CFPB Monitor

SEPTEMBER 10, 2020

Thereafter, “using its existing lending operations and personnel, LoanMart commenced ‘marketing’ and ‘servicing’ auto title loans purportedly made by CCBank, a small Utah-chartered bank operating out of Provo, Utah.” Thus, both the OCC and FDIC have adopted regulations rejecting the Second Circuit’s Madden decision.

Utah 78

Utah California FDIC West Virginia 78

PYMNTS

JUNE 20, 2017

The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known as an ILC. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.

Utah 108

Utah Indiana America Community 108

PYMNTS

JULY 14, 2020

That alternative method of paying for purchases “on credit” got a boost with news this week that Visa Installments , a new point-of-sale (POS) credit solution, is being rolled out in pilot markets across the U.S. Silicon Valley FinTech Affirm is also a regular in the top 5 this year. This follows a pilot rollout in Russia last month.

Lending 130

Lending FDIC Minneapolis Utah 130

CFPB Monitor

OCTOBER 10, 2019

According to the complaint , Kabbage entered into the scheme with Celtic Bank, a foreign state-chartered bank in Utah, which has no maximum rate limit for commercial loans. Kabbage “in economic reality” markets, underwrites, prices, approves, funds, and collects upon 100% of the loans and bears 100% risk of loss.

Massachusetts 84

Massachusetts California New York Utah 84

CFPB Monitor

APRIL 19, 2022

At the end of last year, we completed a months-long project in updating and expanding a 2017 White Paper addressing bank-model lending—programs involving partnerships between banks (or savings associations) and fintech or other nonbank companies in the interstate delivery of loans.

California 78

California Innovation Utah United States 78