CFPB Monitor

AUGUST 17, 2021

A Utah federal district court recently ruled in two cases that the Petition Clause of the First Amendment of the U.S. In both cases, the defendants had initially filed lawsuits in Utah state court to collect the underlying debts. Constitution provides immunity to debt collectors from FDCPA claims. The two cases are Holmes v.

Utah 78

Utah Exercises Management Cards 78

CFPB Monitor

SEPTEMBER 19, 2022

A Utah federal district court has rejected the attemp t of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality of the CFPB’s funding mechanism. .

Utah 78

Utah Groups Community Report 78

CFPB Monitor

JANUARY 9, 2020

The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.

Utah 78

Utah South Carolina Tennessee Arizona 78

American Banker

OCTOBER 27, 2023

Umpqua Bank introduces retail banking in Utah, Kansas City CUSO partners with New York gift-card firm, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.

Utah 41

Utah Kansas City Kansas Retail 41

Payments Dive

APRIL 13, 2023

The Bitcoin Depot ATMs will be installed in every state where the convenience chain operates — Idaho, Nevada, Oregon, Utah, California, Washington and Arizona.

ATM 195

ATM Bitcoin Idaho Nevada 195

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

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

MARCH 19, 2020

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). The headquarters will be in Salt Lake City, Utah.

FDIC 276

FDIC Utah San Francisco Capital 276

CFPB Monitor

JULY 19, 2022

Represented by a team of Ballard Spahr attorneys, a seller of consumer products recently defeated the plaintiffs’ motion to certify a class in their lawsuit filed in Utah federal district court alleging violations of the Telephone Consumer Protection Act (TCPA) by the seller and another defendant.

Utah 78

Utah Meeting National System 78

American Banker

SEPTEMBER 5, 2024

First Electronic Bank is using technology from Spring Labs to analyze its fintech partners' customer communications and identify problems.

Utah 87

Utah Fintech Technology 87

Jeff For Banks

MARCH 29, 2013

Just this month I taught Bank Profitability at the Utah Bankers'' Association Executive Development Program. Utah, home of the Industrial Bank, is the epicenter of niche banking. And yes, why can''t we learn from the 31 active Industrial Banks from Utah? On top of the list was a niche bank, BofI Holdings, Inc. What do you think?

Utah 84

Utah Strategy North Carolina Risk Management 84

American Banker

JANUARY 4, 2024

One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.

FDIC 72

FDIC Utah Community Bank Community 72

BankInovation

MAY 29, 2024

The Logan, Utah-based bank will use the tech provider’s core banking platform, Fusion Phoenix, and its mobile banking platform, Fusion Digital Banking, for commercial and retail banking clients, according to a May 16 release from Finastra. Cache Valley Bank has selected fintech Finastra for its core banking and digital banking offerings.

Digital Banking 77

Digital Banking Phoenix Utah Retail 77

PYMNTS

DECEMBER 29, 2020

Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., In Utah, Korkmaz worked with Jacob and Isaiah Kingston, brothers and executives of a Salt Lake City-based biodiesel company.

Taxes 167

Taxes Fraud Utah US 167

Bank Innovation

JUNE 30, 2017

That’s more of a challenge, according to this Utah County couple who tried paying for life’s necessities only in bitcoin. Investing in bitcoin is easy. Buying a tank of gas with bitcoin…uh.

Bitcoin 268

Bitcoin Video Utah Austin 268

PYMNTS

JULY 19, 2020

Utah officials estimate that new vehicle-to-everything, or V2X, technology could reduce the severity of traffic crashes by 80 percent, the Wall Street Journal (WSJ) reports. Motor vehicle crashes claimed the lives of around 36,120 people in 2019, WSJ reported, and the V2X technology has been touted as a possibility for reducing that number.

Utah 159

Utah Technology America Report 159

CFPB Monitor

DECEMBER 9, 2022

In a notice of “ Intent to Make Preemption Determination under the Truth in Lending Act (Regulation Z) ,” the CFPB announced that it is seeking comments on its preliminary determinations that the Truth in Lending Act (TILA) does not.

Lending 147

Lending New York Utah Virginia 147

American Banker

APRIL 25, 2024

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

Utah 63

Utah FDIC Regulation Community Bank 63

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

CFPB Monitor

JUNE 13, 2023

In May 2019, the CFPB filed a complaint in Utah federal district court against a group of related credit repair companies for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). .

Utah 88

Utah Company Groups 88

CFPB Monitor

AUGUST 31, 2023

The CFPB announced this week that it has entered into a proposed settlement of a lawsuit it filed in 2019 in Utah federal district court against a group of defendants who constitute the largest credit repair organizations in the United States.

Utah 78

Utah United States Groups Marketing 78

PYMNTS

MARCH 11, 2020

OppLoans, for example, partners with a Utah bank and charges an average of 199 percent, according to its website. Utah has no caps on interest rates. “A OppLoans and its Utah partner FinWise Bank have a rent-a-bank partnership that gives it the freedom to avoid caps in numerous states.

Lending 145

Lending Regulation South Dakota Utah 145

American Banker

MAY 6, 2024

Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.

Utah 28

Utah Community Bank Community Capital 28

CFPB Monitor

APRIL 27, 2023

We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. . We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. Continue Reading

District of Columbia 78

District of Columbia Wyoming Utah New York 78

PYMNTS

MAY 19, 2020

The FTC alleged the Utah-based company operated deceptive trial memberships and bogus government grant and money-making schemes in 2010. A federal jury in Utah convicted Johnson and Ryan Riddle of making false statements to a bank on multiple I Works merchant account applications.

Online 179

Online Utah Cards Operations 179

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. Rakuten has about 13 million active users who earn rewards for purchasing products from participating merchants. .

Fintech 192

Fintech Utah US FDIC 192

American Banker

JULY 13, 2016

The company has reportedly been in discussions with Utah… The Wall Street Journal published a lengthy profile Tuesday of online lender Social Finance, which has made $10 billion in loans, including student loans, since 2011.

Utah 28

Utah Fintech Online Report 28

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

American Banker

JANUARY 10, 2017

People's Utah Bancorp in American Fork has its next chief financial officer waiting in the wings a year in advance.

Utah 28

Utah CA Community Bank Community 28

Payments Source

JULY 3, 2019

Utah this week became the third state to let companies test cutting-edge financial products without fear of violating licensing and other regulations.

Utah 89

Utah Regulation Company Wyoming 89

American Banker

OCTOBER 2, 2024

Smith, chief technology and operations officer at the Utah Bank, shares some of the lessons learned from a recently completed core system replacement.

Utah 28

Utah System Operations Technology 28

BankInovation

JULY 22, 2021

Saying that Tab Bank, a fully digital bank headquartered in Ogden, Utah, began as a modest operation, would be an understatement. Established in 1998, the financial institution was started through an affiliation with a truck stop chain, where truckers could go to fax bills of lading documents to the bank for cards used to pay […].

Utah 98

Utah Digital Banking Cards Operations 98

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

PYMNTS

DECEMBER 16, 2020

In addition to Texas, states involved in the suit include Arkansas, Idaho, Indiana, Kentucky, Mississippi, Missouri, North Dakota, South Dakota and Utah, WSJ reported. “This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer,” Paxton's office said in a tweet Wednesday (Dec.

Google 297

Google South Dakota North Dakota Mississippi 297

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

CFPB Monitor

JULY 2, 2019

Utah is now taking applications for its new regulatory sandbox program. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. In this podcast, we interview Rep.

Utah 60

Utah Regulation Fintech 60

CFPB Monitor

JUNE 11, 2019

Utah Governor Gary Herbert signed H.B. The sponsor of Utah’s legislation, Rep. ” Utah’s regulatory sandbox, which is effective as of May 13, is similar in many respects to Arizona’s sandbox, which began accepting applications in August 2018 and now has six participants. 378 , Regulatory Sandbox, into law on March 25, 2019.

Utah 60

Utah Arizona Innovation Regulation 60