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.).

Illinois 78

Illinois Regulation Report Lending 78

PYMNTS

OCTOBER 5, 2016

The Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo. According to a report , Illinois Governor Bruce Rauner’s administration said it won’t include Wells Fargo until further notice.

Illinois 175

Illinois Chicago Ohio Fraud 175

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.

Illinois 109

Illinois blockchain Regulation Bitcoin 109

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).

Illinois 78

Illinois Report Lending Data 78

CFPB Monitor

JANUARY 19, 2021

On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. SB 1792 separately amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.)

Illinois 60

Illinois Lending Retail Operations 60

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.

Illinois 131

Illinois Digital Banking Payments Customer Experience 131

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. ”

Illinois 108

Illinois Chicago Security Compliance 108

CFPB Monitor

OCTOBER 28, 2019

Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Education loan” means “a loan made to a borrower in accordance with this Act to finance an Illinois resident student’s attendance at an institution of higher education.”. billion based on the state’s 2018 annual report.

Illinois 79

Illinois Operations Report Marketing 79

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. .

Illinois 78

Illinois Study Mississippi Data 78

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.

blockchain 131

blockchain Illinois Bitcoin Regulation 131

CFPB Monitor

JUNE 14, 2021

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.”.

Illinois 78

Illinois Regulation Report Lending 78

MyBankTracker

MARCH 16, 2021

Illinois has relatively inexpensive car insurance. It’s important to note that Illinois acts as two states where car insurance premiums are concerned, Chicago and the rest of the state. Even with lower rates in Illinois, it’s essential to find the right coverage for you. Average rates can be deceiving.

Illinois 52

Illinois How To Chicago Policies 52

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

Illinois 100

Illinois blockchain Fraud Bitcoin 100

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.

Illinois 78

Illinois New York Management 78

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….

Illinois 307

Illinois Chicago 307

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."

Illinois 221

Illinois Cards Report 221

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.

Chicago 78

Chicago Illinois Company Community Bank 78

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.”

Samsung 88

Samsung Illinois 88

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.

Illinois 100

Illinois Chicago Community Retail 100

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

Illinois 78

Illinois New Mexico Michigan Study 78

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 (..)

Rhode Island 78

Rhode Island District of Columbia West Virginia Community 78

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.

Samsung 97

Samsung Illinois Payments 97

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.

Illinois 36

Illinois Minnesota 36

CFPB Monitor

JANUARY 8, 2019

California, Illinois, and Washington have each taken significant steps in implementing their existing laws while legislation has been introduced in Virginia and New Mexico to regulate student loan servicers for the first time. Illinois is now accepting student loan servicer applications through NMLS. California.

New Mexico 60

New Mexico Illinois Virginia Washington 60

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.

Payments 231

Payments Illinois Pennsylvania America 231

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.

Illinois 48

Illinois Community Bank Community 48

American Banker

MARCH 23, 2021

Two banking bills signed by Gov. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state. ]].

Illinois 101

Illinois Lending 101

PYMNTS

MARCH 25, 2019

But the laws and regulations governing biometrics have yet to catch up to the reality of their use, and that’s perhaps most apparent when it comes to two recent, high-profile cases in Illinois. The Illinois Biometric Information Privacy Act , commonly known as BIPA, not only stands as the strictest biometric privacy law in the U.S.,

Regulation 151

Regulation Illinois San Francisco Google 151

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.

Rhode Island 187

Rhode Island Google Kansas Illinois 187

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.”.

West Virginia 162

West Virginia Illinois Tennessee Virginia 162

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.

Software 193

Software San Francisco System Company 193

PYMNTS

SEPTEMBER 28, 2020

In what lawyers say is the first COVID-19 wrongful death lawsuit, the daughter of an Illinois factory worker has alleged her mother died of the virus contracted by her father, who worked at a meat processing plant, Reuters reported. the North Aurora, Illinois, factory. told Reuters.

US 259

US Los Angeles Illinois Texas 259

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.

Retail 183

Retail Illinois Kentucky Wisconsin 183

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.

Google 116

Google Illinois Regulation Chicago 116

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.

Illinois 36

Illinois 36

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.

Chicago 81

Chicago Illinois Michigan 81

American Banker

NOVEMBER 28, 2023

The seller, Merchants and Manufacturers Bank in Illinois, has experienced rapid growth and zero lifetime losses in its niche portfolio. First Busey says that business line was a key reason it decided to buy its in-state peer.

Lending 36

Lending Illinois 36