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

PYMNTS

MARCH 2, 2020

New Jersey joins Washington, Illinois and other states and regions in introducing data privacy laws. The California Consumer Privacy Act went into effect in January, and the European Union’s General Data Protection Regulation ( GDPR ) went into effect in 2018.

NJ 249

NJ New Jersey Regulation Data 249

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

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

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

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

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.”.

Illinois 100

Illinois blockchain Technology Innovation 100

PYMNTS

AUGUST 8, 2019

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. Many people living paycheck to paycheck already make more than median income.”.

Puerto Rico 134

Puerto Rico Regulation New York South Dakota 134

PYMNTS

JUNE 20, 2018

Peer-to-peer car-sharing services might soon face the same regulation as traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax.

Regulation 100

Regulation San Francisco Maryland Illinois 100

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

PYMNTS

OCTOBER 19, 2020

and Europe to develop tough new regulations to take on big tech, according to a Reuters report on Monday (Oct. EU antitrust regulators in August started probing a $2.1 In the September PYMNTS big tech compliance tracker tracker, Facebook considered pulling out of the EU over regulations. Japan is teaming up with the U.S.

US 264

US social media Illinois Google 264

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

PYMNTS

NOVEMBER 30, 2017

Privacy regulators of the European Union said Wednesday (Nov. According to a news report in Reuters , European data protection authorities said regulators from France, Italy, Spain, Belgium, the U.K. But it’s not just European regulators who want answers from Uber. Meanwhile, regulators in the U.K., Lawmakers in the U.S.

Regulation 100

Regulation Connecticut Illinois Massachusetts 100

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

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

PYMNTS

NOVEMBER 23, 2017

Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., According to a report in Fortune published Wednesday (Nov. Meanwhile, in the U.K., were impacted by it.

Regulation 100

Regulation Cyber Security Connecticut Illinois 100

American Banker

APRIL 30, 2024

A 50% growth in losses from check fraud last year is pushing bankers in Illinois to ask regulators for a joint supervisory guidance and tougher enforcement of large banks' "know your customer" compliance.

Fraud 44

Fraud Illinois Compliance Regulation 44

PYMNTS

NOVEMBER 10, 2020

to develop new, stricter regulations that govern big tech. In the September PYMNTS big tech compliance tracker tracker, Facebook considered pulling out of the EU over regulations. . Illinois residents also have a $650 million lawsuit against Facebook.

Data 185

Data Illinois Taxes Compliance 185

CFPB Monitor

NOVEMBER 6, 2023

On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and the District of Columbia that evaluate the record of state-chartered financial institutions and other lenders in meeting the credit (..)

Rhode Island 78

Rhode Island District of Columbia West Virginia Community 78

CFPB Monitor

NOVEMBER 12, 2014

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. The Illinois AG has filed two lawsuits using her Section 1042 authority. In April 2014, the defendant removed the case to an Illinois federal court.

Mississippi 100

Mississippi Regulation Illinois Florida 100

PYMNTS

FEBRUARY 15, 2018

Through the Conference of State Bank Supervisors, Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee and Washington are looking to standardize the ways firms across traditional financial services and FinTech upstarts apply for, and are granted, licenses. Can the states make licensing – of the money movement kind – any easier?

Washington 101

Washington Regulation Conference Fintech 101

PYMNTS

DECEMBER 30, 2019

Similarly, Illinois is eying close to $400 million in new annual sales tax revenue on ecommerce items shipped into the state. A plan backed by the Illinois Retail Merchants Association places the burden on sales tax collection on the marketplaces, which will then settle up with the state Department of Revenue.

Taxes 130

Taxes Alaska South Dakota South Carolina 130

CFPB Monitor

JANUARY 27, 2015

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. The Illinois AG filed two lawsuits using her Section 1042 authority. In April 2014, the defendant removed the case to an Illinois federal court.

Regulation 60

Regulation Illinois Mississippi Florida 60

PYMNTS

AUGUST 24, 2020

Here’s the latest news from Facebook, Amazon and others, which are coming under increasing scrutiny from regulators, trade groups and politicians the world over. Regulations. Facebook Supports Data-Portability Law. Facebook has advocated for a law that would simplify the process of moving videos and pictures to a competing site.

social media 152

social media Data Apple Compliance 152

PYMNTS

OCTOBER 29, 2018

In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately. Miles To Go For Mileage Reimbursement.

Illinois 163

Illinois Technology Data Taxes 163

CFPB Monitor

NOVEMBER 16, 2021

New York now joins a small group of states, including Illinois and Massachusetts, that apply CRA-type laws to non-depository mortgage lenders. The amendments allow DFS to issue regulations expanding the types of applications and notices for which it will consider such performance when taking action.

New York 78

New York Community Regulation Data 78

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.

Taxes 175

Taxes Illinois Study Operations 175

CFPB Monitor

MAY 23, 2019

Colorado and Maryland have each enacted legislation regulating student loan servicers. The law also requires student loan servicers to respond to inquiries and complaints within 30 days of receipt, and grants enforcement authority to the Office of the Commissioner of Financial Regulation.

Maryland 68

Maryland Colorado Regulation District of Columbia 68

PYMNTS

JUNE 12, 2017

In March, R3 announced the Illinois Department of Financial and Professional Regulation joined the R3 blockchain consortium. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications.

Illinois 109

Illinois blockchain Capital Regulation 109

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. 5 when Jersey City residents voted to apply more regulations to short-term rentals. Airbnb announced significant safety measures after a deadly house shooting in California.

US 108

US Illinois Policies Regulation 108

American Banker

JUNE 11, 2024

Illinois' recent move to prohibit the inclusion of taxes and tips in credit card interchange fees suggests that electronic transactions are too expensive and also that there are too many entities working unilaterally to reduce those costs.

Illinois 36

Illinois Taxes Cards Policies 36

PYMNTS

MARCH 25, 2019

Beyond the CFPB, and at the state level in Illinois, a state Senate committee last week voted to approve legislation that would keep state banking regulators from punishing financial institutions, including banks and credit unions, for doing business with medical marijuana enterprises. This is still illegal federally.”

Lending 128

Lending Illinois Compliance Chicago 128

PYMNTS

APRIL 22, 2019

That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths). “You can’t teach an old dog new tricks” — so goes the dim, cynical saying. That is changing, of course.

Illinois 134

Illinois Innovation Video Community 134

PYMNTS

SEPTEMBER 25, 2018

could face regulation similar to that of traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax. The expansion comes as Turo and other car-sharing services in the U.S.

San Francisco 122

San Francisco Maryland Illinois Taxes 122

PYMNTS

OCTOBER 23, 2019

The appointment and resignation follow Daley’s failed nonpartisan political bid in February to become the next mayor of Chicago in Illinois. He takes his place as the fourth CEO in the wake of the “fake account” scandals that brought the ire of consumers and regulators.

Chicago 100

Chicago Illinois United States New York 100

PYMNTS

DECEMBER 27, 2019

percent: Tax rate imposed on online sellers in Illinois starting in 2020. $4M: Data: 2018: Year of the Wayfair ruling, which limited retailers’ physical presence to tax-exempting states. 100: Minimum number of local tax codes in Alaska. 4M: Amount Ohioans paid in sales taxes on menstrual products in 2019.

Taxes 131

Taxes Alaska Minnesota Compliance 131