CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

JULY 18, 2023

The Consumer Financial Protection Bureau, the California Department of Financial Protection and Innovation (CA DFPI), and ten state Attorneys General have filed a lawsuit against Prehired, LLC (Prehired) and two related companies, Prehired Recruiting, LLC and Prehired Accelerator, LLC, alleging that the companies violated the Consumer Financial Protection (..)

CA 78

CA Company California Lending 78

PYMNTS

SEPTEMBER 29, 2020

Credit unions of various sizes were eager to roll out credit card innovation plans before the COVID-19 pandemic’s onset. These expectations also drove CU executives’ innovation agendas, with 91 percent voicing serious interest in developing card product innovations. Credit Innovation Planning Reset .

San Diego 141

San Diego Innovation Cards California 141

PYMNTS

APRIL 16, 2020

three California technology companies, all wanted a piece of the federal government’s $350 billion loan program, which was designed to keep businesses in the black during the COVID-19 pandemic. . It didn’t help that the SBA’s online loan platform couldn’t handle the lending software the companies used. PayPal Holdings Inc.,

Fintech 160

Fintech Lending Software Training 160

Bank Innovation

MARCH 16, 2016

Lenny is meant for mobile (of course) and launched today in California. Millennials hate credit — but a new service called Lenny is out to change that. It will reach Texas, Florida and New York in the next 10 to 12 months, according to the company, which claims that, in less than three Read More.

Millennials 150

Millennials Mobile Florida Lending 150

PYMNTS

MARCH 17, 2017

But on the second day of Innovation Project 2017, eyes were beyond Beantown and cast toward the world at large. Lending, Lending Everywhere, With Quite a Lot to Think. That includes lending, and, in one panel discussion, loans themselves came under the microscope. It’s a big problem. Pot Shots in Payments.

Innovation 103

Innovation Lending Boston Security 103

PYMNTS

SEPTEMBER 25, 2020

The grants are part of the San Jose, California-based worldwide online payments system’s $530 million pledge made earlier this year to strengthen minority communities and fight for economic equality and racial justice. PayPal Holdings Inc. provided $5 million in grants to support Black-owned businesses in the U.S.

San Jose 261

San Jose Baltimore Nebraska Community 261

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed 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.

CA 78

CA Regulation California New York 78

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. In one example, she said Elevate Credit had said it would sidestep California laws that would cap interest rates on loans larger than $2,500. At a Wednesday (Feb.

Utah 130

Utah National California Regulation 130

Jeff For Banks

FEBRUARY 2, 2013

So why do FIs opt for the sideline in participating more fully in innovation? Better to innovate and go out swinging, than to remain mired in the past and go out with a whimper. Take Silicon Valley Bank in Santa Clara, California. But innovation need not start in northern California. But we can''t deny it''s true.

Innovation 93

Innovation Marketing Capital California 93

PYMNTS

NOVEMBER 25, 2019

PYMNTS’ Credit Union Innovation Index found that 65 percent of such members chose their CUs because they trusted them, for example, with 60.8 currently serve the cannabis industry, with the number of FIs lending in the space increasing by 61 percent year over year. A California Credit Union Keeps its Marketing Efforts Trusted and SAFE.

Alaska 154

Alaska Hawaii California Analytics 154

PYMNTS

AUGUST 14, 2020

Investments ranged across geographies and industries, but the biggest highlights landed on trade financing and early wage access innovators, as startups bolster their value by supporting small businesses’ and employees’ financial recovery. Lending-as-a-service technology company Blend has secured a nearly $1.7

California 163

California Capital Fintech Security 163

PYMNTS

JANUARY 7, 2021

When I look at FinTechs-versus-financial services, the reality is the competition that those two marketplaces generate actually generate innovative partnerships between themselves that create that bridge to progress," he said. In a statement, Satago CEO Sinead McHale pointed to the value of bank-FinTech collaboration for SMBs.

Strategy 196

Strategy Fintech California Community 196

PYMNTS

AUGUST 16, 2019

Small business finserv was a popular target this week, with startups securing funding for their SMB banking, lending and accounting tools. The Series C investment will help the California company focus on growth and product innovation to fuel development of its enterprise data warehousing solution. Lendingkart.

Fintech 179

Fintech Analytics Capital Lending 179

PYMNTS

MAY 11, 2018

With more than $175 million raised for B2B startups this week, the undoubted winner was a California-based artificial intelligence data analytics company – a sign, the firm noted, of the enterprise’s increasing reliance on AI. Alternative Lending. Check out the latest investment rounds below. CCRManager. Artificial Intelligence.

Analytics 109

Analytics blockchain California Lending 109

PYMNTS

JULY 30, 2020

“These are unprecedented times, and retailers are looking for innovative solutions to support their customers…” . In January, Sezzle was denied a crucial lending license from California. In January, Sezzle was denied a crucial lending license from California. The company offers U.S.

Minneapolis 145

Minneapolis Leadership Strategy California 145

PYMNTS

SEPTEMBER 28, 2020

We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner and employer.”. The financing is in addition to the liquidity provided by the $900 million asset-based lending led by Bank of America and a group of commercial banks.

San Francisco 139

San Francisco New York City Houston Dallas 139

PYMNTS

OCTOBER 4, 2019

An Egyptian firm landed the MENA region’s largest-ever seed round, a California company proved U.S.-based based alternative small business lending isn’t dead with investors and an India startup landed more than half a billion dollars. See all of the latest B2B fundraises below. ForwardLine Financial.

Capital 128

Capital Lending California Regional 128

PYMNTS

AUGUST 27, 2019

According to PYMNTS’ Credit Union Innovation Index , 65 percent of CU members said they chose a CU as their primary financial institution (FI) because they trusted it, as opposed to 45 percent of non-CU members who said the same. How California Coast Credit Union is Transforming in the Digital Age. billion in assets.

Data 122

Data Report Los Angeles California 122

CFPB Monitor

OCTOBER 11, 2018

At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. Paul Watkins, recently named by CFPB Acting Director Mulvaney to serve as Director of the Bureau’s Office of Innovation , was also a speaker at the summit. A third summit speaker was Maria Vullo, DFS Superintendent.

Policies 60

Policies Lending Data Online 60

Bank Innovation

DECEMBER 8, 2017

Other investors include California-based investment firms Accel and TCV, both of whom […]. EXCLUSIVE- Emerging markets-focused money transfer app WorldRemit has raised another round of funding, bringing the total amount to $220 million.

California 249

California Marketing Capital Online 249

PYMNTS

APRIL 19, 2019

The B2B FinTech space saw its fair share of venture capital, too, with investors targeting spend management, alternative small business lending, workforce management and enterprise crypto services — plus, some news of a few more investment rounds likely on the horizon.

Capital 174

Capital Lending Cards cryptocurrency 174

Bank Innovation

AUGUST 25, 2017

The funding round was led by Menlo Park, California-based venture capital firm Greylock Partners. Digital mortgage technology startup, Blend, raised $100 million in a Series D round, bringing its total funding to $166 million, the company said Thursday. Based in San Francisco, Blend was established […].

San Francisco 225

San Francisco Technology California Capital 225

Independent Banker

JULY 31, 2022

While many banks are utilizing technology and trying to be innovative, they are doing so on an existing legacy structure that is too expensive, painful and ingrained in their culture to change.”. He began his career in the securities business and specializes in commercial banking, real estate lending and treasury. Filling a need.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

JULY 24, 2019

Maxine Waters of California said the merger, the largest in the sector since the financial crisis, may be “too big to manage.”. billion for small business lending. In a congressional hearing on the proposed merger of SunTrust and BB&T, size was in focus. In remarks to the committee, SunTrust CEO William Rogers Jr.

Community 130

Community Massachusetts United States California 130

PYMNTS

APRIL 25, 2017

Some are concerned the OCC is hurting innovation, while others think it’s overstepping its limits. Among the states that have issue with it are New York, Florida, Ohio and California. While the OCC thought the rule would elicit little backlash, it has actually prompted a ton of objections from different parties.

Fintech 109

Fintech Ohio Florida Oregon 109

PYMNTS

MARCH 8, 2019

California’s Betterworks announced an addition to its Series B investment round to the tune of $27 million (bringing the total round up to $51 million), with Emergency Capital and Kleiner Perkins leading both Series B rounds, according to a press release. Betterworks.

Fintech 181

Fintech Software Capital Lending 181

PYMNTS

JULY 20, 2018

million with B2B startups this past week, and while investment targets were diverse (including B2B eCommerce and small business lending), the bulk of the funding landed at companies focused on enhancing businesses’ ability to assess their performance. Investors placed more than $136.5 OfBusiness.

Analytics 105

Analytics Capital Tools California 105

PYMNTS

NOVEMBER 2, 2018

Targeting small and medium-sized businesses with its asset-based lending solution, The Credit Junction revealed a $23 million equity investment from Century Equity Partners this week. INDUS said it will move forward with the new capital to focus on expansion and expand its staff. Cloud Elements.

Fintech 188

Fintech Capital Security Fraud 188

CB Insights

MARCH 13, 2019

In 2018, the top 3 states for AI deals were California (48% of deals), New York (12%), and Massachusetts (9%), though investors have bet on AI startups across the country. The California-based startup is developing autonomous vehicles, with a focus on last-mile delivery. California. The Innovation Scout. Info Assembly.

United States 78

United States Rhode Island Massachusetts Connecticut 78

BankInovation

JULY 17, 2020

We’ve done a lot of trips to Northern California, Southern California, […]. “The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development.

Utah 83

Utah New York City Fintech California 83

American Banker

JUNE 20, 2023

California regulators are suggesting that programs that allow workers fee-free access to their earnings between pay periods should be treated as loan products. That's wrong and short-sighted.

California 57

California Regulation Lending Innovation 57

PYMNTS

SEPTEMBER 23, 2020

and Nano Banc, a relationship-based bank headquartered in Irvine, California, are among the first FIS clients to use the service. Merchants must constantly innovate their payment experiences to keep up with how consumers expect to be able to shop and pay, regardless of their customers’ preferred channels,” the report said.

St. Louis 130

St. Louis Jacksonville Florida California 130

PYMNTS

APRIL 28, 2017

Venture Capital Practice National Co-Lead Partner, and Co-Leader of its Enterprise Innovative Startups Network, Brian Hughes, investors across the world also had a clear vision for where they wanted to see their money go. According to KPMG’s U.S. Reports this week said the company raised $5 million from U.S.

Fintech 192

Fintech San Francisco Capital Software 192

Bank Innovation

MARCH 22, 2016

The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant. Online marketplace lender Avant Inc. will now offer direct-to-consumer auto refinance loans, the company announced today.

Illinois 150

Illinois Georgia California National 150

FICO

JULY 15, 2022

The lending and financial services industry can provide that social good, as long as it's done in a way that is both responsible and fair. While the introduction of credit scoring technology introduced by FICO in the late 50's changed lending forever; it’s worth exploring what it takes to make a social impact today. Sally Taylor.

Analytics 52

Analytics Data Lending Innovation 52

CFPB Monitor

APRIL 19, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah United States 78