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Big Tech Compliance Tracker: Tencent Says Big Tech Needs Greater Oversight; Group Seeks To Block Maryland Online Ad Tax

PYMNTS

Group Seeks to Block Maryland Online Advertising Tax. Marylanders for Tax Fairness is preparing for a battle in January over the state’s attempt to make a digital advertising tax, the Baltimore Sun reported. Maryland legislators ratified the tax earlier in 2020, but Gov. Larry Hogan vetoed the levy. Larry Hogan vetoed the levy.

Maryland 151
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Another Maryland threat to bank partner model lending

CFPB Monitor

A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders. Atlanticus/Fortiva performs all of the collections, servicing, payment and remittance operations in connection with the accounts.

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Buying into AML risks in real estate

Abrigo

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. The real estate market is enticing to more than just new homeowners or investors. Real estate market AML risks Real estate is a proven, traditional, and well-established marketplace.

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NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

The first CFPB enforcement action under former Acting Director Mulvaney’s leadership was also filed against a pension advance company and alleged that the company made predatory loans to consumers that were falsely marketed as asset purchases. Maryland Office of the Commissioner for Financial Regulation.

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OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

CFPB Monitor

Given such continuing threats, non-bank participants would be well-advised to revisit their vulnerability to “true lender” challenges and their compliance with state licensing laws. Maryland, New York, North Carolina, Ohio, Pennsylvania, West Virginia, and Colorado. The DFPI is not alone in asserting a “true lender” claim.

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California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

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
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How to create a seamless core conversion

Independent Banker

The CEO, CFO, chief lender, chief compliance officer, operation lead, head tellers, branch managers and HR manager of the $330 million-asset community bank participated. Megan Copeland, director of marketing for IBT Apps in Cedar Park, Texas, emphasizes the importance of the core processor trainers working side by side with bank employees.

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