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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. MORE
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. MORE
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. MORE
By an overwhelming vote (approximately 1,4270,000 million to 433,000), Colorado voters passed Proposition 111, a ballot initiative that places a 36 percent APR cap on payday loans. The question presented to voters was: Shall there be an amendment to the Colorado Revised Statutes concerning limitations on payday lenders, and, in connection therewith, reducing allowable charges on payday loans to an annual percentage rate of no more than thirty-six percent? MORE
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 MORE
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. MORE
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. MORE
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. MORE
The Colorado Bankers Association claims that state law bars Elevations Credit Union from buying Cache Bank & Trust. Community banking Credit unions M&A Colorado MORE
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. MORE
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 MORE
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 MORE
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.". MORE
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 MORE
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. MORE
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 MORE
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 MORE
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. MORE
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 MORE
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 MORE
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 MORE
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. MORE
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. . MORE
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. MORE
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 MORE
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 MORE
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. MORE
Tip #1: It’s not all about your bank—even when it’s about your bank Retail Banking Blogs Social Media Channels. 1Social Media MORE
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 MORE
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 MORE
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 MORE
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 MORE
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 MORE
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. MORE
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.”. MORE
Community banking Credit unions M&A Branch deals Colorado Ohio WyomingBlue Federal Credit Union in Wyoming will also gain about $100 million in deposits. MORE
Colorado Related Topics PYMNTS
FEBRUARY 13, 2019
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
PYMNTS
AUGUST 2, 2020
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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Banking Exchange
AUGUST 24, 2020
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.
American Banker
AUGUST 18, 2020
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.
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CFPB Monitor
AUGUST 17, 2020
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
PYMNTS
OCTOBER 25, 2019
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
PYMNTS
DECEMBER 3, 2019
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.
CFPB Monitor
DECEMBER 4, 2019
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
Bank Innovation
NOVEMBER 7, 2018
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
American Banker
JANUARY 16, 2020
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
Bank Innovation
NOVEMBER 7, 2018
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
PYMNTS
NOVEMBER 1, 2018
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
American Banker
JANUARY 14, 2020
The Colorado Bankers Association claims that state law bars Elevations Credit Union from buying Cache Bank & Trust. Community banking Credit unions M&A Colorado
CFPB Monitor
FEBRUARY 4, 2019
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.
ABA Community Banking
JANUARY 16, 2020
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.
PYMNTS
DECEMBER 4, 2019
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 Monitor
NOVEMBER 16, 2020
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. .
Payments Source
MARCH 31, 2020
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
American Banker
JULY 2, 2020
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.".
CFPB Monitor
JUNE 4, 2020
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.
CFPB Monitor
SEPTEMBER 13, 2019
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.
American Banker
JANUARY 14, 2020
Community banking Credit unions M&A Branch deals Colorado Ohio WyomingBlue Federal Credit Union in Wyoming will also gain about $100 million in deposits.
CFPB Monitor
AUGUST 24, 2020
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.
CFPB Monitor
MAY 23, 2019
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.
CFPB Monitor
JUNE 12, 2020
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.
ABA Community Banking
MARCH 20, 2015
Tip #1: It’s not all about your bank—even when it’s about your bank Retail Banking Blogs Social Media Channels. 1Social Media
American Banker
MARCH 5, 2020
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
CFPB Monitor
JANUARY 10, 2019
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.
American Banker
SEPTEMBER 30, 2020
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
American Banker
MARCH 31, 2020
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
CFPB Monitor
SEPTEMBER 12, 2019
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.
PYMNTS
APRIL 24, 2020
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
PYMNTS
JULY 29, 2019
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
PYMNTS
FEBRUARY 10, 2020
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
PYMNTS
FEBRUARY 16, 2020
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
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