article thumbnail

Earned Wage Access Products Are Not Loans, According to the AG of Montana

CFPB Monitor

On December 22, 2023, the Attorney General of Montana released an opinion (the “Opinion”) concluding that certain earned wage access (EWA) products are not “consumer loans” or “deferred deposit loans” under Montana law and do not, therefore, require licensure by the Montana Division of Banking and Financial Institutions.

Montana 78
article thumbnail

African FinTech Payment Startup Chipper Cash Woos Investors, Including Joe Montana

PYMNTS

The funding round was led by Deciens Capital and joined by 500 Startups and Liquid 2 Ventures, which was co-founded by legendary former 49ers quarterback Joe Montana. Chipper Cash Chief Executive Ham Serunjogi went to Montana directly to pitch the company to him. “He He said having Montana as an investor adds value.

Montana 116
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Montana Supreme Court rules healthcare provider’s use of prepaid cards to make refunds did not violate state law

CFPB Monitor

The Montana Supreme Court, in Bratton v. has ruled that a health care provider’s use of prepaid cards to make refunds to patients did not violate Montana law. In affirming the district court’s grant of summary judgment to SCL, the Montana Supreme Court concluded: Transfer of obligation to make refunds.

Montana 78
article thumbnail

Park Side Credit Union Offers Kasasa Brand Products In NW Montana

BankDeals

Park Side Credit Union currently offers its competitive Kasasa Cash, Kasasa Cash Bank, and Kasasa Saver accounts in eleven northwest Montana counties.

Montana 52
article thumbnail

Defendant files answer brief, trade groups file amicus brief in Montana lawsuit challenging healthcare provider’s use of prepaid cards to make refunds

CFPB Monitor

an appeal now pending before the Montana Supreme Court involving a challenge to the defendant’s use of prepaid cards to make refunds to the plaintiff. In addition, the Montana Bankers Association, the American Bankers Association, and the Consumer Bankers Association filed an amicus brief in support of the defendant.

Montana 78
article thumbnail

Montana Supreme Court to decide if healthcare provider’s use of prepaid cards to make refunds violated state law

CFPB Monitor

An appeal now pending before the Montana Supreme Court could have significance for businesses that use prepaid cards to make refunds to customers. The plaintiff claimed that SLC violated Montana law by transferring to the bank its obligation to refund the credit balances on her account to the bank without her consent. In Bratton v.

Montana 60
article thumbnail

Market Commentary: Week of May 9, 2022

SWBC's LenderHub

Back in an era for the NFL where defensive players could do just about anything they wanted, a 275-pound freight train by the name of Leonard Marshall drove his helmet straight into the back of 49er quarterback Joe Montana. Montana could barely walk as he was helped off the field.

Montana 146