ABA Community Banking

OCTOBER 1, 2024

The post Bank acquisitions announced in Illinois, Pennsylvania appeared first on ABA Banking Journal. Byline Bancorp in Chicago to buy First Security Bancorp, Mifflinburg Bancorp in Pennsylvania to buy Northumberland Bancorp.

Pennsylvania 52

Pennsylvania Illinois Chicago Security 52

Payments Dive

NOVEMBER 18, 2024

In the wake of Illinois being sued over its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with the idea.

Illinois 221

Illinois Taxes Cards 221

American Banker

AUGUST 15, 2024

The American Bankers Association and the Illinois Bankers Association, among other groups, are challenging an Illinois law barring swipe fees for taxes and tips should be preempted by federal law.

Illinois 69

Illinois Groups Taxes Compliance 69

CFPB Monitor

MARCH 25, 2021

On March 23 , Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”.

Illinois 148

Illinois Lending Retail Analysis 148

Payments Dive

FEBRUARY 2, 2024

at a location in the Chicago suburb of Aurora, Illinois. The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S.

Chicago 468

Chicago Illinois Retail 468

American Banker

JUNE 10, 2024

An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.

Illinois 85

Illinois Groups Industry Payments 85

PYMNTS

OCTOBER 26, 2020

With COVID-19 cases rising in Illinois, operators of small- to medium-sized businesses (SMBs) in heavily populated areas face new shutdowns — measures likely to be all the more painful economically because of looming winter weather that will make options such as outdoor dining unattractive, The Wall Street Journal (WSJ) reported.

Illinois 171

Illinois Chicago Community Regional 171

PYMNTS

JANUARY 7, 2019

Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. The Illinois Biometric Information Privacy Act , a state law enacted in 2008, gives users a “property interest” in the algorithms that establish their digital identities.

Illinois 161

Illinois Google New Hampshire Texas 161

American Banker

OCTOBER 3, 2024

The OCC has filed a legal brief backing the banking industry's challenge to Illinois' Interchange Fee Prohibition Act, arguing the law would interfere with national banks' federal authority, fragment the national payment system and force banks to halt credit card usage in the state.

Illinois 41

Illinois National System Cards 41

American Banker

MAY 29, 2024

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

Illinois 45

Illinois Taxes Retail Policies 45

CFPB Monitor

JULY 15, 2020

The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Written comments will be accepted for 45 days.

Illinois 78

Illinois Regulation Security Payments 78

Payments Dive

MARCH 9, 2023

Illinois, Louisiana, Massachusetts, Missouri and Oklahoma are working with the government agency to expand payment options for SNAP consumers.

Louisiana 363

Louisiana Oklahoma Missouri Illinois 363

CFPB Monitor

APRIL 6, 2021

The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.).

Illinois 78

Illinois Regulation Report Lending 78

CFPB Monitor

JANUARY 19, 2021

On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. SB 1792 separately amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.)

Illinois 60

Illinois Retail Operations Lending 60

PYMNTS

MAY 19, 2016

Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. ”

Illinois 108

Illinois Chicago System Security 108

PYMNTS

DECEMBER 3, 2019

Lumin Digital has signed a multi-year contract with the University of Illinois Community Credit Union (UICCU) that will have Lumin’s cloud-based platform serve as the credit union’s digital banking solution for retail banking and bill payment.

Illinois 131

Illinois Digital Banking Customer Experience Analytics 131

CFPB Monitor

JULY 27, 2022

Private education lenders doing business in Illinois now have access to official informational guides and templates for meeting the November 1, 2022, reporting requirements under the state’s new Know Before You Owe Private Education Loan Act (“KBYO”). . 1650(a)(7).

Illinois 78

Illinois Report Lending Data 78

The Paypers

JANUARY 15, 2024

UK-based fintech company Revolut has been accused of violating the state of Illinoi’s Biometric Information Privacy Act (BIPA).

Illinois 36

Illinois Data Fintech Company 36

CFPB Monitor

FEBRUARY 16, 2023

Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. .

Illinois 78

Illinois Study Mississippi Data 78

CFPB Monitor

JUNE 14, 2021

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.

Illinois 78

Illinois Regulation Report Lending 78

MyBankTracker

MARCH 16, 2021

Illinois has relatively inexpensive car insurance. It’s important to note that Illinois acts as two states where car insurance premiums are concerned, Chicago and the rest of the state. Even with lower rates in Illinois, it’s essential to find the right coverage for you. Average rates can be deceiving.

Illinois 52

Illinois How To Chicago Policies 52

PYMNTS

JANUARY 10, 2020

On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan. 1, and was sponsored by Representative Keith Wheeler.

Illinois 131

Illinois blockchain Regulation Bitcoin 131

PYMNTS

OCTOBER 26, 2016

At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. By signaling a willingness to explore these technologies, Illinois opens the door for partnering with the broad range of private-sector companies pioneering innovative solutions in this area.”. “By

Illinois 100

Illinois blockchain Technology Innovation 100

Accenture

NOVEMBER 14, 2021

Here in Chicago, Illinois, the days are getting shorter, and the temperatures are dropping. It feels like the end of the year is approaching at breakneck speed. Thanksgiving is not far off. All of which makes me think it’s a good time to take stock before we head into the holidays. I’ve covered a lot….

Illinois 308

Illinois Chicago 308

American Banker

MAY 6, 2024

billion-asset Vibrant is working with the San Francisco-based distributed ledger development firm Metallicus through its Metal Blockchain Banking Innovation Program to examine use cases.

San Francisco 101

San Francisco blockchain Illinois Innovation 101

Payments Dive

APRIL 29, 2022

Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."

Illinois 221

Illinois Cards Report 221

American Banker

OCTOBER 2, 2024

The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.

Illinois 57

Illinois Taxes System Payments 57

CFPB Monitor

OCTOBER 13, 2021

Originally filed in Illinois state court, the plaintiffs’ lawsuits were removed by the defendants to federal court. The decisions are at variance with recent New York federal court decisions. Both plaintiffs filed motions to remand their cases to state court based on their lack of Article III standing.

Illinois 78

Illinois New York Management 78

PYMNTS

AUGUST 16, 2016

15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug.

Illinois 100

Illinois Chicago Community Retail 100

American Banker

OCTOBER 1, 2024

The Chicago-based bank said it would acquire First Security Bancorp in Elmwood Park. The transaction would push it close to $10 billion of assets.

Illinois 45

Illinois Chicago Security Community Bank 45

American Banker

OCTOBER 30, 2024

A Supreme Court ruling from earlier this year regarding national bank preemption is already playing a prominent role in the banking sector's challenge to a state law on charge card fees.

Illinois 36

Illinois National Cards Compliance 36

CFPB Monitor

JANUARY 30, 2023

Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress took up the discussion of a national 36% annual interest rate cap. Continue Reading

Illinois 78

Illinois New Mexico Michigan Study 78

American Banker

AUGUST 15, 2024

Kowalski was convicted for his role in embezzling tens of millions of dollars from Washington Federal Bank for Savings, which led to the bank's failure in 2017.

Illinois 69

Illinois Chicago Washington Compliance 69

PYMNTS

JANUARY 25, 2019

The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook. Because the law is so strict, Illinois is rife with biometrics misuse lawsuits.

Google 116

Google Illinois Chicago Regulation 116

CFPB Monitor

SEPTEMBER 15, 2023

Alleging violations of the Illinois Biometric Information Privacy Act (BIPA), approximately 50,000 Samsung customers filed individual arbitration demands with the American Arbitration Association (AAA) pursuant to an arbitration clause in Samsung’s customer agreement.

Samsung 97

Samsung Illinois Payments 97

American Banker

JUNE 5, 2023

The parent of the $1.1 billion-asset CBI Bank & Trust said it would buy McLaughlin Holding and its SENB Bank unit.

Illinois 48

Illinois Community Bank Community 48

PYMNTS

DECEMBER 10, 2020

Pennsylvania-based North Lane manages client, staff and business payouts and disbursements throughout the Fortune 500, while Illinois-based daVinci Payments provides business funded payments.

Pennsylvania 231

Pennsylvania Illinois Payments America 231