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

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California 78

California FDIC Analysis Utah 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.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

MAY 4, 2017

Then, companies working to develop the technological means for cars to drive themselves have levied more than a few criticisms against proposed regulation changes in the state of California. Apple, for one, is hoping that California will work to toughen some of its current self-driving road test policies.

California 100

California Policies Company Apple 100

CFPB Monitor

APRIL 6, 2021

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has entered into a consent order that permanently bars James Berry and any company he owns or controls from soliciting customers for Property Assessed Clean Energy (PACE) financing and seeking future enrollment as a solicitor for PACE programs.

CA 78

CA California Company Innovation 78

PYMNTS

NOVEMBER 1, 2018

FinTech innovation is often a layered process, taking existing infrastructures and processes, and developing new tools to improve upon them. Take, for example, markets like the food and beverage, pharmaceutical and medical supplies space. We’re trying to innovate that because we have a huge opportunity ahead of us.”

Taxes 122

Taxes California Regulation Innovation 122

PYMNTS

JULY 17, 2020

Facebook Inc’s top executives could be required to testify before the Federal Trade Commission (FTC) as the regulator investigates whether the California-based social media conglomerate has violated U.S. The company has emerged as a dominant player in the nation’s digital advertising market. states and the DOJ.

social media 160

social media California Google Apple 160

PYMNTS

JULY 10, 2020

The end goal: to speed innovation toward new products and services while keeping fraudsters out. Regulation Vs. Market Forces. The need for both innovation and security comes at a time when open banking is gaining a foothold in the United States due in part to the pandemic. The Pandemic Is Speeding Innovation Up.

Data 272

Data Innovation Fintech Illinois 272

PYMNTS

NOVEMBER 25, 2019

PYMNTS’ Credit Union Innovation Index found that 65 percent of such members chose their CUs because they trusted them, for example, with 60.8 Another CU issue currently awaiting federal regulation is legalized marijuana. A California Credit Union Keeps its Marketing Efforts Trusted and SAFE.

Alaska 154

Alaska Hawaii California Analytics 154

PYMNTS

DECEMBER 28, 2020

Published reports indicate that China’s central bank and banking, securities and foreign-exchange regulators summoned Ant Group executives this past weekend to discuss official concerns about the firm. Reuters quoted central bank Vice Gov. Will Chinese Authorities Force Ant To Restructure? . A Growing Crackdown .

US 168

US Regulation Groups System 168

PYMNTS

SEPTEMBER 22, 2020

23) on the landmark complaint against the Menlo Park, California-based tech giant. We actually have to take a hard look at whether these behemoths are killing off innovation and competition.”. and other tech companies have been facing backlash from lawmakers and regulators around the globe. A DOJ spokeswoman declined to comment.

Google 213

Google Meeting Rhode Island social media 213

PYMNTS

JULY 31, 2017

Is the credit union market ready for its close-up? It’s a market that is showing clear signs of growth. This inaugural edition of the Tracker covers the most significant recent developments from around the credit union market, including notable innovations, industry partnerships and efforts to challenge and change regulations.

Report 114

Report Innovation Regulation National 114

PYMNTS

JULY 23, 2018

In addition, Penny can provide a marketing opportunity: Bear Robotics has had some people interested in putting an advertising wrap on the robot. In terms of testing, Bear Robotics has been piloting Penny with a restaurant group in California. How soon will robots such as Flippy or Penny become a common fixture in restaurants?

Innovation 100

Innovation California Examples Groups 100

PYMNTS

JUNE 26, 2019

Regulations can build trust and goodwill, though. GDPR and PSD2 have been an inspiration toward open banking and data protection regulations beyond Europe’s borders. PSD2’s impact in Europe has not gone unnoticed by regulators in other areas of the world. SCA is intended to make online transactions safer for consumers.

California 109

California Regulation Fintech Data 109

PYMNTS

MARCH 17, 2017

But on the second day of Innovation Project 2017, eyes were beyond Beantown and cast toward the world at large. They also face an uncertain future, as regulatory futures remain uncertain and at least one federal regulator seems determined to put them out of the marketplace. Pot Shots in Payments. Numbers for Fun, Profit and Failure.

Innovation 103

Innovation Lending Boston Security 103

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. This bill of “personal financial data rights” is similar to the California Privacy Protection Act that is already in force for banks doing business in CA.

Conference 221

Conference Las Vegas Fraud Case Study 221

PYMNTS

JUNE 17, 2019

We will continue to look for ways to release innovative financial education tools and partner with public and private sector entities engaged in consumer financial education to maximize the reach of these tools.”. Regulations Abroad.

cryptocurrency 108

cryptocurrency California United States Regulation 108

Independent Banker

JULY 31, 2022

Locality Bank, a digital-first community bank serving south Florida that opened in January, is run by industry veterans with such successful track records that regulators signed off on their application for a charter in less than a year. Location: Fort Lauderdale, Fla. That’s no small feat for any de novo, especially during a pandemic.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

NOVEMBER 7, 2019

Earlier studies found a surprising lack of both consumer and merchant awareness about the European Union’s Strong Customer Authentication (SCA) and second Payment Services Directive ( PSD2 ) regulations. Post-SCA deadline, a lack of readiness persists. Challenges in the EU and Beyond. That isn’t the case, however. The Benefits of SCA

Regulation 123

Regulation Survey California Retail 123

CFPB Monitor

MARCH 18, 2021

The CFPB’s complaint , which was filed in a California federal district court, also names FNZA Marketing, LLC (FNZ) as a relief defendant. . Student debt relief companies have also been a continuing FTC target.

Company 78

Company Management Leadership California 78

PYMNTS

MAY 7, 2020

payments market is behind that of Europe, but U.S. Companies like Unibet must also be aware of changing regulations regarding online betting that can limit how fast and how far firms can innovate. Regulatory Hurdles Trip Up Disbursement Innovation. consumers’ expectations have already caught up, Marceau said.

Online 142

Online New Jersey Pennsylvania Regulation 142

PYMNTS

JANUARY 28, 2019

Yes, I know that for many of you, especially in California, this is old news and standard operating procedure – but hear me out. And, I hope, a whole new conversation about what happens when regulators mess around with rules established by the card networks to prevent merchants from engaging in the bad behaviors that can harm consumers.

Regulation 181

Regulation Boston Cards Innovation 181

PYMNTS

FEBRUARY 5, 2020

Privacy and monetary policy issues are causing regulators to tread carefully in launching electronic currencies. Areas in California and New York are expected to be affected the most by the ban. US Economy Could Lose $10B To Chinese Travel Ban. The travel ban triggered by the coronavirus outbreak in China could cost the U.S.

San Francisco 130

San Francisco US Charlotte Payments 130

PYMNTS

MARCH 30, 2020

California Consumer Privacy Act (CCPA), Washington Privacy Act (WPA) and other new privacy and online transaction standards are changing how businesses interact with consumers’ data in the U.S. Retailers also typically have more personal relationships with consumers as they deal more directly with them than regulators.

United States 131

United States Retail Customer Experience Data 131

PYMNTS

JULY 29, 2019

Streaming will only be available while the car is parked, though Musk said that “when full self-driving is approved by regulators, we will enable video while moving.” Many carmakers and tech companies, including Alphabet and Uber, are working on bringing autonomous vehicle technology to the market.

Arizona 133

Arizona California Video Course 133

PYMNTS

JULY 27, 2018

solidified their reputations as having progressive views on data security and ownership with the PSD2 and GDPR regulations that came into effect earlier this year. Elsewhere in the world, countries are looking toward PSD2 and GDPR to consider adopting similar rules in their own markets. Europe and the U.K. ” U.S. “The U.S.

Data 102

Data US Trends California 102

PYMNTS

APRIL 25, 2016

Uber CEO Travis Kalanick announced that the company had settled two court cases filed in California (O’Connor v. that will see Uber pay up to $100 million in restitution to drivers in those states, but won’t require the company to recategorize and regulate its drivers as full-time employees. Uber Technologies Inc.)

Massachusetts 100

Massachusetts San Francisco California Austin 100

PYMNTS

JUNE 19, 2019

In the June Credit Union Tracker™ , PYMNTS explores the latest developments in the CU space, including analytics innovations, new partnerships and upcoming legislation that could help — or hinder — the CU industry. Like many FIs, California-based Redwood Credit Union has used data analytics since its inception.

Analytics 131

Analytics Video blockchain Training 131

PYMNTS

OCTOBER 25, 2019

The California Consumer Privacy Act looms, taking effect at the beginning of 2020. Across the pond, the General Data Protection Regulation ( GDPR ) took effect in May of 2018. Yet, the regulations are still evolving, and differ depending on where one looks. Can data be harvested … with decency?

Data 102

Data Survey Compliance Examples 102

PYMNTS

JUNE 1, 2020

As Ingo Money’s Edwards said, there’s been very little innovation for decades on the disbursement side of payments. Privacy centers on whether consumers are willing to divulge certain information that can help firms market to them and build convenience into the commerce equation. The recent payouts by the U.S. Looking At The Future.

Payments 172

Payments Fraud Security Technology 172

PYMNTS

APRIL 21, 2017

On Friday of last week, Apple secured a self-driving road test permit from the California DMV. Apple now joins 29 other automotive and tech companies who have received test permits in California for self-driving technology. Didi set up an AI lab in California last month, signaling yet another self-driving technology play in the works.

Apple 115

Apple California Software Technology 115

Gonzobanker

FEBRUARY 23, 2022

As the collision of traditional banking and fintech continues, there will be more competition and more innovative banking solutions due to the increasing number of actors seeking defensible niches and operational scale. Yet, it’s important to remember that most “miner 49ers” in the California gold rush left penniless.

Community Bank 117

Community Bank Strategy Risk Management Fintech 117

FICO

APRIL 26, 2023

In some markets, significant cohorts of customers think banks are unfair with scams victims, such as Colombia (29%), Peru (32%), and Malaysia (34%). 23% Complaining to regulators: Nearly a quarter (23%) of consumers will complain to regulators if dissatisfied. So what happens when customers are dissatisfied? Register now!

Survey 52

Survey Fraud Management Customer Experience 52

PYMNTS

MAY 9, 2016

Any tech innovation that upsets the status quo isn’t destabilizing to what came before but rather a welcome addition to merchants’ new bag of sales tricks. However, that jack-of-all-trades schema for in-store associates might be under attack in California.

Retail 100

Retail California Resources Branding 100

PYMNTS

APRIL 5, 2019

But if familiarity breeds contempt, lack of familiarity leads to lost opportunity – in this specific case, the chance to serve up payment services to the legal pot industry, which could soon be unshackled from federal regulations that keep financial institutions and other payment companies on the sidelines.

Payments 185

Payments Retail Industry Software 185

FICO

JANUARY 30, 2020

In 2020, I predict that AI is going to grow up, encountering new demands in the areas of responsibility, advocacy and regulation. A medical device such as a heart pacemaker that is rushed to market may be poorly or negligently designed. Why AI needs to be regulated. Beyond Ethical AI: Responsible AI. Experience matters.

Regulation 52

Regulation Groups Data Technology 52

CFPB Monitor

SEPTEMBER 30, 2020

California Governor Gavin Newsom has signed into law the Student Borrower Bill of Rights, AB 376 , as part of a package of consumer protection legislation. Like the licensing law, the Act applies to servicers located in California or whose activities are “directed to” persons inside California. See Section 1788.102(b)].

California 148

California Policies Regulation Payments 148