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.

Illinois 36

Illinois Lending 36

CFPB Monitor

OCTOBER 25, 2022

While creditors are allowed to price loans differently based on objective differences in creditworthiness, New York’s Fair Lending Law prohibits discrimination against protected classes for the granting, withholding, extending, renewing of credit or in the fixing of interest rates, terms or conditions of any form of credit.

New York 78

New York Lending Community Bank Community 78

PYMNTS

APRIL 29, 2020

The WSJ reported a 2011 audit of SBA lending found the agency’s inspector general discovered documentation deficiencies in 40 percent of the loans it reviewed resulting in “inappropriate or unsupported loan approvals.”. It’s literally impossible for them to do the kind of job that taxpayers would desire.”.

Pennsylvania 353

Pennsylvania Illinois Comparison Lending 353

Gonzobanker

SEPTEMBER 21, 2023

Lending: Lending Leaves Change Color Abrigo acquired Valuant for compliance and credit risk and DiCOM Software for automated credit risk software and partnered with Charm Solutions to launch Abrigo Small Business Lending Intelligence. Credit union lending platform Clutch partnered with Zest.ai for automated underwriting.

Fintech 103

Fintech Software Illinois Fraud 103

CFPB Monitor

APRIL 11, 2022

The stipulated order requires the dealerships to pay $9,950,000 to the FTC to provide monetary relief to consumers, and $50,000 to the Illinois Attorney General Court Ordered and Voluntary Compliance Payment Projects Fund. In its press release , the FTC calls the settlement “a record-setting monetary judgment for an FTC auto lending case.”.

Illinois 78

Illinois Policies Lending Retail 78

American Banker

FEBRUARY 7, 2024

In a bid for scale and diversification, Illinois-based Empeople Credit Union said it would expand in Wisconsin with the planned acquisition of TSB Bank.

Wisconsin 50

Wisconsin Illinois Community Bank Community 50

PYMNTS

FEBRUARY 17, 2020

BankFinancial Equipment Finance will also continue its corporate leasing, lending, deposit and treasury management services to independent equipment lessors nationwide. The expansion of BankFinancial Equipment Finance brings its leasing capabilities to governmental, middle-market and small businesses, BankFinancial announced on Friday (Feb.

Illinois 131

Illinois Lending National Conference 131

CFPB Monitor

FEBRUARY 6, 2023

The US District Court for the Northern District of Illinois recently granted Townstone’s motion to dismiss the CFPB’s complaint on the grounds that the ECOA applies to applicants and not to prospective applicants. . Continue Reading

Illinois 78

Illinois US Report Company 78

PYMNTS

SEPTEMBER 17, 2019

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check.

Ohio 151

Ohio Lending Iowa South Dakota 151

PYMNTS

APRIL 17, 2017

Fifth Third Bank is focusing its SME lending reach through a new partnership with nonprofit lender Accion. Reports late last week said the bank will work with SME lending portal Accion, a nonprofit company, to facilitate the financing of these companies across five states: Florida, Indiana, Illinois, Michigan and Ohio.

Indiana 109

Indiana Resources Lending Michigan 109

PYMNTS

MARCH 21, 2019

who simply don’t have access to safe lending and are susceptible to predatory lenders. Aura uses a cloud-based lending technology that lets local businesses submit applications for credit for review and approval through scoring algorithms. It’s available in 1,200 locations throughout California, Texas, Illinois and Arizona.

Arizona 107

Arizona Illinois Community Capital 107

Bank Innovation

MARCH 22, 2016

The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant. Online marketplace lender Avant Inc. will now offer direct-to-consumer auto refinance loans, the company announced today.

Illinois 150

Illinois Georgia California National 150

CFPB Monitor

JUNE 2, 2020

Our special guest speakers will be three representatives from state Attorney Generals’ offices: Bernard Eskandari from California, Tom James from Illinois, and Max Weinstein from Massachusetts. ET, Ballard Spahr will hold a webinar, “State Attorney General Priorities: Coronavirus and Beyond.”

Illinois 78

Illinois Massachusetts Comparison California 78

American Banker

JANUARY 15, 2021

It is the 18th state to pass a law imposing rate caps on all consumer loans, including payday and car title loans.

Illinois 44

Illinois America Lending 44

PYMNTS

NOVEMBER 13, 2018

Among the names joining up are Citizens & Northern Bank (based in Pennsylvania), Inland Bank (Illinois) and Lincoln Savings Bank (Iowa). This time around, Sweetbridge is using blockchain in a lending context. The company is trialing token-based asset lending through the next two years and covering 10,000 state residents.

Community Bank 183

Community Bank Community Fintech Arizona 183

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.

National 215

National blockchain Montana Lending 215

CFPB Monitor

MARCH 25, 2021

On March 23 , 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 Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”.

Illinois 148

Illinois Lending Retail Analysis 148

American Banker

MARCH 30, 2021

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Illinois 78

Illinois Lending 78

Independent Banker

JUNE 30, 2022

One of the very quick things we turned to were HOAs … and we quickly learned we could earn more of their business if we had a lending solution. We found that if we found a niche or product line to serve their lending needs, we could fulfill their relationships.”. William Atkinson is a writer in Illinois.

Kansas City 91

Kansas City Kansas FDIC Community Bank 91

Independent Banker

SEPTEMBER 22, 2015

Treasury program that’s the well-kept secret in small-business lending. In Illinois, a loan participation plan by a community bank “insourced” jobs to the local area from overseas. Working with the Illinois Department of Commerce and Economic Opportunity’s SSBCI Participation Loan Program, Northwest Bank of Rockford was able sell $1.2

Oregon 70

Oregon Illinois Community Bank Lending 70

CFPB Monitor

APRIL 7, 2020

Cottonwood operates approximately 340 retail lending outlets in Idaho, Illinois, Michigan, New Mexico, Texas, Utah, and Wisconsin under the name Cash Store. The CFPB announced that it has entered into a settlement with Cottonwood Financial, Ltd., The consent order requires Cottonwood to pay a civil money penalty of $1.1

Idaho 78

Idaho Wisconsin New Mexico Utah 78

PYMNTS

AUGUST 8, 2019

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances.

Puerto Rico 134

Puerto Rico Regulation New York South Dakota 134

CFPB Monitor

SEPTEMBER 25, 2019

Schneider will serve as Associate Director in the Supervision, Enforcement and Fair Lending Division. Mr. Schneider most recently served as the Secretary of the Illinois Department of Financial and Professional Regulation. The CFPB announced that the following people have joined its executive team: Bryan A.

Illinois 60

Illinois Lending Regulation Security 60

CB Insights

NOVEMBER 6, 2019

Collectively, these startups have raised over $9.5B, with leading companies including lending startup Avant (Illinois, $655M in total disclosed equity funding), next-gen auto insurer Root Insurance (Ohio, $509M), restaurant finances management system Toast (Massachusetts, $503M), and small business lending startup Kabbage (Georgia, $490M).

United States 72

United States North Carolina Fintech Rhode Island 72

CB Insights

OCTOBER 26, 2017

Unicorns on the map include SoFi in California, Oscar in New York, Avant in Illinois, Kabbage in Georgia, and AvidXchange in North Carolina. California-based lending unicorn SoFi is the most well funded fintech company with just over $2B raised since 2011. Click on the image below to enlarge. The company was last valued at $4.5B

United States 78

United States Fintech North Carolina Rhode Island 78

Independent Banker

JANUARY 31, 2023

George Weisz, Scottsdale Community Bank But for all its embrace of technology, the community bank took its inspiration for an innovative lending program from an old-school tradition: kids’ lemonade stands. William Atkinson is a writer in Illinois.

Community Bank 172

Community Bank Community Phoenix Arizona 172

CFPB Monitor

OCTOBER 17, 2022

In that case, the Seventh Circuit handed a major victory to Ballard Spahr’s client by holding that Indiana was precluded from applying its usury law to auto title loans made in person in Illinois to Indiana residents. This restriction on state power is commonly referred to as the “dormant Commerce Clause.”.

Indiana 78

Indiana Minnesota Pennsylvania South Dakota 78

CB Insights

MARCH 13, 2019

Nuro is followed by Illinois’ Avant ($655M) and Massachusetts’ Indigo Agriculture ($617M). The California-based startup is developing autonomous vehicles, with a focus on last-mile delivery. There are 7 unicorn startups on our map: agtech startup Indigo Agriculture ($3.5B Connecticut. Butterfly Network. Bastille Networks.

United States 78

United States Rhode Island Massachusetts Connecticut 78

Independent Banker

MAY 31, 2022

In the first round of PPP lending, it granted 220 loans totaling $17 million, and in the second round, 170 loans totaling nearly $13 million. “As As we got through those early months and the first round of PPP lending, we felt like we were getting our hands around all that. Ed Avis is a writer in Illinois.

Raleigh 91

Raleigh Community Community Bank Lending 91

American Banker

APRIL 22, 2016

Illinois, California and New York are all taking initial steps to try to crack down on borrower abuses in the fast-growing digital lending marketplace. The states are facing pressure to intervene because federal agencies have yet to take decisive action.

Illinois 31

Illinois New York Online California 31

American Banker

OCTOBER 13, 2016

West Town Bancorp in Illinois has revved up its government-backed lending to small businesses, making it a good example of how community banks can outhustle big lenders in the quest for new sources of fee income.

Chicago 28

Chicago Illinois Community Bank Lending 28

Independent Banker

APRIL 28, 2016

The housing market in central Illinois has remained strong, and Goodfield State Bank has focused on residential real estate. Members of our lending team are not order takers. Our lending culture is “let’s make it happen.” ROAA in 2015: 2.27 Assets: $105 million. Retail locations: Three. Employees: 26. Founded: 1920.

Marketing 70

Marketing Illinois Community Lending 70

CFPB Monitor

OCTOBER 31, 2018

The District of Columbia’s AG as well as the AGs of other states, such as Washington, Illinois, Iowa, and Delaware, are reported to also be conducting redlining investigations. In 2015, the New York AG entered into a settlement with Evans Bank to resolve a lawsuit filed by the NY AG alleging that the bank had engaged in redlining.

Pennsylvania 68

Pennsylvania Philadelphia Connecticut Iowa 68

American Banker

APRIL 22, 2016

Illinois, California and New York are all taking initial steps to try to crack down on borrower abuses in the fast-growing digital lending marketplace. The states are facing pressure to intervene because federal agencies have yet to take decisive action.

Illinois 28

Illinois Regulation Online New York 28

CFPB Monitor

AUGUST 7, 2019

In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” Illinois Department of Financial Professional Regulation. Maryland Office of the Commissioner for Financial Regulation.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

CFPB Monitor

FEBRUARY 6, 2020

The relevant states are Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, and South Dakota (“Subject States”). The loans in question were made by companies owned by Native American tribes.

South Dakota 78

South Dakota North Carolina Company New Hampshire 78

CFPB Monitor

FEBRUARY 3, 2022

The decision could have significant implications for all providers of consumer credit whose operations involve cross-border lending. With regard to local benefits, the court found they weighed in favor of applying Pennsylvania law to TitleMax because they protect the state’s residents from usurious lending rates. Constitution.

Pennsylvania 147

Pennsylvania Analysis Indiana Security 147