Revolut hit with biometric ID class action in Illinois
Payments Dive
JANUARY 12, 2024
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
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Payments Dive
JANUARY 12, 2024
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
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Breaking New Ground: Managing Innovation Fatigue With Effective Automation
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MARCH 27, 2024
The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.
American Banker
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An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.
Payments Dive
FEBRUARY 2, 2024
at a location in the Chicago suburb of Aurora, Illinois. The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S.
PYMNTS
OCTOBER 26, 2020
With COVID-19 cases rising in Illinois, operators of small- to medium-sized businesses (SMBs) in heavily populated areas face new shutdowns — measures likely to be all the more painful economically because of looming winter weather that will make options such as outdoor dining unattractive, The Wall Street Journal (WSJ) reported.
American Banker
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The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.
PYMNTS
JANUARY 7, 2019
Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. The Illinois Biometric Information Privacy Act , a state law enacted in 2008, gives users a “property interest” in the algorithms that establish their digital identities.
CFPB Monitor
JULY 15, 2020
The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Written comments will be accepted for 45 days.
CFPB Monitor
APRIL 6, 2021
The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.).
PYMNTS
MARCH 17, 2017
One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications.
PYMNTS
MAY 19, 2016
Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. ”
PYMNTS
DECEMBER 3, 2019
Lumin Digital has signed a multi-year contract with the University of Illinois Community Credit Union (UICCU) that will have Lumin’s cloud-based platform serve as the credit union’s digital banking solution for retail banking and bill payment.
CFPB Monitor
JULY 27, 2022
Private education lenders doing business in Illinois now have access to official informational guides and templates for meeting the November 1, 2022, reporting requirements under the state’s new Know Before You Owe Private Education Loan Act (“KBYO”). . 1650(a)(7).
CFPB Monitor
FEBRUARY 16, 2023
Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. .
American Banker
MAY 6, 2024
billion-asset Vibrant is working with the San Francisco-based distributed ledger development firm Metallicus through its Metal Blockchain Banking Innovation Program to examine use cases.
CFPB Monitor
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In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.
PYMNTS
JANUARY 10, 2020
On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan. 1, and was sponsored by Representative Keith Wheeler.
PYMNTS
OCTOBER 26, 2016
At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. By signaling a willingness to explore these technologies, Illinois opens the door for partnering with the broad range of private-sector companies pioneering innovative solutions in this area.”. “By
Accenture
NOVEMBER 14, 2021
Here in Chicago, Illinois, the days are getting shorter, and the temperatures are dropping. It feels like the end of the year is approaching at breakneck speed. Thanksgiving is not far off. All of which makes me think it’s a good time to take stock before we head into the holidays. I’ve covered a lot….
Payments Dive
APRIL 29, 2022
Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."
CFPB Monitor
OCTOBER 13, 2021
Originally filed in Illinois state court, the plaintiffs’ lawsuits were removed by the defendants to federal court. The decisions are at variance with recent New York federal court decisions. Both plaintiffs filed motions to remand their cases to state court based on their lack of Article III standing.
PYMNTS
AUGUST 16, 2016
15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug.
CFPB Monitor
JANUARY 30, 2023
Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress took up the discussion of a national 36% annual interest rate cap. Continue Reading
American Banker
JUNE 5, 2023
The parent of the $1.1 billion-asset CBI Bank & Trust said it would buy McLaughlin Holding and its SENB Bank unit.
CFPB Monitor
SEPTEMBER 15, 2023
Alleging violations of the Illinois Biometric Information Privacy Act (BIPA), approximately 50,000 Samsung customers filed individual arbitration demands with the American Arbitration Association (AAA) pursuant to an arbitration clause in Samsung’s customer agreement.
PYMNTS
JANUARY 25, 2019
The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook. Because the law is so strict, Illinois is rife with biometrics misuse lawsuits.
CFPB Monitor
NOVEMBER 16, 2023
We previously blogged about an Illinois federal district court order requiring Samsung to pay about $4 million in arbitration fees in connection with 35,000 individual arbitration demands filed as part of a “mass arbitration.”
PYMNTS
DECEMBER 10, 2020
Pennsylvania-based North Lane manages client, staff and business payouts and disbursements throughout the Fortune 500, while Illinois-based daVinci Payments provides business funded payments.
CFPB Monitor
NOVEMBER 6, 2023
On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and the District of Columbia that evaluate the record of state-chartered financial institutions and other lenders in meeting the credit (..)
PYMNTS
NOVEMBER 13, 2020
DraftKings rolled out iGaming in West Virginia and mobile sports betting in Illinois in Q3. The company said it was able to effectively get new clients in Illinois and cross-sell from current offerings because of Illinois Governor J.B. Pritzker’s suspension of an “in-person registration requirement.”.
American Banker
OCTOBER 31, 2023
The whistleblower who brought the case, Minnesota-based municipal advisor Johan Rosenberg, will receive $14.4 million under the deal.
American Banker
NOVEMBER 27, 2023
The Champaign, Illinois-based company said it would pay $41.6 million to acquire Merchants and Manufacturers Bank Corp., which has five branches in the Greater Chicago area.
PYMNTS
MAY 12, 2020
Google and Amazon Web Services are assisting Rhode Island, Kansas, Illinois and New York in processing the unprecedented number of unemployment claims prompted by the coronavirus crisis, The Wall Street Journal (WSJ) reported. Help is on the way for beleaguered states facing a record number of jobless claims.
American Banker
JULY 12, 2023
The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.
PYMNTS
DECEMBER 3, 2020
The new service is now available for Meijer customers in Michigan, Ohio, Indiana, Kentucky, Illinois and Wisconsin. The program is launching initially at Aldi’s 60-plus Georgia stores, with plans to expand to more than 570 locations in California, Illinois, Pennsylvania and Florida. and Canada.
PYMNTS
FEBRUARY 1, 2021
The company pointed to Northwell Health in Illinois, the University of Massachusetts Amherst and Gavi , the Vaccine Alliance. In the release, Salesforce said international, federal, state and local agencies, healthcare providers and nonprofits are now using its technology specifically for vaccine administration.
American Banker
AUGUST 29, 2023
Michigan State University Federal Credit Union, seeking to add $300 million of assets in Illinois, has agreed to purchase McHenry Savings Bank.
PYMNTS
MAY 22, 2020
Arkansas, Colorado, Illinois and Ohio have warned tens of thousands of residents who have applied online for unemployment benefits due to COVID-19 of possible data breaches that could have exposed names, addresses and Social Security numbers.
American Banker
APRIL 27, 2016
First Mid-Illinois Bancshares in Mattoon, Ill., has agreed to buy First Clover Leaf Financial in Edwardsville, Ill.
PYMNTS
NOVEMBER 26, 2018
The Illinois Supreme Court is set to hear arguments that will help it determine when consumers can take action under the Biometric Information Privacy Act. The precise harm the Illinois legislature sought to prevent is then realized.”. Alphabet Inc.’s s Google is dealing with similar claims in federal court in Chicago.
American Banker
JUNE 11, 2024
Illinois' recent move to prohibit the inclusion of taxes and tips in credit card interchange fees suggests that electronic transactions are too expensive and also that there are too many entities working unilaterally to reduce those costs.
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