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Unpaid Student Loans Cost Workers Jobs, Drivers’ Licenses

PYMNTS

What’s more, in South Dakota, a borrower’s driver’s license can be suspended, which makes it close to impossible for them to get to work. That’s according to a news report in CNBC that found that in 19 states, government agencies can take away student loan borrowers’ licenses if they default on their debt.

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NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” North Dakota Department of Financial Institutions. South Carolina Department of Consumer Affairs.

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Sizzle Or Fizzle: Facebook, Online Lending, Cash – And The Twilio Surge

PYMNTS

This week it was Minnesota, and then yesterday Walmart really got warmed up and announced the expansion of their new payments service in: Michigan, Virginia, the Carolinas, Indiana, Iowa, Kentucky, Nebraska, North Dakota, South Dakota, Tennessee, Louisiana, Missouri, Mississippi and Washington, D.C. Online lending .

Lending 101
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Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule

CFPB Monitor

Our letter draws on Ballard Spahr’s two-plus decades of experience in representing banks and savings associations (“Banks”) in establishing lending programs (“Bank-Agent Programs”) where a Bank obtains substantial assistance from a fintech or other non-Bank company (an “Agent”) to offer Bank loans to consumers or small businesses.

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Top News In Payments: Apple Shares Hit Record High; CA Denies Lending License For Sezzle

PYMNTS

In today’s top payments news, Apple’s share price hit a record high above $300 on Thursday, “buy now, pay later” company Sezzle was denied a lending license from California and a European Central Bank policymaker urged area banks to seek alternatives to Libra. CA Denies Lending License For BNPL Firm Sezzle. at the end of the day.

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Fintech Fundings: 20 Companies Raise $175 Million Week Ending Nov 6

Fintech Labs Insights

P2P lending. HQ: Sioux Falls, South Dakota. Tags: Consumer, lending, lead gen, loans, small business loans, mortgage. Here are the rounds by size from Oct 31 through Nov 6: Meili Jinrong. Latest round: $65 million Series A. Total raised: $65 million. Source: FT Partners. FactorTrust. Alternative credit bureau.

Company 12