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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 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 Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license

CFPB Monitor

The Order also directs SoLo to stop enforcing loans made to Connecticut residents and make restitution of any amounts it obtained in connection with such loans together with interest. Some Connecticut borrowers were assessed a late fee equal to 15% of the principal loan amount, which was generally split equally between the lender and SoLo.

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Fintech settles allegations that payment of tips and donations was a hidden interest charge

CFPB Monitor

A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through its platform.

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36 Hours at Fintech Meetup: Three Themes from the Las Vegas Event

Gonzobanker

It happened this week: Fintech Meetup , one of the newer trade events that brought 4,000 or so fintech and banker types to Las Vegas. Two AI tools in the wild: Bankwell , a Connecticut bank, is piloting an AI tool to help small business owners apply for loans at whatever time works for their busy schedules.

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Varo Achieves Milestone As First Consumer FinTech To Get National Charter

PYMNTS

Colin Walsh got lots of laughs five years ago when he talked of his intention to launch a financial technology (FinTech) startup. Varo is the first consumer FinTech to receive a new national bank charter from the U.S. Since then, the skepticism has evaporated and the CEO of Varo Money Inc. , To date, Varo has raised $419.4 million.

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Why this Connecticut community bank is merging with a fintech

American Banker

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