CFPB Monitor
AUGUST 12, 2021
SB 1235, codified at CA Financial Code (Code) sections 22800-22805, requires a “provider,” meaning a person who extends a specific offer of “commercial financing” as defined in Code section 22800(d) to a recipient, to give the recipient certain disclosures at the time the provider extends the offer.
CFPB Monitor
NOVEMBER 8, 2021
The California Department of Financial Protection and Innovation has published a fourth round of modifications 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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CFPB Monitor
APRIL 14, 2021
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.
CFPB Monitor
FEBRUARY 2, 2021
Since the California Consumer Financial Protection Law (CCFPL) became effective on January 1, the state’s Department of Financial Protection and Innovation (DFPI) has wasted no time in asserting its expanded jurisdiction over consumer financial services providers. (The One of the companies entering into an MOU is Payactiv, Inc.,
PYMNTS
JANUARY 6, 2020
Businesses To Spend $55B On CA Privacy Law Compliance. Karen Webster says there are eight cornerstones of the connected economy that will see rapid innovation in the new decade. Companies are expected to spend $55 billion to become compliant under the California Consumer Privacy Act.
PYMNTS
APRIL 25, 2017
The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices. Some are concerned the OCC is hurting innovation, while others think it’s overstepping its limits. In essence with the charter, the government could weed out the good FinTechs from the bad ones.
PYMNTS
MAY 11, 2020
government continues to distribute economic impact payments to American citizens via ACH and paper checks over the course of weeks and months, it has become increasingly clear that their legacy payment infrastructure is ripe for innovation,” Ingo Money CEO Drew Edwards told PYMNTS. “[The 6321 “… proposes that U.S.
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