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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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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.

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Connecticut enacts significant changes to Small Loan Act

CFPB Monitor

Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. . The primary changes are as follows: New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)). Continue Reading

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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. To lend or borrow using the Platform, lenders and borrowers are required to set up a special account at a designated bank.

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Bankwell Bank pilots generative AI in small-business lending

American Banker

It's early days in the Connecticut bank's testing of Cascading AI, but one clear benefit has emerged: The software can handle the many inquiries that come in on Friday nights, after loan officers have gone home.

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Webster Financial predicts loan growth of 5%-7% in 2024

American Banker

Several regional banks have projected minimal growth or even a decline in lending this year. But Connecticut-based Webster is bullish based on its pipeline of nonoffice commercial real estate, public finance and other credits, CEO John Ciulla says.