X gains money transmitter approval in Utah
Payments Dive
JANUARY 17, 2024
X has been collecting money transmitter approvals in recent months to launch peer-to-peer payments in the app.
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Payments Dive
JANUARY 17, 2024
X has been collecting money transmitter approvals in recent months to launch peer-to-peer payments in the app.
CFPB Monitor
MARCH 8, 2022
Following the lead of California, Colorado, and Virginia, Utah is set to become the fourth state to pass a comprehensive privacy law. As of March 4, the Utah Consumer Privacy Act ( SB 227 ) cleared both houses of the Utah legislature. If signed, the law will go into effect December 31, 2023.
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BankInovation
JULY 17, 2020
Fintechs looking to expand beyond their Bay Area or New York City headquarters have welcomed an unlikely visitor in recent years: Utah Gov. The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development. Gary Herbert. “The
CFPB Monitor
MARCH 4, 2020
Former CFPB Senior Counsel for Enforcement Strategy Chris Peterson, who is currently a Professor at the University of Utah S.J. Quinney College of Law, has announced his candidacy for Utah Governor. Chris also currently serves as the Financial Services Director and Senior Fellow of the Consumer Federation of America.
CFPB Monitor
APRIL 25, 2022
Utah and Virginia recently became the first two states to require the registration of providers of merchant cash advances. The new laws also include disclosure requirements. Although laws requiring disclosures for merchant cash advances already exist in California and New York , those laws have not yet become effective.).
CFPB Monitor
MARCH 29, 2023
The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York , California , Utah, and Virginia. The determination will be effective on the date it is published in the Federal Register.
American Banker
OCTOBER 27, 2023
Umpqua Bank introduces retail banking in Utah, Kansas City CUSO partners with New York gift-card firm, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.
CFPB Monitor
AUGUST 17, 2021
A Utah federal district court recently ruled in two cases that the Petition Clause of the First Amendment of the U.S. In both cases, the defendants had initially filed lawsuits in Utah state court to collect the underlying debts. Constitution provides immunity to debt collectors from FDCPA claims. The two cases are Holmes v.
CFPB Monitor
JANUARY 9, 2020
The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.
CFPB Monitor
SEPTEMBER 10, 2020
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.
CFPB Monitor
JULY 19, 2022
Represented by a team of Ballard Spahr attorneys, a seller of consumer products recently defeated the plaintiffs’ motion to certify a class in their lawsuit filed in Utah federal district court alleging violations of the Telephone Consumer Protection Act (TCPA) by the seller and another defendant.
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.
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.
Jeff For Banks
MARCH 29, 2013
Just this month I taught Bank Profitability at the Utah Bankers'' Association Executive Development Program. Utah, home of the Industrial Bank, is the epicenter of niche banking. And yes, why can''t we learn from the 31 active Industrial Banks from Utah? On top of the list was a niche bank, BofI Holdings, Inc. What do you think?
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.
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.
Bank Innovation
JUNE 30, 2017
That’s more of a challenge, according to this Utah County couple who tried paying for life’s necessities only in bitcoin. Investing in bitcoin is easy. Buying a tank of gas with bitcoin…uh.
PYMNTS
JULY 19, 2020
Utah officials estimate that new vehicle-to-everything, or V2X, technology could reduce the severity of traffic crashes by 80 percent, the Wall Street Journal (WSJ) reports. Motor vehicle crashes claimed the lives of around 36,120 people in 2019, WSJ reported, and the V2X technology has been touted as a possibility for reducing that number.
CFPB Monitor
AUGUST 31, 2023
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.
CFPB Monitor
JUNE 13, 2023
In May 2019, the CFPB filed a complaint in Utah federal district court against a group of related credit repair companies for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). .
CFPB Monitor
APRIL 27, 2023
We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. . We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. Continue Reading
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.
PYMNTS
MARCH 11, 2020
OppLoans, for example, partners with a Utah bank and charges an average of 199 percent, according to its website. Utah has no caps on interest rates. “A OppLoans and its Utah partner FinWise Bank have a rent-a-bank partnership that gives it the freedom to avoid caps in numerous states.
PYMNTS
MAY 19, 2020
The FTC alleged the Utah-based company operated deceptive trial memberships and bogus government grant and money-making schemes in 2010. A federal jury in Utah convicted Johnson and Ryan Riddle of making false statements to a bank on multiple I Works merchant account applications.
PYMNTS
JULY 26, 2019
FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. Rakuten has about 13 million active users who earn rewards for purchasing products from participating merchants. .
BankInovation
JULY 22, 2021
Saying that Tab Bank, a fully digital bank headquartered in Ogden, Utah, began as a modest operation, would be an understatement. Established in 1998, the financial institution was started through an affiliation with a truck stop chain, where truckers could go to fax bills of lading documents to the bank for cards used to pay […].
PYMNTS
DECEMBER 16, 2020
In addition to Texas, states involved in the suit include Arkansas, Idaho, Indiana, Kentucky, Mississippi, Missouri, North Dakota, South Dakota and Utah, WSJ reported. “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.
American Banker
JULY 13, 2016
The company has reportedly been in discussions with Utah The Wall Street Journal published a lengthy profile Tuesday of online lender Social Finance, which has made $10 billion in loans, including student loans, since 2011.
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.
American Banker
SEPTEMBER 14, 2023
Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I I talk to our peers, and everybody's looking for ways to cut costs," he said.
American Banker
JANUARY 10, 2017
People's Utah Bancorp in American Fork has its next chief financial officer waiting in the wings a year in advance.
PYMNTS
AUGUST 31, 2020
4 this go-around is Utah-based FuturePay , with interest-free POS lender Zip Pay making it into the Top 5 at No. Topping the list at No. 1 is Sweden’s alt-lending powerhouse Klarna , the popularity of which endured a tough first half. 2 is Affirm , currently eyeing an initial public offering (IPO), followed at No. The Top 10.
BankInovation
JUNE 30, 2021
central bank digital currency (CBDC) on Monday, pointing to the risk involved with its rollout during a speech at the 113th annual Utah Bankers Association Convention in Sun Valley, Idaho. Quarles made disparaging remarks about a potential U.S. A CBDC could have a significant impact on […].
Matt Wilcox Pro
OCTOBER 8, 2020
The United States Department of Justice recently sent notifications to 2,000 residents in my home state of Utah. Some thieves take on smart ATMs with high tech gadgetry. Others, you could say, have a shorter fuse. Recipients are presumed victims of one Alexandru Cosmin Licsor, freshly extradited from Romania.
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. The nature of the market for FinTech startups breaking into the larger U.S.
PYMNTS
JUNE 8, 2020
The defendant in the case is Utah resident Daniel F. Rodriguez of Utah and Jean Paul Ramirez Rico of Colombia — are alleged to have lied to investors and misappropriated funds. Putnam, whose businesses — MMT Distributions and R&D Global — and associates — Angel A.
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).
American Banker
JANUARY 5, 2021
John Lund joined the Utah-based credit union as a courier in 1975 and was named CEO in 2012. His successor has spent more than three decades there.
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.
BankInovation
JANUARY 11, 2023
Sandy, Utah-based FinWise aims to use the Fusion Phoenix core banking solution from London-based Finastra to expand its retail and lending business through Finastra’s cloud-based solution, Keith Redding, chief revenue officer of universal banking at Finastra, told […].
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