Attorney General for District of Columbia Files “True Lender” Complaint Against Elevate Bank Program

CFPB Monitor

The Attorney General for the District of Columbia, Karl A. Racine, (the “AG”) has filed a complaint against Elevate Credit, Inc. (“Elevate”) in the Superior Court of the District of Columbia alleging violations of the D.C. usury laws despite the fact that state interest rate limits on state bank loans are preempted by Section 27 of the Federal Deposit Insurance Act.

DC Bar: Lawyers Allowed To Take Digital Currency As Payment

PYMNTS

lawyers will be allowed to accept cryptocurrency as payment, according to an opinion by the District of Columbia Bar. Crypto payments will be valid so long as the fee agreement is “fair and reasonable” and the lawyer can safeguard the virtual property, the opinion states, so as to acknowledge the sometimes turbulent nature of cryptocurrencies. Because of that, the Bar finds this kind of agreement more like using property than a fiat currency for payment.

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District of Columbia enacts emergency debt collection law in response to COVID-19 pandemic; Massachusetts AG issues guidance on emergency debt collection regulation

CFPB Monitor

On April 7, the District of Columbia passed the COVID-19 Response Supplemental Emergency and Temporary Amendment Act of 2020 which goes into effect immediately and lasts until 60 days after the emergency ends. The Massachusetts Attorney General clarified in Guidance in Response to Frequently Asked Questions Concerning 940 CMR 35.00 , that the Massachusetts emergency regulation does not restrict the use of text messages and email to communicate with a debtor.

What Yesterday’s Ruling Means for CUs

New York's State of Mind

Yesterday’s decision by the Court of Appeals for the District of Columbia represents the most important legal victory ever achieved by credit unions. Legal Watch Regulatory Field of MembershipIf it is upheld on appeal, not only does it give federal credit unions the flexibility they need to continue to grow, it creates an analytical framework, which, if adopted by other […].

What Yesterday’s Ruing Means for the CU Industry

New York's State of Mind

Yesterday’s decision by the Court of Appeals for the District of Columbia represents the most important legal victory ever achieved by credit unions. Legal Watch Regulatory Core Based Statistical Areas Field of MembershipIf it is upheld on appeal, not only does it give federal credit unions the flexibility they need to continue to grow, it creates an analytical framework, which, if adopted by other […].

Bitcoin Daily: Two Charged For Allegedly Selling $270M In Prescription Drugs For Bitcoin

PYMNTS

Department of Justice. They’ve been charged by a federal grand jury in the District of Columbia on conspiring to distribute controlled substances, distributing controlled substances, conspiring to import these substances and conspiring to launder money and money instruments. He would then send re-shippers a list of customer order details, which led to re-shippers crafting small pill packages and sending them to those customers.

Washington, D.C. Publishes Bulletin Reminding Student Loan Servicers of Annual Report

CFPB Monitor

Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual report. Failure to file a timely report is subject to a late penalty of up to fifty dollars per day. District of Columbia, et al. , The Washington, D.C.

Today In Payments: Facebook Calls Out Apple; DC AG Sues Instacart

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Plus, Klarna reported mixed results for the first half of 2020. alleges that Apple demanded it remove a message in its app that told customers about the computer giant’s 30 percent cut of online sales for its new events feature.

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Senate Approves Five Week Extension For Paycheck Protection Program 

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Benjamin Cardin (D-Maryland), one of the bill’s authors. The timing of the vote coincides with a New York Times map of the coronavirus that shows 35 states from Maine to Hawaii have seen the number of new COVID-19 cases rise and 15 states including New York, New Jersey and Massachusetts where new cases have stayed mostly the same. Only Maryland, Rhode Island and the District of Columbia have seen fewer new cases.

Washington, D.C. Releases Annual Report Forms and Filing Deadlines

CFPB Monitor

Department of Insurance, Securities, and Banking (DISB) published a Bulletin in late April reminding those who service student education loans in the District of Columbia of their obligation to file an annual report. District of Columbia, et al. Both the DISB and SLSA have now withdrawn their appeals of the decision. The 2019 annual report form is due by January 30, 2020, consistent with Section 3014 of the DISB regulations.

Sprint Benefits From Less Expensive Subscriptions

PYMNTS

As it enjoyed the upside of less expensive subscriptions before a merger with bigger U.S. reported a less-than-expected loss of monthly bill subscribers in Q3. billion and came out short of the forecasts of analysts of $8.22

Study: Higher Spending On Dining Out Could Forecast A Rise In The Virus

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Aa JPMorgan study suggests a connection between increased spending on dining out and a quicker proliferation of COVID-19. Jesse Edgerton, an analyst, discovered that heightened eatery spending in a state forecast a new instances of the virus in that location three weeks subsequently, CNBC reported. Edgerton examined information spanning 30 million debit and credit cardholders of Chase as well as the case monitor from Johns Hopkins University.

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Bitcoin Daily: US Seeks To Return Funds To Investors From Banana.Fund In Connection With $6.5M Crypto Scam; Alleged Twitter Teen Hacker Has $3M In Bitcoin

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District Court for the District of Columbia. The white paper of Banana.Fund discussed a business development firm that helped burgeoning upstarts across the beginning phases and provided those who put up the early investments with transparency. In other news, the teen who purportedly headed up the Twitter hack is said to possess a collection of bitcoin valued at over $3 million, CoinDesk reported. That amount of bitcoin is worth more than $3.6

VSP Global Acquires Visionworks

PYMNTS

The deal, the details of which were not disclosed, is the single largest investment in VSP’s history. With the close of this acquisition, we can provide more value to our clients and members and respond to their expectations for a substantial, consistent, and sustainable retail eye care experience, underscored by the professional care of VSP network doctors,” Michael Guyette, president and CEO of VSP Global, said in a press release.

The Pandemic And The Side-Hustle Renaissance

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unemployment rate, even as the nation engages in its annual celebration of workers. While the holiday barbecues will roll on (socially distanced, of course), there will be millions of workers wondering when exactly they’ll rejoin the workforce and start laboring once again.

Washington D.C. publishes final student loan servicing regulations

CFPB Monitor

The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. The final rules became effective when published in the D.C. Register on August 10, 2018. The rules are unchanged from the latest revisions.

Walgreens Teams With Postmates For Expanded Delivery

PYMNTS

As the need for home delivery escalates in the wake of the coronavirus pandemic, Walgreens and Postmates have teamed up to offer expanded services to more customers, the companies announced on Tuesday (March 31). People nationwide can get home delivery of necessities and health-related products — including some over-the-counter medications — from over 7,000 Walgreens stores. Walgreens is one of the biggest drugstore chains in the U.S. As of Aug.

No Precedent For Facebook Antitrust Investigation, Says FL AG

PYMNTS

Florida recently announced it is participating in the probe, which also involves six other states as well as the District of Columbia, noted New York State Attorney General Letitia James. “It’s It’s an entirely different way of dealing with a monopoly,” Moody said. “We The search engine could be compelled to change the way it categorizes results and pay billions of dollars in fines, as it already has in Europe.

Morning Scan: CFPB Body Blow; Wells Looks to Reboot

American Banker

CFPB loses appeal: A federal appeals court ruled Tuesday that the CFPB's structure, in which an unusual amount of power and autonomy is invested in a single director, is unconstitutional and ordered its powers be curbed. "If Court of Appeals for the District of Columbia would reduce the agency's independence, empowering the White House to supervise the agency and remove its director, in contrast to… morning-scan national-regionalReceiving Wide Coverage.

Fiserv Enables SNAP Online EBT Payment Acceptance For Grocers

PYMNTS

SNAP, an income-eligible program of the U.S. Department of Agriculture, is expanding a pilot online payment program it launched one year ago in New York to include new states and grocers to answer the growing demand for digital commerce. Eight additional states, Idaho, Minnesota, Missouri, Nevada, North Carolina, Texas, West Virginia, Vermont and the District of Columbia, are slated to be added in June. “We’re Fiserv Inc.,

Restaurant Alcohol-To-Go Sparks Change In US Public Drinking Laws

PYMNTS

For example, The Associated Press recently reported that 33 states and the District of Columbia have temporarily lifted laws that prevented restaurants and bars from selling cocktails to go. Public drinking has been historically frowned upon from a legal perspective in America.

DOJ, State AGs Could Combine Google Investigations

PYMNTS

Department of Justice (DOJ) officials will meet with U.S. The probe is centered on whether Google’s monopoly of the online search world – and the ensuing advertising revenue it commands – represent an illegal form of market control.

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More States Join AG Facebook Investigation Led By NY 

PYMNTS

The Facebook probe announced by attorneys general in September now has 40 states signed on to investigate allegations of the social media giant’s anti-competitive practices, The Washington Post reported on Monday (Oct. The probe of Facebook, announced in September, is led by New York and includes Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia.

U.S. Gov’t Fights States’ Bid To Block Sprint, T-Mobile Merger Saying Move Would Slow 5G

PYMNTS

A group of state attorneys are banding together to fight a merger of T-Mobile and Sprint that is backed by the United States Justice Department, according to a report from Reuters. Thirteen states and the District of Columbia have banded together to try and strike down the merger. In a filing, the agencies cited T-Mobile’s promise to provide 5G to 85 percent of the rural population in three years and 90 percent within six years.

Morning Scan: MetLife's 'SIFI' Case; Wells Takes Case to TV

American Banker

Court of Appeals for the District of Columbia heard arguments from the federal government on Monday that MetLife is a "systemically important financial institution" and requires stricter regulation. district court judge earlier this year. Receiving Wide Coverage. Court hears SIFI appeal: The U.S.

Zuckerberg To Visit DC To Discuss Internet Regulations

PYMNTS

Maria Cantwell of Washington confirmed she met with Zuckerberg on Wednesday evening, according to CNBC. And attorneys general from 39 states , as well as Puerto Rico, Guam and the District of Columbia, have all signed a letter to the FTC asking it to look at a large range of factors when it comes to how Big Tech is harming consumers. “We Facebook CEO Mark Zuckerberg is set to testify on Capitol Hill once again.

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Zuckerberg Visits DC To Talk Tech Laws With Senators  

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during a rare visit to Capitol Hill that comes on the heels of rising scrutiny over the company’s business practices, CNBC reported on Thursday (Sept. 18) that he “helped organize” a dinner meeting in Washington for Zuckerberg and a group of senators “at Facebook’s request,” the aide told CNBC. Warner, the vice chairman of the Senate Intelligence Committee, has been vocal in his support of regulating Big Tech.

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Google To Be Targeted By State AGs In Antitrust Probe 

PYMNTS

Google could be compelled to change the way it categorizes search results, and it might have to pay fines of billions of dollars like it already has in Europe. Regulators could even force the company to let go of profitable businesses like YouTube. “I I continue to be concerned with the aggregation of data in the hands of a few and am always watchful of any monopoly,” said Mississippi Attorney General Jim Hood. “As

DraftKings Trading Debut: Let The (e)Games Begin

PYMNTS

In terms of the mechanics, the sports betting company has come public through a merger with Diamond Eagle Acquisition Corp. The absence of sports events on which to bet has prompted a whole-hearted embrace of fantasy sports or eSports , where competitions are waged with the help of video games. We’ve seen any number of “ busted IPOs ” through the past few quarters, where companies promised to disrupt, say, food delivery or ride-hailing.

Consumer Watchdog Warns Against Elder Financial Abuse

PYMNTS

The Consumer Financial Protection Bureau (CFPB) is urging financial institutions to report any suspicions they may have about financial exploitation of elderly people, the organization said in a release. . The [CFPB] stands ready to work with federal, state and local authorities and financial institutions to protect older adults from abusive financial practices that rob them of their financial security.”.

CFPB issues 50-state complaint snapshot

CFPB Monitor

The report includes the District of Columbia. Wyoming consumers submitted the fewest complaints of any state. The report begins with national complaint data which shows that between January 2017 and June 2018, the Bureau received 494,540 complaints, and that 98% of company responses during that period were timely. Change in complaint volume comparing the first and second quarters of 2018. 2017 vs. 2016 comparison of the top five products by volume.

PayPal Sues CFPB Over ‘Misleading’ Digital Wallet Disclosure Rules

PYMNTS

In the lawsuit, filed in in the United States District Court for the District of Columbia, PayPal said the CFPB rule that requires disclosure for digital wallets and prepaid debit cards places “unreasonable restrictions” on consumers’ abilities to link certain credit products to PayPal accounts.

More PPP Funds Would Help CDFIs Lend Money To Micro Businesses

PYMNTS

CDFIs — which exist in all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands — offer loan money in times of disaster to businesses that typically can’t get funding from banks.

Legal Cannabis Cuts Into Beer Revenue

PYMNTS

The retail beer industry is already feeling the effects of cannabis legalization. states have legalized the use of recreational marijuana, the retail beer industry has seen additional lost sales, according to new research conducted by Cannabiz Consumer Group (C2G). Some 27 percent of beer drinkers surveyed by C2G stated that they already have substituted cannabis for beer or would substitute their retail beer purchases with cannabis in the future, if cannabis was legal.

Half Of US State AGs Back Google Antitrust Probe

PYMNTS

Google could be compelled to change the way it categorizes search results, and it might have to pay fines of billions of dollars like it already has in Europe. Regulators could even force the company to let go of profitable businesses like YouTube. “I I continue to be concerned with the aggregation of data in the hands of a few and am always watchful of any monopoly,” said Mississippi Attorney General Jim Hood. “As