CA DFPI Commissioner Alavarez reported to be leaving agency

CFPB Monitor

CADFPI Regulatory and Enforcement alvarez ca dfpiAmerican Banker has reported that Manny Alvarez, Commissioner of the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021. .

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CA Technologies Sold To Broadcom For $19B

PYMNTS

Broadcom has agreed to buy software company CA Technologies for $18.9 a share in cash for CA, formerly known as Computer Associates, which sells tools for mainframe computers. The news sent New York-based CA’s shares surging after the closing bell on Wednesday (July 11), jumping more than 15 percent higher to $42.99, Financial Times reported. Partnerships / Acquisitions Broadcom CA Technologies CFIUS M&A News Qualcomm software company What's Hot

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CA Lawmaker Wants Receipts To Go Digital

PYMNTS

A California lawmaker wants to make paper receipts a thing of the past. According to Chain Store Age , Assemblymember Phil Ting (D-San Francisco) has introduced legislation that would make California the first state to require retailers to offer digital receipts to customers, either by email or text, starting Jan. 1, 2022. Customers would still be able to request a paper receipt. For businesses that do not comply, there would be two warnings issued before being fined up to $300 per year.

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Uber, Postmates Sue CA Over Labor Rights Law

PYMNTS

Uber and Postmates have filed a lawsuit against the state of California to try and block a new law that will change how they must classify their employees.

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Startups Try To Capitalize On New CA Data Privacy Law

PYMNTS

California has passed the California Consumer Privacy Act (CCPA), a sweeping law that forces companies to tell customers about the data they gather about them, and to allow customers to opt out of those practices.

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Tencent Gathers Autonomous Tech Team In CA

PYMNTS

We are building a research team for our Auto-drive Team based in Palo Alto, CA,” the company said in job advertisements on LinkedIn, according to Reuters. Chinese tech giant Tencent Holdings is looking to hire self-driving car engineers in Palo Alto, California. “We There are at least nine postings for engineering positions in areas including motion planning, sensor fusion, vehicle intelligence and machine learning. The postings date back between two weeks and a month.

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New CA Privacy Law Requires Retailers To Disclose Data Collection

PYMNTS

A new law in California requires companies to explain exactly what customer information, if any, is being sold to third parties, according to a report by Reuters. The new law goes into effect on Jan.

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First Bank (CA/IL/MO) Adds Competitive Reward Checking Account

BankDeals

First Bank (CA/IL/MO) new reward checking account, First Performance Checking, offers a competitive rate on qualifying balances up to $25k. 100 minimum opening deposit

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Businesses To Spend $55B On CA Privacy Law Compliance

PYMNTS

California has passed the California Consumer Privacy Act (CCPA), a sweeping law that forces companies to tell customers about the data they gather about them, and to allow customers to opt out of those practices.

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Uber Launches Secret CA App Version To Resist Employment Classification

PYMNTS

When California state legislators passed the controversial AB5 law for gig workers, Uber took action to revise its app with a stealthy plan dubbed “Project Luigi,” The Washington Post reported on Monday (Jan.

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CA College Student Accuses TikTok Of Illicit Data Harvesting

PYMNTS

A California college student has filed a lawsuit against TikTok , accusing the viral video service of sending her personal data to its parent company in China, as well as creating an online profile for targeted advertising, without her consent.

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Valley First Credit Union (CA) Adds 15-Month CD Special

BankDeals

First Valley Credit Union (Central Valley, California) has added a competitive 15-month CD Special ($1k minimum of new money) to its product line

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Broadcom Isn’t Selling Its CA Acquisition Too Well

PYMNTS

That’s the predicament that Broadcom reportedly found itself in on Thursday (July 12), after the chip maker announced it would buy software company CA Technologies for $18.9 CA, formerly known as Computer Associates, sells tools for mainframe computers. The news sent CA’s stock price on a positive ride Wednesday (July 11), with a 15 percent jump to $42.00. It’s one thing to make a decision.

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CA Technologies, CNN Pair On Political Data App

PYMNTS

CA Technologies has a new partner in the mainstream media world: CNN. This newly launched app, built with CA Tech’s software, dives into the latest happenings in polling data, delegate counting, voting and fundraising data for the 2016 presidential election. This app was made in collaboration with CA Tech’s new campaign called “App Culture.” ” Partnerships/Acquisitions apps CA Technologies real-time data What's Hot

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CA AG Says Uber, Lyft’s Tradeoff Between Flexibility And Benefits A ‘False Choice’

PYMNTS

The California judge who ruled that Uber and Lyft have to classify their workers as employees reportedly “saw straight through” the “bogus argument” that the companies’ workers like being classified as independent contractors instead.

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CA Denies Lending License For BNPL Firm Sezzle

PYMNTS

Sezzle — a “buy now, pay later” (BNPL) company based in Minnesota, but listed in Australia — was denied a crucial lending license from California. Rival BNPL company Afterpay ’s application was approved by the state. The company offers U.S.

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Companies Brace For Impact Of CA Consumer Privacy Law

PYMNTS

Starting Jan.1, the California Consumer Privacy Act will give people control over the personal information companies collect, store and share, the Associated Press reported on Wednesday (Dec. 18). . The law’s complex requirements kick in regardless if a company doesn’t deal directly with consumers.

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DoorDash Next Gig Platform To Face Injunction In CA Over Gig Worker Status

PYMNTS

DoorDash , the San Francisco-based prepared food delivery service, could be the latest gig company to face an injunction to treat its workers as employees, not independent contractors. The Financial Times reported San Francisco District Attorney Chesa Boudin has filed for a preliminary injunction against the country’s largest food delivery service that would require the company to reclassify its workers as employees. “We

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CA Gig Economy Legislation Could Better Protect Workers

PYMNTS

California has proposed gig economy legislation that could potentially change workers’ classifications from independent contractors to actual employees, which would make them eligible for the benefits pertaining to that status, according to a report by CNBC. The bill, called Assembly Bill 5, could have implications in other states dealing with the same issue. Oregon and Washington also have pending bills on the issue.

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Cubcoats Partners With Amazon On CA Pop-Up

PYMNTS

Toy retailer Cubcoats has partnered with Amazon to create a pop-up experience at the Del Amo Fashion Center in Torrance, California, open now through Jan. Cubcoats was the bestselling product in stuffed animals and plush toys on Amazon Prime Day , which led to the creation of Cubcoats x Amazon IRL, an interactive pop-up space that allows children to experience the popular stories behind each character through photo opportunities, interactive adventures and special programming.

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US Companies Scramble To Comply With Impending CA Privacy Law

PYMNTS

An estimated half-million businesses will be affected when the new California Consumer Privacy Act (CCPA) comes into effect on Jan. 1, 2021, the Financial Times reported on Thursday (Sept. Passed in 2018, the law dictates that consumers in California have the prerogative to access any and all personal data that a company has on them and request that it be deleted and not sold.

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Amazon To Open Grocery Store In CA Next Year

PYMNTS

Amazon has confirmed it will open a new grocery store next year in California, according to a report by CNET. The company posted job listings for four new positions on Monday (Nov. 11) before confirming the news. Amazon said the new store will be different from Whole Foods and that it won’t use Amazon’s cashierless Go technology in favor of traditional checkout methods. The company described the store, which will be in Woodland Hills, as “Amazon’s first grocery store.”.

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Top News In Payments: Apple Shares Hit Record High; CA Denies Lending License For Sezzle

PYMNTS

CA Denies Lending License For BNPL Firm Sezzle.

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Top News in Payments: Uber Halts Upfront Pricing in CA; Amex Cleared To Operate In China

PYMNTS

In today’s top news, Uber drops upfront pricing in California in response to the state’s new gig economy law, and the central bank in China said it accepted an American Express application to start working in the country. Also, Grubhub considers a potential sale or an acquisition by another company.

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Uber, Postmates To Meet With CA Judge To Argue Against AB5

PYMNTS

To put a stop to legislation that would transform gig workers from contractors to employees, Uber and Postmates Inc. are scheduled to meet with a federal judge in California to prevent enforcement of the landmark Assembly Bill 5 legislation.

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Lyft IPO Oversubscribed, Could Reap $1B In CA Taxes

PYMNTS

Lyft ’s initial public offering (IPO) is reportedly oversubscribed, with the company on its way to getting or maybe even exceeding its sought-after $23 billion valuation. The ride-hailing startup launched its road show on Monday (March 18), and sources told Reuters that executives have been meeting with investors in New York for the past two days. Lyft has set an IPO price range of $62 to $68 per share and is set to price the IPO on March 28.

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Coronavirus: CA Mandates Premium Refunds; NC Universities To Provide Partial Room, Board Reimbursements

PYMNTS

Insurance companies are refunding a portion of premiums, while universities are providing prorated reimbursements of some costs amid the coronavirus pandemic. Also, states are requiring that insurance companies refund insurance premiums to consumers and businesses.

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CA Supreme Court to decide if FTC Holder Rule’s recovery limit includes attorney’s fees

CFPB Monitor

The California Supreme Court recently agreed to hear an appeal in Pulliam v. HNL Automotive Inc. , a case with significant implications for the amount of money a plaintiff can recover when proceeding against a dealer/seller under the FTC Holder Rule. .

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CA DFPI exercises its new enforcement authority against coding school’s income-based deferred tuition agreement

CFPB Monitor

The California Department of Financial Protection and Innovation announced last week that it has entered into a consent order with Lambda, Inc., which does business as Lambda School, to settle the DFPI’s claims that a provision in Lambda’s student financing contracts was misleading.

Uber Pilot Lets Some CA Drivers Set Rates In Response To New Employment Law

PYMNTS

With the newest of many initiatives to reportedly provide drivers with greater independence as a reaction to the state’s new gig economy law, Uber Technologies Inc. is piloting a function that allows some drivers in California to set their own rates.

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CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial financing

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed 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.

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CA Department of Financial Protection and Innovation announces investigation of student loan debt relief companies

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).

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Uber’s Self-Driving Vehicles Get On-Road Permit For CA

PYMNTS

Uber may soon be able to put its self-driving vehicles back on California roads after several years, with the issuance of a new permit, according to reports. The company had to scale back its autonomous vehicle program following an incident in Arizona where a pedestrian was killed by one of the vehicles. However, the permit — issued by the California DMV — could revive the program after 18 months.

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CA federal district court denies OCC’s motion to dismiss lawsuit challenging final CRA rule

CFPB Monitor

A California federal district court has denied the OCC’s motion to dismiss the lawsuit filed in June 2020 by the National Community Reinvestment Coalition and California Reinvestment Coalition that asks the court to declare the OCC’s CRA final rule (Rule) unlawful under the Administrative Procedure Act (APA) and set it aside.

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CA Chamber seeks veto of CA bill making failure to pay arbitration fees punishable by sanctions

CFPB Monitor

The California Chamber of Commerce is encouraging its members to send letters to California Governor Gavin Newsom urging him to veto California SB 707 , which was passed by the state’s Assembly and Senate and is currently sitting on his desk awaiting his signature.

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