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

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

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued final 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. .

California 78

California Regulation CA Utah 78

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

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

PYMNTS

OCTOBER 12, 2020

Square's offering, by contrast, will be an industrial-loan company, supervised by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. Revolut has seen losses tripling as recently as August, with $139.6

San Francisco 268

San Francisco Wyoming US Utah 268

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

CFPB Monitor

NOVEMBER 16, 2020

ACFIN is a network of federal and state regulators that may include state attorneys general, state financial regulators, and federal financial regulators. The CFPB’s announcement invites innovators to request a meeting and describe the topic(s) they would like to discuss during their virtual session.

Colorado 78

Colorado South Carolina Tennessee Utah 78

CFPB Monitor

DECEMBER 21, 2021

LoanMart was the subject of an investigation launched in September 2020 in which the DFPI (then still named the Department of Business Oversight) was investigating whether LoanMart, through its partnership with a Utah bank, was evading the interest rate cap in the Fair Access to Credit Act (FACA).

California 78

California Utah FDIC Regulation 78

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

PYMNTS

FEBRUARY 6, 2020

Lauren Saunders, who serves as associate director of the National Consumer Law Center, said state-regulated lenders “lauder their loans up to 160 percent annual percentage rates through banks in order to evade state interest rate caps. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes.

Utah 130

Utah National California Regulation 130

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 Regulation Innovation 60

CFPB Monitor

FEBRUARY 16, 2022

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 state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

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

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

PYMNTS

OCTOBER 16, 2020

The states leading the probe include Arizona, Colorado, Iowa, Nebraska, New York, North Carolina, Tennessee and Utah. Facebook, Apple and Amazon have faced backlash from lawmakers and regulators around the globe. The probe, which began in 2019, is intended to uncover whether the tech giant is engaged in illegal antitrust practices.

Google 151

Google North Carolina Nebraska Iowa 151

PYMNTS

DECEMBER 19, 2018

Square said it’s going to resubmit the necessary paperwork with state and federal regulators to start a bank in Utah, which could happen as soon as Wednesday (Dec. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues.

San Francisco 165

San Francisco Utah Capital Regulation 165

CFPB Monitor

MAY 4, 2022

The CTDPA follows the form and content of other privacy laws passed in the prior year, including the Colorado Privacy Act (CPA), Virginia Consumer Data Protection Act (VCDPA), and Utah Privacy Act (UPA). California, of course, passed the California Consumer Privacy Rights Act (CPRA) via ballot initiative in 2020. Biometrics. Conclusion.

Connecticut 148

Connecticut Utah Colorado California 148

American Banker

MARCH 16, 2023

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Utah 69

Utah FDIC Compliance Regulation 69

PYMNTS

NOVEMBER 23, 2020

The states involved include Colorado, Iowa, Nebraska, New York, North Carolina, Tennessee, and Utah, according to Reuters. The group is sometimes referred to as the Colorado/Nebraska group and has said it could combine its case with the larger one from the The Department of Justice (DOJ).

Google 223

Google Nebraska Colorado North Carolina 223

PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108

PYMNTS

NOVEMBER 1, 2017

Usury laws regulate how much interest can be charged on a loan. State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.

Massachusetts 128

Massachusetts Utah National Regulation 128

American Banker

MARCH 19, 2020

Utah bank is expected to launch next year; banks want to hold off regulations that would hamper efforts to keep money flowing during virus crisis.

Utah 41

Utah Regulation 41

PYMNTS

JANUARY 14, 2021

Google is also being investigated by attorneys general from several states, including California, Arizona, Colorado, Iowa, Nebraska, New York, North Carolina, Tennessee and Utah. The tech giant is also being probed by China.

eBook 174

eBook Connecticut North Carolina Nebraska 174

American Banker

MAY 4, 2023

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Utah 52

Utah Community Bank Community Compliance 52

CFPB Monitor

MARCH 15, 2022

The OCC’s attempt to provide a clear bright line test for determining when a bank is the “true lender” in a bank-model program through a regulation was overturned by Congress under the Congressional Review Act.) In addition to “true lender” threats, non-bank participants in bank-model programs will continue to face state licensing threats.

California 78

California Innovation Utah West Virginia 78

PYMNTS

SEPTEMBER 19, 2019

Warner, the vice chairman of the Senate Intelligence Committee, has been vocal in his support of regulating Big Tech. and Senate Judiciary Antitrust Chairman Mike Lee (R-Utah). Zuckerberg is also planning to meet with House Intelligence Chairman Adam Schiff (D-Calif.)

DC 118

DC Puerto Rico District of Columbia social media 118

BankInovation

JULY 2, 2021

Federal Reserve Vice Chair for Supervision Randal Quarles’ to the Utah Bankers Association Convention this week, in which he compared central bank digital currency (CBDC) to the ill-conceived parachute pants of the 1980s. This week, Bank Automation News discusses comments made by U.S.

Utah 59

Utah Compliance Regulation 59

Jeff For Banks

MARCH 15, 2014

This week I did my annual tour of the West, teaching Bank Profitability in the Executive Development Program for the Washington, Oregon, and Utah Bankers'' Associations. Regulations : Here is where I think future and existing executives would agree. Look at how regulators impact mortgage financing.

Industry 115

Industry Oregon Utah Washington 115

American Banker

SEPTEMBER 3, 2020

The state's financial regulator sent a subpoena to an auto-title lender seeking information about its partnership with a Utah bank, marking the first public disclosure of an investigation into efforts to evade a 2019 law capping interest rates on many consumer loans.

California 34

California Utah Regulation Community Bank 34

CFPB Monitor

JANUARY 24, 2022

as a full service national bank headquartered in Cottonwood Heights, Utah. The OCC announced this week that it has conditionally approved applications from Social Finance Inc. SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), The OCC’s press release indicates that as part of the transaction, SoFi Bank, N.A.

National 78

National Fintech Company FDIC 78

The Paypers

MARCH 20, 2020

US-based digital payments company Square has received the approval from federal and state regulators to open a bank in Utah, United States.

Utah 28

Utah US United States Regulation 28

CFPB Monitor

MAY 16, 2019

Under current regulations, private equity firms are ineligible to register as bank holding companies because they are control companies that are engaged in impermissible activities. The proposal’s comment period closes on July 15, 2019.

Utah 68

Utah Fintech New York National 68

CFPB Monitor

AUGUST 31, 2021

Schools regulated by the Division of Private Occupational Schools received notice of this interpretation on Friday. A number of depository institutions are completely exempt from the Student Loan Equity Act: state and federally chartered banks, credit unions, and Utah industrial banks.

Colorado 78

Colorado Utah California Regulation 78

PYMNTS

APRIL 7, 2017

The loans will be issued by WebBank out of Utah and later purchased by Upgrade. A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees,” Hans Morris, the newly named executive chairman, said in a statement said at the time.

Online 100

Online San Francisco Utah Lending 100

PYMNTS

JULY 13, 2016

The Wall Street Journal reported on Tuesday (July 12) that the online lender, commonly known as SoFi, with $10 billion in student loans and mortgages across its books, may be forced to don more traditional financial services garb as the online lending sector is buffeted about by negative headlines and looming regulations.

Utah 100

Utah Lending Online Strategy 100

CFPB Monitor

OCTOBER 2, 2019

It also announced the creation of the American Financial Innovation Network (AFIN), a network of federal and state regulators to facilitate innovation, and issued its first NAL under the final revised policy. Companies with an approval can contact the Bureau to try to resolve potential issues with other regulators.

Policies 60

Policies Innovation South Carolina Indiana 60