CFPB Monitor
SEPTEMBER 10, 2020
Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” The DOB indicated that such loans have interest rates greater than 90 percent.
CFPB Monitor
FEBRUARY 16, 2022
Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. During the week of February 7, 2022, bills were introduced in Utah and Maryland that would require disclosures in commercial transactions.
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PYMNTS
NOVEMBER 1, 2017
A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. 12 of this year, a small business owner sued Kabbage, Inc.
CFPB Monitor
MARCH 15, 2022
The rules provide that a loan made by a national bank, federal savings association, or federally-insured state-chartered bank that is permissible under applicable federal law (Section 85 of the National Bank Act (NBA) or Section 27 of the Federal Deposit Insurance Act (FDIA)) is not affected by the sale, assignment, or other transfer of the loan.
CFPB Monitor
DECEMBER 5, 2022
CarMax has 180 days to implement these practices, and has agreed to compliance monitoring for a period of five years. CarMax must also present consumers with copies of open recalls and obtain the consumer’s signature on a standalone disclosure document before presenting any other sales paperwork. .
American Banker
FEBRUARY 26, 2016
The nation's largest marketplace lender announced changes Friday to its partnership with Utah-based WebBank. The revisions are designed to preserve Lending Club's ability to ignore state interest rate caps.
PYMNTS
AUGUST 14, 2018
According to documents procured and reviewed by National Public Radio , it looks like the effort to roll back some of the protections – specifically those sections that are meant to protect military members taking out car loans – are being pushed by the White House itself. .
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