Colorado’s Marijuana Industry Tops $6B

PYMNTS

The Colorado Department of Revenue has revealed that the state’s regulated marijuana industry sales have topped $6 billion since sales began in 2014. Last year, regulated marijuana sales in Colorado were nearly $1.55 To date, marijuana tax, license and fee revenue totals for Colorado are over $927 million. Retail California Cannabis Colorado Marijuana News revenue sales taxes What's Hot

Bitcoin Daily: Bitcoin Price Rises Above $12K For 30 Minutes; Colorado Lottery Partners With Chainlink For Contest

PYMNTS

The Colorado Lottery is partnering with Chainlink and ETHDenver for a new contest “to create new Lottery games that will excite and entertain a new, broad and diverse group of Coloradans to engage them in supporting the great outdoors and schools,” a press release says.

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Colorado Settlement Opens Door For Fintech Lenders

Banking Exchange

Colorado may soon witness an influx of new fintech lenders following the conclusion of a long-running legal case Compliance Technology Fair Lending Feature3 Fintech Feature Mobile Online Tech Management Compliance Management Compliance/Regulatory.

Online lenders reach landmark settlement with Colorado

American Banker

Consumer lending Fintech Colorado Law and regulationUnder the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.

Colorado Administrator proposes amendments to debt collection rules

CFPB Monitor

Colorado’s UCCC Administrator has proposed amendments to the rules implementing the Colorado Fair Debt Collection Practices Act (CFDCPA). Debt Collection Regulatory and Enforcement colorado debt collection

Bitcoin Daily: US Regulators Join Global Financial Innovation Network; Colorado Explores Crypto Banking For Cannabis Firms

PYMNTS

In other news, proposed legislation from Colorado might aim to help crypto companies and cannabis companies obtain bank accounts, with former members of Colorado’s Blockchain Council meeting earlier this month to work on a bill that would authorize the creation of special-purpose banking institutions in the state. Colorado’s bill does have support from some lawmakers. “My

Inside The Launch Of Colorado’s New State-Run Digital Driver’s License

PYMNTS

In the December Digital Identity Tracker , PYMNTS explores the latest developments in the world of digital IDs, including a new digital driver’s license in the state of Colorado, a prototype facial recognition system for air travel in Finland and emerging methods that could threaten the validity of biometric authentication. How Colorado Enabled Digital Driver’s Licenses With The myColorado App.

Colorado Issues Student Loan Servicer License Applications

CFPB Monitor

The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents. Under the Colorado statute, student loan servicers must be licensed by January 31, 2020. Thus, the Colorado regulators recommend that licensing applications and forms be submitted on or before January 1, 2020 to meet the deadline. Regulatory and Enforcement Student Loans Colorado AG licensing studen loan

Colorado Just Elected a Tech-Savvy Governor Who Takes Blockchain Seriously

Bank Innovation

Amid a dizzying night of political drama, a bright spot appeared for the fintech and cryptocurrency communities -- the election of Jared Polis to Governor of Colorado. Polis is known for many things, such as being the first openly gay state governor ever elected and a dot-com millionaire to the tune of $400 million, but […]. Compliance Cryptocurrency Daily Post 1 Exclusive Payments Premium Bitcoin Blockchain

State regulator in Colorado blocks credit union's planned bank purchase

American Banker

The Colorado Banking Board may be the first regulator to ever block a credit union-bank merger. M&A Growth strategies Community banking State-chartered credit unions State regulators Colorado

Colorado Just Elected a Tech-Savvy Governor Who Takes Blockchain Seriously

Bank Innovation

Amid a dizzying night of political drama, a bright spot appeared for the fintech and cryptocurrency communities -- the election of Jared Polis (D) to Governor of Colorado. Polis is known for many things, such as being the first openly gay state governor ever elected and a dot-com millionaire to the tune of $400 million, […]. Compliance Cryptocurrency Daily Post 1 Daily Post 4 Exclusive Payments Premium Bitcoin Blockchain

Second Amazon 4-Star Store Set To Open In Colorado

PYMNTS

Amazon.com is gearing up to open an Amazon 4-star store in Colorado later Thursday (November 1). According to a report in CNET citing Amazon, the second 4-star store will be located in Park Meadows mall in Lone Tree, Colorado, just outside of Denver. The store will hawk products that are rated 4 stars or higher on Amazon, are from top sellers on its platform or are trending on Amazon. The first 4-star store opened its doors in New York City in September. “We

Colorado banking group asks state regulator to halt credit union-bank deal

American Banker

The Colorado Bankers Association claims that state law bars Elevations Credit Union from buying Cache Bank & Trust. Community banking Credit unions M&A Colorado

New payday loan rate cap goes into effect in Colorado

CFPB Monitor

As discussed in an earlier post , on November 6, 2018, Colorado’s voters passed Proposition 111 , seeking to limit interest rates and fees charged on payday loans in Colorado to an annualized percentage rate of thirty-six percent. Effective February 1, 2019, the proposition amends Colorado’s Deferred Deposit Loan Act (C.R.S. Lenders who originate payday loans should be mindful of the application of Colorado’s new rate cap.

Colorado Banking Regulator Denies Community Bank Acquisition by Credit Union

ABA Community Banking

The Colorado State Banking Board today denied the sale of a Colorado community bank to one of the state’s largest credit unions. The board found that the deal—in which Boulder, Colorado-based Elevations Credit Union would purchase the assets of Cache Bank and Trust, headquartered in Greeley—did not meet the requirements of state law. The post Colorado Banking Regulator Denies Community Bank Acquisition by Credit Union appeared first on ABA Banking Journal.

Inside Colorado’s New State-Run Digital Driver’s License App

PYMNTS

PYMNTS recently spoke with Russell Castagnaro, director of digital transformation at the Colorado Governor’s Office of Information Technology , about the app’s development, and how it addresses Coloradans’ concerns regarding security and privacy. Not only does your face change, but maybe your address changes three or four times during that period, especially in a place like Colorado, where people are moving in and out all the time.”. but Colorado will be there.”.

CFPB and Colorado Attorney General announce joint virtual office hours as part of AFCIN

CFPB Monitor

The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN). Kraninger and Colorado AG Philip Weiser will participate in this event. .

Colorado bank rebrands to highlight bigger role in payments

Payments Source

The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients. Online payments Community banking Branding Credit cards

National Bank in Colorado joins growing list of banks closing branches

American Banker

Colorado Branch network Revenue and expenses Community banksThe company said its plan to shutter 12 locations reflects "increased client usage of online and mobile banking and a commitment to improve digital banking technology.".

This week’s podcast: An interview with Colorado Attorney General Phil Weiser

CFPB Monitor

COVID-19 Regulatory and Enforcement State Enforcement colorado weiserWe explore a wide range of topics with AG Weiser including: who are his key staff members and their backgrounds; his office’s actions in response to COVID-19; recent changes to the CO Consumer Protection Act; and his office’s activities concerning student loans, robocalls, payday lending, and data privacy and security and its approach to consumer complaints. Click here to listen to the podcast.

Colorado Attorney General Bans Financial Services Companies from State for Alleged Conflict of Interest

CFPB Monitor

The Colorado Attorney General reached a $175,263 settlement with a lender and a debt management company that are owned and operated by the same individuals. The Colorado Attorney General alleged the companies violated Colorado law when the lender issued loans to customers of the related debt management company. Colorado law prohibits debt management companies from offering loans through a related company due to the risk of a conflict of interest.

Credit union to buy Colorado branches from Liberty Savings

American Banker

Community banking Credit unions M&A Branch deals Colorado Ohio WyomingBlue Federal Credit Union in Wyoming will also gain about $100 million in deposits.

Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

CFPB Monitor

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. As licensees, the fintechs must submit annual compliance reports to the Colorado Administrator.

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

CFPB Monitor

Colorado and Maryland have each enacted legislation regulating student loan servicers. On May 13, Colorado Governor Jared Polis (D) signed into law SB 19-002 , and that same day, Maryland Governor Larry Hogan (R) signed HB 594. Titled the “Colorado Student Loan Servicers Act,” SB19-002 will require servicers of education loans owed by Colorado residents to be licensed by Colorado’s Uniform Consumer Credit Code (UCCC) Administrator.

Colorado state court rules federal interest rate preemption for state bank loans does not extend to non-bank assignees; Ballard Spahr to hold June 19 webinar

CFPB Monitor

A Colorado state district court has ruled that a non-bank assignee of loans made by a state bank cannot charge the same interest rate that the state bank assignor can charge under Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. Marlette Funding, LLC et al , arises from an enforcement action filed in 2017 by Colorado’s UCCC Administrator challenging a bank-model lending program involving a New Jersey state-chartered bank.

Colorado bank savvy on social

ABA Community Banking

Tip #1: It’s not all about your bank—even when it’s about your bank Retail Banking Blogs Social Media Channels. 1Social Media

Colorado bank joins growing list of cloud-based-core converts

American Banker

FirstBank, the initial customer of the startup Finxact, sought a modern core system that jibes with fast payments and other new technologies. Fintech Core systems Core conversions

Colorado AG issues administrator’s opinion on what constitutes collateral with respect to alternate charge consumer installment loans

CFPB Monitor

In a January 4 posting , Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing post-dated checks, debit authorizations, and other forms of up-front payment authorization, as security for payment of “alternate charge” consumer installment loans.

Fitzsimons Credit Union granted field-of-membership expansion

American Banker

Regulators have approved the Colorado institution's bid to serve consumers across three different counties. Credit unions Colorado Community charters Growth strategies Field of membership

Colorado bank rebrands to highlight bigger role in payments

American Banker

The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients. Online payments Community banking Branding Credit cards

OCC and FDIC file joint amicus brief urging Colorado federal district court to reject Madden

CFPB Monitor

The OCC and FDIC have filed a joint amicus brief in a Colorado federal district court arguing that the court should affirm the decision of a bankruptcy court holding that a non-bank loan assignee could charge the same interest rate the bank assignor could charge under Section 27(a) of the Federal Deposit Insurance Act, 12 U.S.C. CMS), a Colorado-based corporation.

Cannabis Companies Would Be Eligible For COVID-19 Relief Under Bill

PYMNTS

Representatives from Colorado and Oregon, states known for liberal cannabis laws, want the cannabis industry to be included in future Paycheck Protection Program (PPP) legislation. Loans Cannabis Colorado Coronavirus COVID-19 essential workers legal loans Marijuana News ohio pandemic What's Hot

London FinTech Glint Pay Launches Gold-Backed Debit Card

PYMNTS

office is in Boulder, Colorado. Digital Banking Colorado debit card FinTech Glint Pay gold london MasterCard News Sutton Bank What's HotA company called Glint Pay has launched a debit card that’s backed by gold instead of currency, according to a report in The Denver Post. The company is London-based, and its U.S. The card was released in the U.S. on Monday (July 29). Glint Pay was started by entrepreneur Jason Cozens. “We

Cards 194

Inside The Fight For Digital Driver’s Licenses

PYMNTS

Colorado, Louisiana and 10 other states have digital driver’s licenses in various stages of development but are facing their share of obstacles, including the possibility of incompatibility across state lines. Authentication AI authentication biometrics Colorado Data Breach digital driver's license Digital Identity Tracker facial recognition Featured News fingerprint scans Jumio mobile News secure technology alliance Security Social Media Tracker Series Visa

Bitcoin Daily: Binance Applies For Singapore Crypto License; CFTC Files Charges In Digital Ponzi Scheme

PYMNTS

The Commodity Futures Trading Commission has charged a Colorado resident with fraud in an alleged Ponzi scheme. Defendants Breonna Clark, of Denver, Colorado, and Venture Capital Investments Ltd are charged with soliciting American citizens to trade foreign currency and Bitcoin using a communal digital pool. Bitcoin Binance bitcoin daily CFTC Colorado Google Hedera Hashgraph Ponzi Scheme Singapore Steemit