Connecticut bank sued for alleged discriminatory mortgage lending

CFPB Monitor

Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act. The complaint describes the Bank as “the eighth-largest conventional home purchase lender and eleventh-largest refinancer in Connecticut.”. Fair Lending State CFS Monitor State Enforcement CFPB connecticut fair lending redlining

Significant changes to Connecticut consumer finance licensing laws to take effect October 1, 2018

CFPB Monitor

Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018. A licensee will be required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. The new requirement presents an apparent conflict with the Regulation B proscription against a non-mortgage creditor inquiring about the race, ethnicity or gender of an applicant.

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Connecticut Banking Dept. takes no-action position on new demographic data reporting requirement for sales finance companies

CFPB Monitor

In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018. A licensee is required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. of Regulation B] and (b)(2) of this section [authorizing only an optional request to designate a title on an application form such as Ms.,

State Regulators Investigate Payday Advances

PYMNTS

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances.

CT federal district court rules state’s demands to PHEAA for federal student loan documents preempted by federal law

CFPB Monitor

The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. of ED Preemption Regulatory and Enforcement Student Loans connecticut pheaa preempt student loan

InsurTech and innovation through the regulator’s eyes

Daily Fintech

During my time in a sales role, I never (thankfully) had to deal with any regulators. My knowledge of how regulation worked in the U.S. This was my first taste of dealing with a regulator, as they would ultimately need to approve our set-up there. When I left the U.S.

Regulators Want Answers From Uber Over Hidden Hack

PYMNTS

Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., Attorneys general in Connecticut, Illinois, Massachusetts and New York said they were launching their own investigations. Deliberately concealing breaches from regulators and citizens could attract higher fines for companies,” Dipple-Johnstone said.

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

CFPB Monitor

Colorado and Maryland have each enacted legislation regulating student loan servicers. The law also requires student loan servicers to respond to inquiries and complaints within 30 days of receipt, and grants enforcement authority to the Office of the Commissioner of Financial Regulation.

Update on state AGs/regulator lawsuits using Dodd-Frank authority

CFPB Monitor

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut. Barbara S.

A further update on state AG/regulator lawsuits using Dodd-Frank authority

CFPB Monitor

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Florida/Connecticut. Barbara S.

Why ?Dining Out? Is About To Become A Much More Literal Term

PYMNTS

The pilot in Tampa is not unique: In Cincinnati, Atlanta, New Jersey, Massachusetts, California and Connecticut, local governments are trying out arrangements to allow restaurants to reclaim space not normally used for serving customers to make reopenings possible. In Connecticut, Gov.

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Senate Panel Eyes Algorithms, Social Media and ‘Persuasive Technology’

PYMNTS

Richard Blumenthal, Democrat from Connecticut, said that “On the issue of persuasive technology, I find, Ms. Regulation algorithm Algorithmic Accountability Act Algorithms Facebook Google News persuasive technology regulation Senate social media What's Hot

CardX CEO: Ban On Card Surcharge Ban May Lead to Lower Interchange Fees

PYMNTS

As noted in this space by Karen Webster, the ban on the ban – where, now, in New York, surcharges are allowed when merchants post total prices for transactions – shows the inefficiencies of regulation that supersede card networks’ own rules governing merchant activities.

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Booking Holdings Is Latest Backer To Bail On Libra

PYMNTS

Connecticut-based Booking Holdings – known best for operating Kayak.com and Priceline.com — joins Visa, Mastercard, PayPal, eBay, MercadoLibre and Stripe in departing from the project. Facebook Booking Holdings cryptocurrency digital currency Libra Libra Association News regulation What's Ho

FTC Takes Fresh Aim At Big Tech — And Its Previous Mergers

PYMNTS

and elsewhere, lawmakers and regulators are taking closer looks at the technology industry, as well as topics that concern digital payments and commerce — topics that can go beyond antitrust concerns, but are often related to them.

The Digital Evolution Of The Online Gaming Ecosystem

PYMNTS

Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”. And New Hampshire is far from unique: According to the Monitor’s reports, both Connecticut and Rhode Island have seen similar results with their online gambling platforms.

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New Bank TNB USA Sues The Fed

PYMNTS

A new bank, launched by one of the Federal Reserve’s own, is now suing the Fed of New York , accusing the regulator of preventing the bank from moving forward with its business plans. based in Connecticut, is suing the Fed for its inaction on an application to open an interest-bearing account at the New York Fed. Connecticut has granted temporary authorization for TNB to operate as a bank, but it will not provide retail banking services or loans, reports noted.

AGs Probe Google Data Breach

PYMNTS

The New York Attorney General and the Connecticut Attorney General are investigating the Google data breach that may have exposed the private data of at least 500,000 users.

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To Sandbox or not to Sandbox, that is the Insurtech question

Daily Fintech

Regulation is one of the most important aspects of the Insurance industry. Prediction #8 Regulation. Regulators have been taking a more active role in understanding Insurtech. I see there being more regulation in general that relates to customer data protection.

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Appeal In McDonald’s Payroll Card Ruling Falls Flat

PYMNTS

” The court added that state lawmakers are in the midst of drafting legislation that would regulate payroll cards used by Pennsylvania employers. New York state introduced new laws to protect workers against fees and other burdens often associated with payroll cards, while Connecticut is also preparing for new legislation to legalize payroll cards so long as they avoid excessive fees. B2B Payments B2B News paycards payments regulation payroll payroll cards What's Hot In B2B

Facebook Hit With Three State Probes Over Privacy Violations

PYMNTS

According to Bloomberg , Attorneys General in Pennsylvania, Illinois and Connecticut are investigating existing allegations against the company, while New York, New Jersey and Massachusetts are looking to find any potential unknown violations.

Sports Betting Moves Forward In The U.S. — With or Without ‘Integrity Fees’

PYMNTS

Meanwhile, states such as Kentucky, Connecticut, Illinois, Michigan, Indiana, Massachusetts, Maryland and others are making moves toward legalization, and via different methods. The state allows both online and offline sports betting, with regulation oversight provided by the West Virginia Lottery Commission. Legal betting legalization betting regulation casinos damon thayer gambling regulation Kentucky News Sports betting sports gamblingThe U.S.

‘Amazon’s Choice’ Badge Attached To Questionable Products

PYMNTS

While Amazon reportedly attaches the badge to many legitimate listings, it also appears with products that make false claims or that regulators have noted safety concerns about, as well as listings that have been manipulated by sellers to receive the endorsement.

OCC outlines risk plan as Northeastern loan growth doubles

Abrigo

Multifamily, commercial and automotive loans are driving loan growth among banks in the Northeast, but increasing risk will draw fresh attention from regulators to ensure recent and future growth is sound, the Office of the Comptroller of the Currency said recently. The tri-state area (New York, New Jersey and Connecticut) saw the highest growth in the district, an impressive 7 percent.

Santander Gets Hit With Fine Due To Overdraft Practices

PYMNTS

Santander is a national bank based in Wilmington, Delaware, and operates a network of close to 700 retail branch offices in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Regulation bank overdraft CFPB Santander What's HotSantander Bank has gotten hit with a $10 million fine by the Consumer Financial Protection Bureau, which contended on Thursday (July 14) that the bank engaged in illegal overdraft service practices.

Accounting Liabilities

Independent Banker

For all the complex systems banks will have to employ to project multiple outcomes and cash flows, I just don’t know that banks will ever be able to get the equation right from the regulators’ perspective. Advocacy & Policy Highlighting Regulation / Compliance

NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

The DFS states that the investigation will focus on “whether companies are in violation of state banking laws, including usury limits, licensing laws and other applicable laws regulating payday lending and consumer protection laws.” Illinois Department of Financial Professional Regulation.

Facebook CEO Mark Zuckerberg Meets With Lawmakers, President

PYMNTS

Richard Blumenthal, a Connecticut Democrat, said after the dinner per reports that he had brought up the “repeated failures” of the company in consumer privacy and election security. Facebook News regulation social media U.S.

Accounting About-Face

Independent Banker

To their credit, federal regulators have already showed they are on board with the approach laid out in FASB’s final standard. This is a complete reversal from just a year ago, when a regulator-led webinar suggested banks should consider investing in third-party modeling systems.

Bridging Banking Gaps For Cannabis Companies

PYMNTS

Nowhere does that ring truer than in the nascent and growing legal cannabis industry, where billions of dollars flow the old-fashioned way — hand to hand, because of the clash between federal and state regulations over its legality.

Do Consumers Own Digital ID Algorithms? Look To Illinois.

PYMNTS

But at the same time, the laws governing biometrics are a work in progress, and as more consumers become more skeptical about the safety and use of their identities and data online, you can bet on more cases testing the boundaries of existing regulations.

Restaurant Operators On Life Before, During And After COVID-19

PYMNTS

When working from home became the norm — and when home is in Westchester, New York, or Princeton, New Jersey, or Greenwich, Connecticut — the customer base vanished all at once. And when they announce new regulations every hour, you have to be very nimble.

Picking Up The Bill On Consumer Trust, Post-Data Breaches

PYMNTS

Florida Senator Bill Nelson introduced the bill, which was co-sponsored by Connecticut Senator Richard Blumenthal and Wisconsin Senator Tammy Baldwin. Forty-eight states currently have data breach notification laws , but they are inconsistent; the proposed bill would create uniform regulations across the country. Introducing regulations may mean that incidents are more likely to get cleaned up rather than swept under the proverbial rug.

States Step Up Where CFPB Steps Back

PYMNTS

Aiming to fill the void resulting from the Consumer Financial Protection Bureau’s retreat from regulation, states are stepping up and going after big financial companies. There’s also been a big increase from Connecticut and other states, noted the report. CFPB financial services Mick Mulvaney President Trump regulation State AGs What's Hot

Equifax Blames Flaw In Database Software For Breach; Backlash Mounts From Consumers, Lawmakers

PYMNTS

and Canadian regulators to determine appropriate next steps. Pennsylvania Attorney General Josh Shapiro said in a statement that his state, along with Connecticut and Illinois, is leading a collaborative inquiry into the data breach. Equifax, the credit scoring company that suffered a data breach that impacted as many as 143 million Americans, is blaming a vendor software flaw in its online databases.