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FlexWage wins EWA carve-out in Connecticut

Payments Dive

The earned wage access company said the Connecticut Department of Banking determined it doesn’t need a state lending license.

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Connecticut moves to regulate EWA

Payments Dive

The state is instituting new lending regulations that are likely to apply to some earned wage access providers starting next month.

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EWA could create wage violations, Connecticut warns

Payments Dive

The warning comes as states and the federal government weigh options for regulating earned wage access products.

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Connecticut Issues Guidance Clarifying the Applicability of its Small Loan Act to “True Lenders” and Earned Wage Access Providers

CFPB Monitor

The Connecticut Department of Banking (the “Department”) issued a guidance letter on September 11, 2023 (the “Guidance”) providing its position regarding the amendments to Connecticut’s Small Loan Lending and Related Activities Act (the “Act”) that become effective on October 1, 2023. We previously blogged about these amendments here.

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Connecticut poised To become fifth state to enact privacy law

CFPB Monitor

Connecticut is the next in a growing list of states to pass comprehensive data privacy legislation. Last Friday, the Connecticut legislature passed, by large margins, Senate Bill 6 — which we are referring to as the Connecticut Data Privacy Act (CTDPA). The law now awaits the Governor’s signature. No Rule Making Authority.

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Connecticut's special banking charter finds a new purpose

American Banker

Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.

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Connecticut Department of Banking issues consumer and industry advisory on money transmission

CFPB Monitor

On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The definition of money transmission was further broadened in 2018 when Connecticut amended its money transmitter statute to encompass transmission activities involving virtual currency.