X lands money licenses in Illinois, New Mexico
Payments Dive
MARCH 27, 2024
The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.
Cannabis Banking in Illinois: Mitigating Reputation Risk to Financial Institutions
Abrigo
FEBRUARY 24, 2020
Despite Federal ambiguity, Illinois State Regulators defined their stances on cannabis banking. One of the biggest questions concerning Illinois Bank Secrecy Act (BSA) and AML professionals is how to handle cannabis and marijuana-related businesses (CRB/MRB) in a constantly changing legal landscape. Illinois State Banking Regulators.
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Do Consumers Own Digital ID Algorithms? Look To Illinois.
PYMNTS
JANUARY 7, 2019
Biometrics promise to take a larger role in authentication security in 2019, helping to stop online fraud and bringing speed, efficiency and security to transactions ranging from QSR mobile-order ahead to airport car rentals. Illinois’ Role. for use of biometric data. Larger Trends.
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Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit
PYMNTS
OCTOBER 5, 2016
The Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo. According to a report , Illinois Governor Bruce Rauner’s administration said it won’t include Wells Fargo until further notice.
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Illinois Regulator First In US To Join R3 Blockchain Consortium
PYMNTS
MARCH 17, 2017
One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. 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
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Illinois Adds Facial Recognition To Driver’s ID Applications
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
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New Apple OS Reportedly Has Payment Security Issues
PYMNTS
SEPTEMBER 23, 2019
Two Apple iOS 13 users took to Reddit to share some payment security issues they faced when using the tech giant’s newest iteration of its operating system, according to reports. A woman’s from Illinois. This is a major security flaw in iOS. Apple has already announced it will release iOS 13.1 on Tuesday (Sept.
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Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption
PYMNTS
OCTOBER 26, 2016
to buyer Brighann Cotton Marketing Australia — and blockchain to prove that the goods were shipped, which all ultimately elevated transparency, security measures and tracking. At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business.
Illinois 100
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Illinois publishes proposed student loan servicing rules
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
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PSCU’s Lumin Digital Helps Mutual Security Credit Union Go Digital
PYMNTS
DECEMBER 10, 2019
PSCU’s Lumin Digital has converted over 10,000 Mutual Security Credit Union digital users to a cloud-based platform, Lumin Digital said in a press release on Tuesday (Dec. Our team worked in close coordination with the Lumin Digital team to execute a well-orchestrated conversion for our members.
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As Biometrics Advances, Laws And Regulations Try To Catch Up
PYMNTS
MARCH 25, 2019
Biometrics are increasingly being relied upon to secure payments and commerce while making transactions more seamless for consumers, a trend that seems all but certain to increase in the coming months and years. The Supreme Court in Illinois ruled on Jan. There exists no similar federal law in the U.S. Legal Contradiction?
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Bluetooth Security Flaw Makes Data Vulnerable To Attack
PYMNTS
AUGUST 16, 2019
A new Bluetooth security flaw was discovered that could leave users’ data unprotected and open to hackers, The Verge reported on Friday (Aug. The weakness was discovered by researchers who presented their findings at the USENIX Security Symposium.
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Illinois regulator issues FAQs on Predatory Loan Prevention Act and notice on database reporting
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.). Surrender of license.
Illinois 78
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Retailers Increasingly Turn To AI For Security And Efficiency
PYMNTS
JANUARY 17, 2020
Take the issue of retail security as one example. As that happens, retail operators — including some of the biggest and most famous — are turning to AI and putting more faith in the technology to help secure the future. Reducing network demands, the technology works even if cloud connection is lost.
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Data Breaches Impact Unemployment Benefit Applicants In Four States
PYMNTS
MAY 22, 2020
Arkansas, Colorado, Illinois and Ohio have warned tens of thousands of residents who have applied online for unemployment benefits due to COVID-19 of possible data breaches that could have exposed names, addresses and Social Security numbers.
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Coinbase Offers Bitcoin Cash Loans Of Up To $20K In 17 US States
PYMNTS
AUGUST 14, 2020
With today’s announcement, we want to give our customers even more control over their crypto investments, while offering secure access to cash at the same time,” Thorsten Jaeckel , product manager for Coinbase, wrote on the blog. The maximum loan is $20,000 at 8 percent for one year with no credit check.
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Bank acquisitions announced in Illinois, Pennsylvania
ABA Community Banking
OCTOBER 1, 2024
Byline Bancorp in Chicago to buy First Security Bancorp, Mifflinburg Bancorp in Pennsylvania to buy Northumberland Bancorp. The post Bank acquisitions announced in Illinois, Pennsylvania appeared first on ABA Banking Journal.
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NJ Legislators Propose Tighter Data Privacy Regulations
PYMNTS
MARCH 2, 2020
New Jersey joins Washington, Illinois and other states and regions in introducing data privacy laws. On March 21, retailers doing business in New York State will be faced with a new law regarding data security. He added that his committee is holding a public hearing for feedback on March 16.
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Digital IDs Help Open Banking Reach Its Fullest Potential
PYMNTS
JULY 10, 2020
The need for both innovation and security comes at a time when open banking is gaining a foothold in the United States due in part to the pandemic. For instance, he pointed to statewide initiatives in California and Illinois that have focused on biometrics. Regulation Vs. Market Forces. Checks And Balances.
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Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions
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.”.
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Ballard Spahr partner, Phil Yannella, authors book on data breach and privacy litigation
CFPB Monitor
JULY 2, 2021
Phil Yannella, Ballard Spahr litigation partner and Practice Leader of Ballard’s Privacy & Data Security Group, recently authored a treatise on data breach and privacy litigation. Ballard Privacy & Data Security Partners Kim Phan and Greg Szewczyk are contributing authors. Despite renewed focus by the U.S.
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Signature Bank Taps Tech For Simplified AP
PYMNTS
FEBRUARY 6, 2020
Finrails AP offers businesses a cloud-based accounts payable (AP) solution that automates B2B payments on a secure digital dashboard using numerous payment methods. “Our collaboration with Finrails AP gives business owners more choice, flexibility and security when it comes to making payments.”
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167 Hackers Aimed At State Election Boards, According To FBI
PYMNTS
AUGUST 30, 2016
In advance of the 2016 election, state election boards have been strongly warned to tighten up security. The Amber-level warning regarding security levels came after hackers were successful in stealing voter data from one state and failed in another attempt this month. The unsuccessful attempt was aimed at Arizona’s voter information.
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NEW REPORT: Can Smarter Payments Kill Off Timesheets?
PYMNTS
DECEMBER 12, 2018
However, with so much sensitive information being transferred with each transaction, the need to keep the data secure has never been greater. In the new Smarter Payments Tracker , PYMNTS explores the latest efforts by banks and businesses to keep payments data secure from fraudsters, cybercriminals and other bad actors.
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Equifax Blames Flaw In Database Software For Breach; Backlash Mounts From Consumers, Lawmakers
PYMNTS
SEPTEMBER 11, 2017
According to a news report in the The New York Post , hackers were able to steal customers’ data — including Social Security numbers — due to a weakness in open source software developed by Apache Software Foundation. In a press release detailing the security breach, the company said hackers potentially exploited a vulnerability in a U.S.
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Court: Facebook Biometric Data Lawsuit Will Proceed
PYMNTS
AUGUST 8, 2019
It’s not like a Social Security card or credit card number where you can change the number. The issue began in 2015 when some Facebook users in Illinois said that Facebook was violating the state’s Biometric Information Privacy Act. You can’t change your face.”. Facebook said it will continue to appeal. “We
Data 108
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Why Voice Authentication’s Doing Prison Time
PYMNTS
FEBRUARY 4, 2019
What eventually becomes cutting-edge in retail and payments often originates in places that are dedicated to security, not commerce. Authorities and prison technology companies say this mass biometric surveillance supports prison security and fraud prevention efforts.”. New technology often starts out at the U.S.
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Deutsche Bank, PNC Plan To Reduce Brick-And-Mortar Bank Branch Footprints
PYMNTS
SEPTEMBER 22, 2020
Securities and Exchange Commission (SEC) filing per the outlet. In addition, Illinois-based Byline Bank is to shutter 11 offices from the beginning of next year, Banking Exchange reported. The financial institution has just over 2,250 offices, according to a U.S. The bank indicated the decision would save a forecast $4.3
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Apple Bug Could Capture Data From Third-Party Keyboards
PYMNTS
SEPTEMBER 24, 2019
Just one day ago, it was reported that two Apple iOS 13 users experienced payment security issues when using the tech giant’s newest iteration of its operating system. A woman’s from Illinois. The company added that the issue does not impact Apple’s built-in keyboards, or third-party keyboards that don’t make use of full access.
Apple 158
158 Apple Pay Rolls Out To 17 American Credit Unions And Banks
PYMNTS
JANUARY 4, 2017
Among the new firms on the roster, in alphabetical order: Enrichment Federal Credit Union, First Security Bank of Arkansas, Marion & Polk Schools Credit Union, Merchants Bank of Indiana, Northern Michigan Bank & Trust, Ohnward Bank and Trust, Postel Family Credit Union, River Cities Bank, River Town Bank, Simplicity Credit Union, SouthPoint (..)
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Student loan servicing developments in California, Illinois, and Washington; legislation introduced in Virginia and New Mexico
CFPB Monitor
JANUARY 8, 2019
California, Illinois, and Washington have each taken significant steps in implementing their existing laws while legislation has been introduced in Virginia and New Mexico to regulate student loan servicers for the first time. Illinois is now accepting student loan servicer applications through NMLS. California.
New Mexico 60
60 Some Big Facebook Investors Call For Zuckerberg’s Ouster
PYMNTS
OCTOBER 17, 2018
Rhode Island, Illinois and Pennsylvania state treasurers are also joining the initiative. We have a major security effort at the company that hardens all of our surfaces.” More than 90 million users had to log out of their accounts as a result of the breach, which has been described as a typical measure taken with comprised accounts.
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NY Man Gets Jail Time For $390K Card Skimming Scheme
PYMNTS
JANUARY 8, 2020
The case was prosecuted by Homeland Security Investigations, along with agents of the U.S. Developed by researchers at University of California, San Diego and the University of Illinois Urbana-Champaign, a new app called Bluetana is able to track the presence of the skimmers without having to dismantle any machines.
San Diego 130
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Travelers Expands Amazon Smart Home Program
PYMNTS
NOVEMBER 20, 2018
The new states enjoying these perks now include Alabama, Arizona, Connecticut, Idaho, Illinois, New Jersey, New Mexico, Oregon, Tennessee, Texas and Utah. The discounts — along with a free Amazon Echo Dot — were first available to Travelers home insurance customers in California, as well as its Quantum Home 2.0
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R3 Raises $107M To Expand Partnerships
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
109 
Why State And Local Governments Struggle To Shred The Paper Check
PYMNTS
JANUARY 22, 2020
The state of Illinois is still considering digital disbursements, though innovation remains slow. The department requires parents to input their Social Security numbers and other identifiers to ensure payments are heading to the right people. State and local agencies sent out more than $1.3
Idaho 130
130 
FTC Probing Visa, Mastercard About Debit Card Practices
PYMNTS
NOVEMBER 14, 2019
A 2010 law known as the Durbin amendment — named for Illinois Democrat Sen. The inquiry could spell fresh regulatory trouble for the world’s two largest payments processors, which settled a protracted European Union antitrust probe in April this year over card fees. Dick Durbin — limits what can be collected for debit transactions.
Cards 176
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FTC To Return Close To $20 Million To Scam Victims
PYMNTS
SEPTEMBER 28, 2016
The FTC and the states of Illinois and Ohio said they secured the consumer redress as part of a settlement of charges against One Technologies in Jan. They were also charged with violating the Illinois Consumer Fraud Act and the Ohio Consumer Sales Practices Act. com, FreeScoreOnline.com and ScoreSense.com.
Illinois 100
100 
COVID-19 Sees More Online Grocers Accept EBT SNAP Payments For Food
PYMNTS
OCTOBER 23, 2020
Instacart said it would be rolling out the pilot program at more than 60 ALDI locations in Georgia, with plans to expand that to more than 570 stores in Illinois, California, Florida and Pennsylvania in the coming months. But because the EBT program (funded by the U.S.
Online 195
195 A further update on state AG/regulator lawsuits using Dodd-Frank authority
CFPB Monitor
NOVEMBER 12, 2014
The Illinois AG has filed two lawsuits using her Section 1042 authority. In March 2014, the Illinois AG filed a state court lawsuit against a small loan lender alleging violations of the Dodd-Frank UDAAP prohibition as well as state law violations. In April 2014, the defendant removed the case to an Illinois federal court.
Regulation 100
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Stay On CFPB Payday Lending Rule Upheld
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
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Pandemic Scammers Robbed US Consumers Of More Than $77M
PYMNTS
JULY 7, 2020
the Illinois-based insurance company, said the best offense is a good defense. Also in April, PYMNTS reported incidences of account takeover increased 347 percent while shipping fraud skyrocketed 391 percent, respectively, from 2018 to 2019, and that was before COVID-19 became a household name.
US 175
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Fifth Third Bank Sued By CFPB Over Fake Accounts
PYMNTS
MARCH 10, 2020
District Court for the Northern District of Illinois accusing Fifth Third of being fully aware that employees were opening accounts for customers without their knowledge since 2008. . The CFPB filed a complaint with the U.S.
Los Angeles 167
167 
Bitcoin Daily: FINMA Grants Licenses To Two New Blockchain Firms; ShortHop Crypto Exchange Launches In Seven New States
PYMNTS
AUGUST 26, 2019
The Swiss Financial Market Supervisory Authority (FINMA) has granted the first “banking and securities licenses” to two blockchain companies: SEBA Crypto AG and Sygnum AG. The exchange is already live in California, Washington and Illinois. The firms will be the first registered in Switzerland as broker-dealers with a blockchain focus.
Rhode Island 109
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