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Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license

CFPB Monitor

The Order also directs SoLo to stop enforcing loans made to Connecticut residents and make restitution of any amounts it obtained in connection with such loans together with interest. Some Connecticut borrowers were assessed a late fee equal to 15% of the principal loan amount, which was generally split equally between the lender and SoLo.

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Varo Achieves Milestone AsĀ First Consumer FinTech To Get National Charter

PYMNTS

On Friday (July 31), the Office of the Comptroller of the Currency (OCC) announced Varo Bank has been granted its full-service national bank charter. Department of the Treasury that charters and regulates financial institutions. Varo is the first consumer FinTech to receive a new national bank charter from the U.S. million.

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Connecticut Banking Dept. takes no-action position on new demographic data reporting requirement for sales finance companies

CFPB Monitor

A licensee is required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. of Regulation B] and (b)(2) of this section [authorizing only an optional request to designate a title on an application form such as Ms., Miss, Mr. or Mrs.]). .

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Buying into AML risks in real estate

Abrigo

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue. In 2017, over 5.51

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Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

CFPB Monitor

A licensee will be required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. of Regulation B] and (b)(2) of this section [authorizing only an optional request to designate a title on an application form such as Ms., See 12 C.F.R.

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Regulators Want Answers From Uber Over Hidden Hack

PYMNTS

Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driverā€™s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., s National Cyber Security Centre to determine how large the breach was and how many people in the U.K.

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Update on state small business commercial financing disclosure laws

CFPB Monitor

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the stateā€™s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.