a new fintech sandbox policy.

Colorado 78

Colorado South Carolina Tennessee Utah 78

CFPB Monitor

JUNE 10, 2022

On June 1, 2022, plaintiff Kristen Michael filed a class action lawsuit against FinTech lender Opportunity Financial, LLC (“OppFi”) on behalf of herself and a putative class alleging, inter alia , that OppFi loans money at an interest rate upwards of 130% higher than allowed by state law.

Texas 78

Texas Fintech California Utah 78

CFPB Monitor

MAY 16, 2019

As a result, it would not provide an alternative for fintech companies that are considering filing an application with the OCC for a special purpose national bank (SPNB) charter or for an industrial bank charter in a state such as Utah, that permits such charters.

Utah 68

Utah Fintech New York National 68

PYMNTS

MARCH 19, 2020

Also, Square won a banking license for an industrial bank in Utah. FinTech leader Fiserv has acquired independent software vendor Bypass Mobile, an innovator in the point-of-sale systems arena. In today’s top news, due to the coronavirus, over 3,600 workers have lost their jobs and JPMC has temporarily closed 1,000 branches.

FDIC 130

FDIC Utah Payments Mobile 130

PYMNTS

JUNE 28, 2018

What do Charlotte, NC, and Salt Lake City, Utah, have in common? According to Praeger, the two locations have a strong startup mentality, both in terms of the workers themselves and when it comes to public and private investors willing to back FinTech companies.

Charlotte 122

Charlotte Utah Regional Operations 122

CFPB Monitor

JUNE 11, 2019

Utah Governor Gary Herbert signed H.B. This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona , which enacted sandbox legislation in March 2018, and Wyoming , which enacted sandbox legislation in February of this year. The sponsor of Utah’s legislation, Rep.

Utah 60

Utah Arizona Innovation Regulation 60

PYMNTS

AUGUST 9, 2019

As of last year, the company employed 63 people, reports said, citing Utah Business data. Earlier this year Laurent Descout, CEO and founder of corporate cash management FinTech Neo, told PYMNTS about the growing risk of FX volatility. “On The publication reported Thursday (Aug.

Capital 108

Capital Marketing Utah Taxes 108

CB Insights

OCTOBER 15, 2021

Utah-based Atomic’s payroll APIs connect payroll accounts to third-party apps in order to streamline direct deposit switching and employment/income verification for users. Atomic’s customer base includes over 40 fintech and technology firms, such as Coinbase, Propel, Lendtable, Klover, Unifimoney, and Bottomline.

Utah 78

Utah Capital Innovation Fintech 78

CFPB Monitor

JULY 2, 2019

Utah is now taking applications for its new regulatory sandbox program. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. In this podcast, we interview Rep.

Utah 60

Utah Regulation Fintech 60

American Banker

JULY 13, 2016

Future of banking: In fintech, as in life, it all comes full circle. The company has reportedly been in discussions with Utah… Receiving Wide Coverage. While banks are rushing to disrupt themselves through new offerings and partnerships with Silicon Valley, the startups are beginning to look more like banks.

Utah 28

Utah Fintech Online Report 28

American Banker

JANUARY 13, 2021

The Utah company, which serves more than 2,000 banks and credit unions, has grown rapidly because it helps financial institutions deliver the types of personalized financial advice consumers have increasingly come to expect.

Utah 67

Utah Analytics Data Company 67

PYMNTS

MARCH 20, 2020

Banking, Done Digitally: In more evidence of FinTechs crossing the great divide into traditional banking, Square has gotten the green light from the Federal Deposit insurance Corp. to create a de novo industrial bank in Utah — originating commercial loans to retailers who use the company for payments.

Maine 130

Maine Utah Apple Course 130

Payments Source

SEPTEMBER 11, 2017

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.

Fintech 63

Fintech Utah FDIC Regulation 63

CFPB Monitor

MAY 6, 2019

The key passage of the opinion reads: As one instance of the consequential effects of issuing SPNB charters to non-depository fintech companies, the Court notes that such action would entail federal preemption of the state banking regulatory scheme nationwide as it relates to such fintech entities.

Fintech 68

Fintech New York National Regulation 68