CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. Section 160.110(d). Section 7.4001(e).

California 78

California Innovation Utah West Virginia 78

CFPB Monitor

JULY 23, 2021

The FDIC has filed its reply in support of its motion for summary judgment in the lawsuit filed by a group of state attorneys general to set aside the FDIC’s “ Madden -fix” rule. The reply responds to the AGs’ opposition to the FDIC’s summary judgment motion. The state AGs have also filed a motion for summary judgment.

FDIC 78

FDIC California Compliance Tools 78

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. The FDIC has not yet proposed a similar rule.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

JULY 14, 2022

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. The DFPI also alleged additional CFL violations by OppFi, including the CFL’s “anti-evasion” provisions.

California 78

California Innovation Utah Texas 78

CFPB Monitor

FEBRUARY 20, 2020

The OCC and FDIC announced yesterday that they have extended the 60-day comment period for their joint proposal to revise their regulations implementing the Community Reinvestment Act that was published in the Federal Register on January 8, 2020. As extended by 30 days, the comment period ends on April 8, 2020.

FDIC 78

FDIC Community California National 78

CFPB Monitor

DECEMBER 21, 2021

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.

California 78

California Utah FDIC Regulation 78

CFPB Monitor

MAY 19, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Utah United States FDIC 78

CFPB Monitor

JUNE 23, 2021

The state attorneys general have filed their opposition to the FDIC’s motion for summary judgment in their lawsuit to set aside the FDIC’s “ Madden -fix” rule. The filing also includes the AGs’ reply to the FDIC’s opposition to their summary judgment motion. 1831d) is unambiguous.

FDIC 78

FDIC California 78

PYMNTS

DECEMBER 16, 2020

The rollout makes Quontic “the first FDIC insured financial institution in the U.S. Aeldra, the California challenger bank, has selected i2c Inc. resident and non-resident global customers can open a FDIC-insured U.S. FIS Powers Launch Of Quontic Bank’s Bitcoin Rewards Account. Aeldra Taps i2c To Enable Global Banking Services.

Bitcoin 157

Bitcoin FDIC Cards California 157

TheGuardian

MAY 1, 2023

US banking titan to buy ‘all deposits and substantially all assets’ of failed bank in deal brokered by regulators JP Morgan is to acquire most of the failed California bank First Republic, in a takeover brokered by regulators as the US races to contain a series of banking failures that has echoes of the 2008 global financial crisis.

FDIC 75

FDIC California US Regulation 75

Independent Banker

DECEMBER 31, 2022

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points until the Deposit Insurance Fund (DIF) achieves the FDIC’s long-term goal of a reserve ratio of 2% of insured deposits. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

American Banker

DECEMBER 19, 2019

The FDIC was reluctant to sign off on the merger of Summit Bancshares and Faciam Holdings because the company planned to serve marijuana-related businesses.

California 48

California FDIC Company Community Bank 48

The Paypers

MAY 2, 2023

First Republic Bank (FRB) has fallen over, but the Federal Deposit Insurance Corporation (FDIC) is closed by the California Department of Financial Protection and Innovation.

FDIC 36

FDIC California Regulation Innovation 36

PYMNTS

JANUARY 7, 2021

In today’s top news in digital-first banking, California FinTech Green Dot is rolling out the GO2bank mobile banking to help cash-strapped individuals, while stimulus checks are reportedly posing challenges for some users of H&R Block and TurboTax. Green Dot Introduces GO2bank To Help Cash-Strapped Consumers.

California 142

California FDIC Regional Taxes 142

American Banker

MAY 16, 2022

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California 72

California FDIC Policies Compliance 72

PYMNTS

DECEMBER 16, 2020

California-based challenger bank Aeldra has chosen i2c Inc. resident and non-resident international clients of Aeldra can open an FDIC-insured U.S. to fuel its digital private banking services. 15) announcement e-mailed to PYMNTS. Aeldra, whose partners include Blue Ridge Bank, N.A, provides global clients with smooth access to U.S.

United States 168

United States FDIC California Mobile 168

American Banker

DECEMBER 24, 2020

Organizers of the proposed Legacy Bank must raise $25 million before opening.

California 30

California FDIC Capital 30

PYMNTS

JUNE 25, 2019

Seed members will be migrated to Cross River as the community bank expands with new offices in California and Oregon. Its takeover of Seed strengthens its position in the small business FinTech market. Reports noted that the bank declined to disclose financial details of the takeover. reports said.

Community Bank 116

Community Bank Community Digital Banking FDIC 116

CB Insights

AUGUST 3, 2021

California-based Mercury is an online banking platform that offers a suite of financial services such as FDIC-insured bank accounts, physical and virtual cards, and cash management for startups, e-commerce stores, and angel investors, among others. HOW’S THE COMPANY PERFORMING?

Digital Banking 73

Digital Banking Company FDIC California 73

PYMNTS

JULY 15, 2019

“As the economy’s picked up in construction and other areas, fewer people are willing to do farm work,” explained Dan Sumner, an agricultural economist at University of California, Davis, in an interview with Marketplace in May. percent: the growth rate of FDIC-insured bank loans to farm borrowers as of March 2019.

FDIC 142

FDIC Analysis Lending Data 142

PYMNTS

OCTOBER 27, 2019

With that in mind, it is currently hiring agricultural bankers in markets like California, Wyoming and Idaho. However, federal data showed that Wells Fargo has been cutting back on its agricultural loans, with its Federal Deposit Insurance Corporation (FDIC)-insured units slashed $1.24 billion, or 15.3

South Dakota 104

South Dakota North Dakota Wyoming Idaho 104

PYMNTS

OCTOBER 27, 2019

With that in mind, it is currently hiring agricultural bankers in markets like California, Wyoming and Idaho. However, federal data showed that Wells Fargo has been cutting back on its agricultural loans, with its Federal Deposit Insurance Corporation (FDIC)-insured units slashed $1.24 billion, or 15.3

Lending 103

Lending South Dakota North Dakota Wyoming 103

American Banker

JANUARY 5, 2017

A California consumer group on Thursday urged the Senate Finance Committee to delay Treasury Secretary-designate Steven Mnuchin's nomination hearing after a leaked 2013 memo described alleged illegal foreclosure practices at OneWest Bank when he was chairman and CEO.

California 42

California Groups FDIC Regional 42

CFPB Monitor

NOVEMBER 24, 2020

According to the complaint, the defendants advertised the App “as a high-interest bank account that operates by placing consumers’ funds at unspecified FDIC-insured banks.” In a complaint filed in the U.S.

Mobile 78

Mobile Exercises FDIC California 78

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. It has not been all sunshine and rainbows for TBBK. They changed their name.

Fresno 107

Fresno North Carolina Raleigh FDIC 107

BankInovation

MARCH 10, 2023

The California Department of Financial Protection and Innovation (DFPI) announced today that, pursuant to California Financial Code section 592, […]

California 52

California Data Capital Regulation 52

CFPB Monitor

MARCH 16, 2023

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations that it falsely implied government endorsement of its home loans in its marketing.

California 78

California Lending Marketing FDIC 78

Independent Banker

JULY 31, 2022

The next month, Locality Bank received final approval for a state charter and FDIC-secured deposit insurance. The process is not easy, but we were able to work effectively with both the FDIC and our Florida Office of Financial Regulation to get through the process in about eight months,” he says.

Florida 91

Florida Community Bank Community FDIC 91

CFPB Monitor

NOVEMBER 22, 2022

The CFPB reviewed complaints submitted to it during the period of October 2018 to September 2022, but noted that the majority of the complaints it received were submitted over the last two years, with the greatest number of complaints submitted by consumers in California and Florida.

Analysis 78

Analysis Fraud Florida FDIC 78

CFPB Monitor

JULY 11, 2019

The CFPB announced that it has settled the lawsuit it filed in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR).

FDIC 68

FDIC California Marketing Payments 68

BankInovation

JULY 17, 2020

We’ve done a lot of trips to Northern California, Southern California, […]. “The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development.

Utah 83

Utah New York City Fintech California 83

CFPB Monitor

OCTOBER 10, 2019

Celtic could not make and keep the loans on its balance sheet because they would create an unacceptable risk under FDIC regulations. The complaint includes claims for violations of state usury laws (California, Massachusetts, Colorado, New York) and racketeering and conspiracy under federal RICO statutes. Concepcion , 563 U.S.

Massachusetts 84

Massachusetts California New York Utah 84

American Banker

DECEMBER 20, 2019

The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.

California 56

California FDIC Lending Compliance 56

CFPB Monitor

OCTOBER 27, 2022

The Bureau’s funding is not meaningfully different from numerous other agencies such as the Federal Reserve Board, OCC, and FDIC that are funded in ways other than annual spending bills. In the Ninth Circuit case, a California district court imposed a $7.9

Illinois 146

Illinois FDIC California System 146

American Banker

MAY 21, 2020

The National Community Reinvestment Coalition, California Reinvestment Coalition and Democracy Forward accuse the agency of “unlawfully gutting” the historic anti-redlining law.

Community 76

Community Groups California National 76

Abrigo

SEPTEMBER 5, 2023

Path to removal – Sometimes an exception is like the Hotel California – you can check out anytime you like, but you can never leave. As the FDIC said recently: Exceptions to policy should be few in number and properly justified, approved, and tracked. It just stays on forever. Get details in "A guide to implementing credit policy."

Policies 195

Policies Lending Risk Management Examples 195

MyBankTracker

MAY 13, 2021

If you live in California and need to open a new checking account, these are some of the best options available. The Largest Banks in California. The largest banks in California, by deposits, are: Bank of America. Best Checking Account from Local California Banks. FDIC Insurance. Wells Fargo. Union Bank.

California 52

California ATM FDIC National 52