PYMNTS

NOVEMBER 1, 2017

Usury laws regulate how much interest can be charged on a loan. State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.

Massachusetts 128

Massachusetts Utah National Regulation 128

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. .

California 78

California Regulation CA Utah 78

PYMNTS

APRIL 7, 2017

LendingClub’s former CEO, Renaud Laplanche, who stepped down in May, sending shockwaves throughout the online lending industry, is gearing up to launch a new lender online called Upgrade. The loans will be issued by WebBank out of Utah and later purchased by Upgrade. According to a report in Fortune , Upgrade of San Francisco, Calif.,

Online 100

Online San Francisco Utah Lending 100

PYMNTS

JULY 13, 2016

The Wall Street Journal reported on Tuesday (July 12) that the online lender, commonly known as SoFi, with $10 billion in student loans and mortgages across its books, may be forced to don more traditional financial services garb as the online lending sector is buffeted about by negative headlines and looming regulations.

Utah 100

Utah Lending Online Strategy 100

CFPB Monitor

AUGUST 14, 2018

On August 10, the New York Times reported that Mick Mulvaney, the CFPB Acting Director, intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA). The MLA authorizes the CFPB to enforce the MLA against the same persons as to whom it has Truth in Lending enforcement authority (i.e.

Compliance 101

Compliance Utah Lending New York 101

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.

Industry 108

Industry Fintech FDIC Community Bank 108

CFPB Monitor

JANUARY 24, 2022

as a full service national bank headquartered in Cottonwood Heights, Utah. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. The OCC announced this week that it has conditionally approved applications from Social Finance Inc.

National 78

National Fintech Company FDIC 78

CFPB Monitor

FEBRUARY 4, 2016

” At the American Bar Association’s Consumer Financial Services Committee meeting last month in Park City, Utah, Bryce Stephens and Jeffrey Langer from the CFPB provided insight as to how the CFPB treats the use of big data by creditors. Stephens stated that there is an “expectation that lenders comply.”

Big Data 60

Big Data Data Utah Lending 60

Jeff For Banks

NOVEMBER 7, 2015

Me to a community banker: Why don't you offer more options than real estate secured lending to help fund early stage businesses? What I hear most often is that community banks take deposits from people and businesses in their community and lend it to people and businesses in that same community. You read it right: 100%. Seems risky.

Community Bank 60

Community Bank Community Baltimore Lending 60

American Banker

SEPTEMBER 3, 2020

The state's financial regulator sent a subpoena to an auto-title lender seeking information about its partnership with a Utah bank, marking the first public disclosure of an investigation into efforts to evade a 2019 law capping interest rates on many consumer loans.

California 34

California Utah Regulation Community Bank 34

CFPB Monitor

MAY 6, 2019

The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R. The OCC argued that the NYDFS’ complaint failed to state an APA claim because this regulation is entitled to deference under the U.S. e)(1)) interpreting the term “business of banking” in the NBA.

Fintech 68

Fintech New York National Regulation 68

CFPB Monitor

OCTOBER 6, 2022

As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. Unless it settles, it creates a risk to the viability of bank model online lending that is structured like OppFi’s Program. Rather, the focus here is on the identity of the lender in the primary market.

California 78

California FDIC Analysis Utah 78

CB Insights

FEBRUARY 13, 2020

Business lending and corporate cards. This process also comes with hurdles like regulations, fees, compliance standards, and payment card issuers — all of which become increasingly complex for international transactions. Most recently, Stripe has launched a Corporate Card and a Lending product geared towards small businesses.

Online 98

Online Company Retail Payments 98

Lex Sokolin

SEPTEMBER 23, 2020

Instead, it is replacing payday lending as an industry. This generated a good $6 billion of revenue in 2016, though that number is likely further compressed given attempts at regulating this sector. lending/trading/saving), and are computing concurrently on a giant programmable blockchain network. billion valuation.

Capital 52

Capital Software Lending Apple 52

Gonzobanker

DECEMBER 17, 2021

million gets the vaunted consumer lender a much-prized bank charter, low-cost deposits to juice current earnings, and a business lending capability to drive future growth. Rex Johnson, Baxter Credit Union founder and former CEO – Rex was a legend in the credit union industry who will always be remembered as the “Yoda” of lending.

Fintech 136

Fintech Strategy Leadership Lending 136

William Mills

SEPTEMBER 12, 2017

An industry leader in lending and benchmarking solutions for financial institutions. PromonTech has a vision of a mortgage industry that is transparent, efficient and understandable for all: borrowers, lenders, regulators and investors. They’re s howing a lending example using their API. They are based in Utah.

Samsung 69

Samsung Mobile User Experience Google 69

Fintech Labs Insights

APRIL 4, 2016

HQ: Salt Lake City, Utah. Tags: Consumer, lending, loans, mortgage, investing, peer-to-peer, crowdfunding. HQ: California City, California. Source: Crunchbase. PayItSimple consumer credit service. Latest round: $22.5 million ($56 million valuation). Total raised: Unknown. HQ: New York City. Source: FT Partners. Source: FT Partners.

New York City 12

New York City Company Fintech California 12

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. California is far from alone in its criticism of such partnerships.

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. The 2016 Gonzo Marketing Medal – Goes to Elevations Credit Union for its “Egg Lending” campaign. Project Teddy Bear collects stuffed animals and gives them to at-risk children in Utah. Check it out on YouTube.

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. The 2016 Gonzo Marketing Medal – Goes to Elevations Credit Union for its “Egg Lending” campaign. Project Teddy Bear collects stuffed animals and gives them to at-risk children in Utah. Check it out on YouTube.

Utah 60

Utah System Community Marketing 60

CFPB Monitor

MAY 3, 2019

Diane Standaert, Executive Vice President and Director of State Policy, Center for Responsible Lending. (A Flynn Endowed Professor of Law, University of Utah, S.J. Kenneth Whittaker, Southeast Michigan Organizing Director, Michigan United. (A A former small dollar loan borrower and consumer advocate.). A leading consumer advocate.).

Michigan 68

Michigan Policies Utah Lending 68