CFPB Monitor

MARCH 29, 2023

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York , California , Utah, and Virginia. The determination will be effective on the date it is published in the Federal Register.

Utah 78

Utah Virginia New York California 78

PYMNTS

APRIL 10, 2020

Marcus , the online-only consumer banking and lending arm of Goldman Sachs, offers personal loans with no late fees of up to $10,000, with rates ranging from 10.99 billion despite buying startups and building call centers in Utah and Texas, according to The Wall Street Journal.

Los Angeles 212

Los Angeles San Francisco New York City New York 212

Bank Innovation

SEPTEMBER 18, 2017

The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].

Utah 170

Utah Online Security FDIC 170

CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” The DOB indicated that such loans have interest rates greater than 90 percent.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

AUGUST 14, 2018

Changes may soon be coming to the Military Lending Act (MLA), a piece of legislation designed to prevent military service members from getting swept up in deceptive or unfair lending practices. The product causing concern on the auto lending side of things is gap insurance. New Lending Rules .

Lending 100

Lending Regulation Kentucky Utah 100

Payments Source

MARCH 1, 2021

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

Utah 133

Utah Industry Payments Company 133

PYMNTS

JULY 14, 2020

Utah-based FuturePay has consistently appeared in PYMNTS’ top 5 alternative credit apps, with its offer of flexible monthly payments for consumers and up-front settlement for merchants. Klarna also launched its new “Klarna: Swedish for smooother shopping” campaign in June.

Lending 130

Lending FDIC Minneapolis Utah 130

PYMNTS

DECEMBER 19, 2018

Square said it’s going to resubmit the necessary paperwork with state and federal regulators to start a bank in Utah, which could happen as soon as Wednesday (Dec. billion in cash advances and loans through Square Capital , its digital lending subsidiary. Square said it has already given out more than $3.5

San Francisco 165

San Francisco Utah Capital Cards 165

PYMNTS

SEPTEMBER 18, 2020

alternative lending platform FundingXchange secured $10 million in fresh investment led by Downing Ventures and Gresham House Ventures, while Hambledon Capital also participated, reports in Insider Media said. FundingXchange. Operating a platform that helps organizations manage their documents, eFileCabinet recently announced $11.5

San Jose 226

San Jose Capital Utah Operations 226

PYMNTS

FEBRUARY 6, 2020

5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes. At a Wednesday (Feb.

Utah 130

Utah National California Regulation 130

American Banker

SEPTEMBER 27, 2024

A recent deal with a gourmet cookie franchise highlights the business that Ogden-based TAB Bank has built lending to companies other banks shy away from.

Utah 57

Utah Lending Company Community Bank 57

PYMNTS

NOVEMBER 1, 2017

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

American Banker

JUNE 14, 2021

(..)

Utah 92

Utah Fintech Lending 92

PYMNTS

MAY 2, 2019

The lawsuit was filed in Utah and alleges “the defendants violated the Telemarketing Sales Rule (TSR) by requesting and receiving payment of prohibited upfront fees for their credit repair services.”. New World Consolidated Lending Corp., The CFPB filed a complaint against PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc.,

US 143

US Utah United States Lending 143

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

American Banker

MARCH 1, 2021

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

Utah 98

Utah Industry Payments Company 98

PYMNTS

JUNE 26, 2020

Utah-based FI Continental Bank is one such entity tapping cloud technology to bring more flexibility to its financial solutions as the pandemic makes seamless digital services more critical. The Tracker also analyzes how the use of cloud technology can help FIs stay on top of that shift. Developments Around the Cloud Banking World.

Meeting 227

Meeting Mobile Digital Banking Tools 227

PYMNTS

MAY 4, 2016

40 million | What Prosper paid to acquire medical-lending firm American Healthcare Lending LLC and personal-finance startup Billguard Inc. The dedicated medical bill facility in Utah has been shut down as part of latest reshuffle. The firm also racked up $26 million in losses. As of yet, Prosper has not turned a profit. $40

San Francisco 100

San Francisco Phoenix Utah Data 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

APRIL 17, 2018

The firm has deals in place with a Delaware bank to issue debit cards, as well as another agreement with a Georgia bank to deposit checks via photo and Utah-based banks for lending activities.

Delaware 101

Delaware Utah Georgia Retail 101

PYMNTS

MAY 4, 2016

The biggest individual cut will be a Utah office dedicated to lending for medical procedures, but 14 percent of Prosper’s San Francisco- and Phoenix-based workforce is also on its way out the door. According to Wall Street Journal reports, the online lender is shedding 28 percent of its staff and rearranging its executive team.

San Francisco 100

San Francisco Phoenix Lending Utah 100

American Banker

JULY 6, 2022

(..)

Utah 41

Utah Lending 41

PYMNTS

MARCH 30, 2017

At the peak is Summit Park, Utah, said Bloomberg of its Small Town Wealth Index. Beyond the concentration of real estate and income in the West, there is some dovetailing with business itself and the growth of business (which in turn may lend itself to the wealth effect). takes the spot. as a reading in the third quarter.

US 100

US United States Utah Regional 100

PYMNTS

JUNE 13, 2017

Officially SoFi is looking for an industrial loan charter under the name SoFi Bank in Utah. The services of the new SoFi bank will be pitched largely at SoFi’s current customers on the start-ups lending platform. SoFi has confirmed the news. The bank will offer no other products and services.”.

FDIC 100

FDIC Utah Millennials ATM 100

BankInovation

JANUARY 11, 2023

Sandy, Utah-based FinWise aims to use the Fusion Phoenix core banking solution from London-based Finastra to expand its retail and lending business through Finastra’s cloud-based solution, Keith Redding, chief revenue officer of universal banking at Finastra, told […].

Phoenix 52

Phoenix Utah Customer Experience Lending 52

CB Insights

NOVEMBER 6, 2019

Collectively, these startups have raised over $9.5B, with leading companies including lending startup Avant (Illinois, $655M in total disclosed equity funding), next-gen auto insurer Root Insurance (Ohio, $509M), restaurant finances management system Toast (Massachusetts, $503M), and small business lending startup Kabbage (Georgia, $490M).

United States 72

United States Fintech North Carolina Rhode Island 72

CB Insights

MARCH 13, 2019

Collectively, these startups have raised over $5B, with leading companies such as Butterfly Network (Connecticut, $350M in total disclosed equity funding), Welltok (Colorado, $339M), and InsideSales.com (Utah, $264M). See the full map below. We exclude funding from debt, loans, and lines of credit. Pennsylvania. Rhode Island. Washington.

United States 78

United States Rhode Island Massachusetts Connecticut 78

PYMNTS

OCTOBER 17, 2017

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. Square already has an SMB lending arm – Square Capital – which it operates through a deal with Utah-based Celtic Bank. That lending operation has been fairly successful for Square, and has lent out over $1.8

Industry 108

Industry Fintech FDIC Community Bank 108

CFPB Monitor

APRIL 7, 2020

Cottonwood operates approximately 340 retail lending outlets in Idaho, Illinois, Michigan, New Mexico, Texas, Utah, and Wisconsin under the name Cash Store. The CFPB announced that it has entered into a settlement with Cottonwood Financial, Ltd., The consent order requires Cottonwood to pay a civil money penalty of $1.1

Idaho 78

Idaho Wisconsin Utah New Mexico 78

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. A coalition of consumer advocacy groups raised similar concerns in a letter to the FDIC in February.

FDIC 78

FDIC California West Virginia North Carolina 78

PYMNTS

JUNE 28, 2019

The $1 million in Seed funding for India-based Recko will help the firm grow its payments reconciliation solution for companies in the banking, lending, insurance, eCommerce and telecom industries. Small business lending startup Lulalend is driving alternative finance growth in South Africa, and just announced $6.5 TripActions.

Capital 108

Capital Analytics San Francisco Lending 108

CFPB Monitor

JUNE 15, 2022

Specifically, SB 1235 defines a “provider” to include “a nondepository institution, which enters into a written agreement with a depository institution to arrange for the extension of commercial financing by the depository institution to a recipient via an online lending platform administered by the nondepository institution.”.

California 78

California Regulation CA Utah 78

CFPB Monitor

JULY 14, 2022

The other provision is Section 22324 which prohibits “contract[ing] for or “negotiat[ing] in this state for a loan to be made outside of the state for purpose of evading or avoiding” California lending law.

California 78

California Innovation Utah Texas 78

American Banker

FEBRUARY 26, 2016

The nation's largest marketplace lender announced changes Friday to its partnership with Utah-based WebBank. The revisions are designed to preserve Lending Club's ability to ignore state interest rate caps.

Lending 28

Lending Utah National Digital Banking 28

Bobsguide

FEBRUARY 22, 2022

The core transformation program, titled “FutureCore,” is divided into phases and Consumer Lending for the 7 affiliate banks is the first phase to go live, with other phases to follow. The completion of this consumer lending installation represents our first step toward having a fully integrated core loan and deposit system.

Software 78

Software Wyoming Idaho Lending 78

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