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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. Exemptions. Conclusion.

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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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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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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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Payrailz Partners With Mastercard For Real-Time Bill Payments

PYMNTS

Digital payments company Payrailz is teaming with Mastercard to launch a pilot of the Mastercard Bill Pay Exchange, a real-time payment solution that works directly with digital banking apps, Payrailz said in a press release on Wednesday (Dec. Billing accounts can be securely linked so that payments can be made through Payrailz.

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Today In Payments: CT AG Launches Antitrust Probe Into Amazon’s eBook Business; Petco’s $864 Million IPO Beats Forecasts

PYMNTS

In today’s top news, Connecticut’s Attorney General has opened an antitrust probe into Amazon’s eBook business, and Petco beat expectations in its IPO. Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business. Plus, Grab Financial raised $300 million. Grab Financial Services Raises $300 Million, 2020 Revenues Up 40 Pct.

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The United States Of Fintech Startups

CB Insights

The fintech space is gaining momentum. Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year. GET THE 83-PAGE q2 2019 FINTECH TRENDS REPORT. Q2’19 fintech funding topped $8.3B, boosted by a record quarter of $100M+ mega-rounds. Connecticut.