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CFPB Rolls Out Innovation Regulator Network

PYMNTS

A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. State regulators in every state were invited to join. .

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California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

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.” The DOB indicated that such loans have interest rates greater than 90 percent.

Utah 78
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OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

CFPB Monitor

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

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California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

CFPB Monitor

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans. LoanMart holds a CFL license.

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Corporate Cards Flex Their Rewards Muscles To Support Business Growth

PYMNTS

With businesses large and small increasingly turning their attention toward recovery efforts, the commercial credit card market is exploring ways to help their corporate card holders. Divvy, based in Utah, offers businesses an integrated spend management platform connected with a corporate card offering.

Cards 257
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Today In Retail: Past Macy’s CEO Anticipates More Store Closures, 46 Pct Of Americans Plan To Travel For December Holidays

PYMNTS

CarMax Earnings Show Healthy Digital-First Automotive Market. Rent-A-Center is purchasing Acima, which is based in Utah. COVID-19 is impacting travel decisions more and more and causing most travelers — 66 percent — to harness their own personal vehicles as opposed to travel by air or mass transit.

Retail 173
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Kroger Expands Home Chef Meal Kit Offerings To New Stores

PYMNTS

“With continued innovation and personalization, we are providing customers with more ways to enjoy fresh, delicious meals that align with their individual tastes.”

Ohio 116