CFPB Monitor

OCTOBER 2, 2019

Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies. Companies are encouraged to informally contact the Office of Innovation to discuss potential applications.

Policies 60

Policies Innovation South Carolina Indiana 60

PYMNTS

DECEMBER 20, 2018

SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic. Reuters reported that the license allows non-traditional finance firms to collect government loans, and that the bank would be chartered in Utah.

Utah 134

Utah FDIC System Retail 134

CFPB Monitor

JUNE 11, 2019

Utah Governor Gary Herbert signed H.B. Regulatory sandboxes are laboratories for the development of innovative technologies in an environment that is free from onerous government restrictions. The sponsor of Utah’s legislation, Rep. The program will be administered by the Utah Department of Commerce (the Department).

Utah 60

Utah Arizona Innovation Regulation 60

CFPB Monitor

MARCH 15, 2022

The OCC’s attempt to provide a clear bright line test for determining when a bank is the “true lender” in a bank-model program through a regulation was overturned by Congress under the Congressional Review Act.) In addition to “true lender” threats, non-bank participants in bank-model programs will continue to face state licensing threats.

California 78

California Innovation Utah West Virginia 78

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

CFPB Monitor

DECEMBER 21, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans.

California 78

California Utah FDIC Regulation 78

CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

CFPB Monitor

AUGUST 7, 2020

Acting Comptroller Brooks stated that Varo Bank’s full-service charter, the first granted by the OCC to a consumer fintech, “represents the evolution of banking and a new generation of banks that are born from innovation and built on technology intended to empower consumers and businesses.”. However, as the Varo Bank N.A.

Fintech 78

Fintech FDIC Utah National 78

CFPB Monitor

SEPTEMBER 12, 2019

In addition, the CFPB has announced the creation of the American Financial Innovation Network (ACFIN) to facilitate coordination between the CFPB, other federal regulators, and state regulators and the CFPB’s issuance of the first NAL under the revised NAL Policy.

Policies 60

Policies Compliance Regulation South Carolina 60

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California 78

California FDIC Analysis Utah 78

CB Insights

FEBRUARY 13, 2020

As a result of its product innovation efforts, Stripe has seen explosive growth in product adoption and valuation. A decade of online payments innovation. A decade of online payments innovation. One key catalyst for online payment innovation was the introduction of the Payment Facilitator, or “PayFac,” in 2010.

Online 98

Online Company Retail Payments 98

Lex Sokolin

SEPTEMBER 23, 2020

This generated a good $6 billion of revenue in 2016, though that number is likely further compressed given attempts at regulating this sector. It doesn’t have an ILC charter from Utah, or a crypto bank charter from Wyoming, or a straight-up bank charter like Varo, nor has it acquired any banks like Lending Club or Jiko. No shenanigans.

Capital 52

Capital Software Lending Apple 52

Gonzobanker

DECEMBER 17, 2021

This is an innovation-seeking franchise that has built a solid brand and never got over its skis in execution. Eric has always been a student of innovation, and now at Coastal, this fearless leader has spearheaded a number of high-profile banking-as-a-service partnerships. The most important aspect of this deal is Huntington.

Fintech 136

Fintech Strategy Leadership Lending 136

William Mills

SEPTEMBER 12, 2017

YUKKA Lab AG detects market sentiments and transforms them into innovative tools for the finance and communications industry. A leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services. Innovative AI chat and voice solutions to empower banking customers. tpietrocola.

Samsung 69

Samsung Mobile User Experience Google 69

CFPB Monitor

JUNE 15, 2022

The letter explains that although states have tools for going after these lending arrangements, such tools are more costly to employ and less likely to be effective than typical enforcement authorities provided to state financial regulators.

FDIC 78

FDIC California West Virginia North Carolina 78

Gonzobanker

DECEMBER 19, 2016

Maybe a regulator was out sick or on maternity leave, but this is one crawling bureaucratic nightmare. A “Making a Difference” Nod – Goes to S andy Dubois, executive secretary at People’s Utah Bancorp in American Fork, Utah, for her work in establishing “Project Teddy Bear.” Small things can make big differences.

Utah 60

Utah System Community Marketing 60

Gonzobanker

DECEMBER 19, 2016

Maybe a regulator was out sick or on maternity leave, but this is one crawling bureaucratic nightmare. A “Making a Difference” Nod – Goes to S andy Dubois, executive secretary at People’s Utah Bancorp in American Fork, Utah, for her work in establishing “Project Teddy Bear.” Small things can make big differences.

Utah 60

Utah System Community Marketing 60

CFPB Monitor

MAY 3, 2019

Flynn Endowed Professor of Law, University of Utah, S.J. Garry Lacy Reeder II, Vice President, Policy and Innovation, Center for Financial Services Innovation. (A Quinney College of Law, and Director of Financial Services and Senior Fellow, Consumer Federation of America. (A A consumer advocate formerly employed by the CFPB.).

Michigan 68

Michigan Policies Utah Lending 68

PYMNTS

NOVEMBER 5, 2018

Trump’s Antitrust Chief at the Justice Department Makan Delrahim has questioned whether there was enough evidence on an economic basis to prove the Silicon Valley heavy hitters were hurting competition and/or innovation. The Washington Post pointed to Senator Orrin Hatch, the Republican from Utah who wants the probe reopened.

Google 162

Google Washington Utah Study 162

PYMNTS

JANUARY 27, 2017

Sean Reyes, the Utah attorney general, is considered a leading contender – which is less good news for Google, since Reyes last year co-wrote a letter to the FTC asking the agency to consider reopening an antitrust case against Google that it has previously been closed.

Utah 100

Utah Google Innovation Report 100