Illinois heads toward landmark card interchange fee restrictions
Payments Dive
JUNE 7, 2024
The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.
OCC backs banks in fight against Illinois interchange law
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.
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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion
PYMNTS
NOVEMBER 23, 2020
As for easing the path toward financial innovation, there’d always been some consideration of seeking a national banking charter, noted Cagney, especially as the company began building blockchain and blockchain applications over the past few years. “As Figure, said Cagney, can offer some of its products in New Yok — but not in, say, Illinois.
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Illinois Legislature Passes New “All-In” Finance Charge Cap
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.)
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Cantero ruling takes center stage in Illinois swipe fee suit
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.
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First National Bank Of Omaha Shutters NRA Visa Card
PYMNTS
FEBRUARY 23, 2018
First National Bank of Omaha announced that it is not renewing a contract with the National Rifle Association (NRA) to offer customers an NRA-branded Visa card. First National Bank of Omaha offered two NRA cards with a $40 bonus and promoted it as “enough to reimburse your one-year NRA membership!”
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Study of Illinois 36% interest rate cap finds reduced access to credit
CFPB Monitor
JANUARY 30, 2023
Last year, Congress took up the discussion of a national 36% annual interest rate cap. 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. Continue Reading
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Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption
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
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FICO's National "Score A Better Future" Credit Education Program Reaches Milestone
FICO
MARCH 15, 2021
We recently announced our milestone 15th financial education event of this national program and we couldn’t be prouder of how much the program expanded in the last two years. In fact, our next virtual event will be in Chicago, Illinois on March 23rd. We’re excited for the future of the program.
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ICBA’s 2021 National Community Bank Service Award winners
Independent Banker
AUGUST 31, 2021
ICBA’s National Community Bank Service Award winners for 2021 demonstrate that when their local areas need support, community banks are there with innovative, compassionate and thoughtful responses. The community bank provided nearly 480,000 PPP loans totaling more than $13 billion to businesses across the nation. “I Assets: $2.3
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Community Bank Consolidation Accelerates: Simmons First National in $277M Double Buy in Tennessee
Banking Exchange
JUNE 10, 2021
Two community banks snapped by Simmons, while Illinois’ Heartland Bank looks to push into Iowa Community Banking Feature3 Feature Management M&A.
Six Flags Biometrics Ruling Could Affect Facebook, Google
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. It could potentially set a precedent and affect biometrics cases across the nation.
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Google Pay Now Supports Cards From 13 More US States
PYMNTS
JULY 3, 2019
In the Midwest, the new banks reportedly include the Educational Community Alliance Credit Union in Ohio, the MidAmerica National Bank in Illinois, the Republic Bank of Chicago in Illinois and the State Bank of Waterloo in Illinois.
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109 US Biometrics Law Tested By Six Flags Lawsuit
PYMNTS
NOVEMBER 26, 2018
The Illinois Supreme Court is set to hear arguments that will help it determine when consumers can take action under the Biometric Information Privacy Act. The precise harm the Illinois legislature sought to prevent is then realized.”. Alphabet Inc.’s s Google is dealing with similar claims in federal court in Chicago.
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Marketplace Lender Avant Debuts Auto Refinance Loans
Bank Innovation
MARCH 22, 2016
The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant. Online marketplace lender Avant Inc.
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Virginia community banks merge, Michigan credit union acquires bank
American Banker
JANUARY 26, 2024
National Bankshares in Virginia agrees to acquire in-state peer, Advia Credit Union in Kalamazoo strikes deal with Illinois bank, EBANX's annual Beyond Borders study launches and more in the weekly banking news roundup.
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New Research Shows 100K+ SMBs Won’t Recover From COVID-19 Pandemic
PYMNTS
MAY 13, 2020
The average business has in excess of $10,000 in monthly expenses and barely enough cash on hand to survive a month, according to the National Bureau Of Economic Research ( NBER ). Researchers at the University of Illinois, Harvard Business School, Harvard University and the University of Chicago surveyed more than 5,800 SMBs May 9 to 11.
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Big Tech Compliance Tracker: Facebook Backs Data Portability Law, Amazon Considers Registering Services As Separate Entities In India
PYMNTS
AUGUST 24, 2020
The services are not currently registered as distinct entities, although they are provided to users in the nation. The social media firm purportedly contravened an Illinois state law via a “Tag Suggestions” functionality that enabled users to identify their friends from photos put on the platform in the past.
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BankFinancial Equipment Adds SMB Reach
PYMNTS
FEBRUARY 17, 2020
is the holding company for BankFinancial, NA, a national banking association providing financial services to individuals, families and businesses through 19 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois and to selected commercial loan, lease and deposit customers on a regional or national basis. .
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Amazon (And Others) Brace For India’s New eCommerce Tax
PYMNTS
FEBRUARY 10, 2020
Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The Illinois law — on the books for more than a decade — sets parameters for the collection, use and storage of biometric information.
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Medical Cannabis Co Columbia Care Launches Credit Card
PYMNTS
JUNE 13, 2019
is launching the Columbia National Credit program with its new CNC Card, according to a release by the company. The program will expand to Delaware and Pennsylvania later in June and then into Arizona and Illinois. Columbia Care, a medical cannabis company that has licenses in 15 jurisdictions in the European Union and the U.S.,
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Airbnb Faces Questions From US Lawmakers On Listings
PYMNTS
NOVEMBER 22, 2019
The document was signed by California’s Barbara Lee, Illinois’ Robin Kelly, and New Jersey’s Bonnie Watson Coleman along with as other lawmakers. The startup is also getting ready for a public listing next year and is aiming to take care of regulatory issues with different cities across the nation.
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Pandemic Scammers Robbed US Consumers Of More Than $77M
PYMNTS
JULY 7, 2020
But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based the Illinois-based insurance company, said the best offense is a good defense. based consumer advocacy group. “I
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Instacart Rolls Out Delivery Service With Costco For Prescriptions
PYMNTS
APRIL 16, 2020
The offering is now available from almost 2,000 stores in California, New York and Illinois, among other states, with plans to grow throughout the country in the months to come, according to an announcement. As it stands, Instacart partners with over 350 local, regional, and national retailers to provide delivery from over 25,000 stores.
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FI Highlight: National Police Credit Union
Banking 2020
JULY 15, 2015
Jim Bedinger, COO of Chicago Patrolmen’s Credit Union and CEO of National Police Credit Union , shares how he’s working towards reaching a targeted audience and community – police members and their families. In a few sentences could you please tell us a bit more about National Police Credit Union?
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Apple Pay Rolls Out To 17 American Credit Unions And Banks
PYMNTS
JANUARY 4, 2017
As has been reported, Apple Pay is also available internationally in, among other nations, Australia, China, Hong Kong, Japan, Spain, the U.K. The total roster now claims more than 1,600 banks and credit unions domestically, said the site, even as 35 percent of retailers in the U.S. support Apple Pay. and Switzerland.
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Deutsche Bank, PNC Plan To Reduce Brick-And-Mortar Bank Branch Footprints
PYMNTS
SEPTEMBER 22, 2020
The financial institution said per the report that it would shutter approximately 100 locations throughout the nation, which would shrink its domestic offices to roughly 400. In addition, Illinois-based Byline Bank is to shutter 11 offices from the beginning of next year, Banking Exchange reported.
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SMBs Use New Bankruptcy Law To Save Businesses
PYMNTS
JULY 13, 2020
June was the top month this year for such filings, with 131 overall, and many were filed in the hardest-hit states like Florida, Texas, California, New York and Illinois. The new law could prove to be a boon for the numerous smaller businesses looking to file for bankruptcy over the coming months due to pandemic-fueled economic difficulties.
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CUs Saw Overall Credit Spending Drop 31.3 Pct in YOY Weekly Data, PSCU Says
PYMNTS
APRIL 21, 2020
percent, mostly mimicking the national overall rates. Those states include California, Connecticut, Washington DC, Illinois, Louisiana, Michigan, New Jersey and New York. The union said in a release that the eight states without stay-at-home orders had seen credit spending declines of 29.5 percent and debit declines of 11.7
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Seven states and D.C. file lawsuit challenging FDIC “Madden fix” rule
CFPB Monitor
AUGUST 25, 2020
We commented that the AGs’ similar attempt to dismiss Madden’s pricing impact on national banks and federal savings associations didn’t hold water and the same holds true with regard to Madden’s impact on FDIC-insured state banks. The central allegations in the new complaint generally track those made in the lawsuit against the OCC.
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Sageworks’ speakers tackle tough banking topics
Abrigo
DECEMBER 4, 2015
Sageworks consultants have hosted and spoken at roughly two dozen regional and national events and industry conferences attended by hundreds of banking and credit union executives, regulators and industry professionals. See upcoming regional and national events hosted or attended by Sageworks here.
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Uber Gets Sued Over Hack As SoftBank Weighs Price
PYMNTS
NOVEMBER 27, 2017
According to The Wall Street Journal , Uber is also under investigation by the attorneys general of New York, Missouri, Massachusetts, Connecticut and Illinois. Attorneys general Eric Schneiderman of New York, Lisa Madigan of Illinois and George Jepsen of Connecticut are also looking into the matter.
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A ‘Diaper’ By Any Other Tax Code: The Complexities Of Selling Across State Tax Laws
PYMNTS
DECEMBER 26, 2019
An Illinois bill could aid both by making online marketplaces responsible for tax collection on the third-party sales facilitated through their platforms. National Retailers On Staying Compliant When Tax Exemptions Are Only Statewid e. Around The Next-Gen Sales Tax Wor ld. Easing tax compliance helps governments and retailers alike.
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Kroger And ALDI Jump On Instacart
PYMNTS
MARCH 13, 2018
In 2014, Amazon ’s Whole Foods became Instacart’s first national partner. Now, Instacart will count ALDI stores in greater Chicago — in areas as far as Rockford, Illinois — as part of its platform. To bring grocery delivery to more customers, two grocers are expanding their partnerships with Instacart.
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Three-state attack on the OCC’s “Madden fix” rule
CFPB Monitor
AUGUST 3, 2020
Midland Funding , which held that a non-bank that purchased charged-off loans from a national bank could not charge the same rate of interest on the loans that the national bank charged under Section 85 of the National Bank Act (NBA). 1463 applies only to interest that a national bank or federal savings association may charge.
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Seven US States Seek To Simplify FinTech Licensing
PYMNTS
FEBRUARY 6, 2018
Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation.
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Who were ICBA’s Top Lenders of 2022?
Independent Banker
JUNE 30, 2022
American Bank, National Association. Classic Bank, National Association. The First National Bank In Sioux Falls. Dakota Community Bank & Trust, National Association. The Miners National Bank of Eveleth. The National Iron Bank. The First National Bank of Gilbert. 1st National Bank of Scotia.
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172 Washington State AG Sues Uber Over Data Breach
PYMNTS
NOVEMBER 29, 2017
Uber is now facing at least three potential class-action lawsuits , and is also under investigation by the attorneys general of New York, Missouri, Massachusetts, Connecticut and Illinois.
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FICO and Chelsea Football Club to Raise Financial Literacy in U.S.
FICO
MAY 16, 2023
FICO will be holding “Score A Better Future Fundamentals” financial education workshops designed for high school students in the cities where Chelsea will be playing during the tour, including Chapel Hill, North Carolina; Atlanta, Georgia; and Chicago, Illinois.
The top-performing community banks of 2021
Independent Banker
APRIL 30, 2022
Brazos National Bank. Douglas National Bank. FSNB, National Association. Pioneer Trust Bank, National Association. AMG National Trust Bank. HNB National Bank. Leader Bank, National Association. BNC National Bank. Stearns Bank National Association. Ed Avis is a writer in Illinois.
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Instacart Expands Alcohol Delivery Across The U.S.
PYMNTS
MARCH 12, 2019
can now have alcohol delivered in as soon as an hour from national, regional and local grocers as well as wine and liquor stores. Instacart, the online grocery company, announced Tuesday (March 12) it has expanded alcohol delivery for customers across the U.S. along with wine and liquor specialty stores like BevMo! ”
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Old National, First Midwest agree to $2.5 billion merger
American Banker
JUNE 1, 2021
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Regulators Want Answers From Uber Over Hidden Hack
PYMNTS
NOVEMBER 23, 2017
Attorneys general in Connecticut, Illinois, Massachusetts and New York said they were launching their own investigations. s National Cyber Security Centre to determine how large the breach was and how many people in the U.K. Meanwhile, in the U.K., The ICO plans to work with the U.K.’s were impacted by it.
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Marijuana Business Burns Small Illinois Bank
American Banker
JULY 13, 2016
Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry.
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