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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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GPS Capital Markets For Sale, Sources Say

PYMNTS

Corporate foreign exchange brokerage GPS Capital Markets is reportedly up for sale, unnamed sources told PE Hub. As of last year, the company employed 63 people, reports said, citing Utah Business data. As of last year, the company employed 63 people, reports said, citing Utah Business data.

Capital 108
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CFPB announces settlement with nation’s largest credit repair organizations

CFPB Monitor

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
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Google Faces Lawsuit From Multiple States Over Digital Ad Tactics

PYMNTS

“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. In addition to Texas, states involved in the suit include Arkansas, Idaho, Indiana, Kentucky, Mississippi, Missouri, North Dakota, South Dakota and Utah, WSJ reported.

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Revolut Likely To Apply For US Bank Charter

PYMNTS

The nature of the market for FinTech startups breaking into the larger U.S. market for financial institutions is fragmented, with the most successful coming from ones like Chime and Current, which partnered with existing banks in order to make their offerings. Revolut has seen losses tripling as recently as August, with $139.6

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California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

CFPB Monitor

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans. LoanMart holds a CFL license.

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Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business

PYMNTS

Our office continues to aggressively monitor this market to protect fair competition for consumers, authors, and other eBook retailers,” Mr. Tong said in a statement, per WSJ. Amazon had a 76 percent market share of all eBooks sold in the U.S. in September, according to Codex Group data, per the WSJ.

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