Fintech Lending Regulation Utah 
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.
CFPB Monitor
JANUARY 24, 2022
as a full service national bank headquartered in Cottonwood Heights, Utah. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. The OCC announced this week that it has conditionally approved applications from Social Finance Inc.
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PYMNTS
FEBRUARY 6, 2020
5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. She said the evasion would continue unless regulators step in or there is action by Congress to limit interest rates to no more than 36 percent APR.
PYMNTS
DECEMBER 19, 2018
San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. billion in cash advances and loans through Square Capital , its digital lending subsidiary. Square said it has already given out more than $3.5
PYMNTS
NOVEMBER 1, 2017
Usury laws regulate how much interest can be charged on a loan. State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.
PYMNTS
OCTOBER 17, 2017
An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.
CFPB Monitor
MAY 6, 2019
The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R. The OCC argued that the NYDFS’ complaint failed to state an APA claim because this regulation is entitled to deference under the U.S. e)(1)) interpreting the term “business of banking” in the NBA.
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