Innovation National 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.
PYMNTS
FEBRUARY 6, 2020
Lauren Saunders, who serves as associate director of the National Consumer Law Center, said state-regulated lenders “lauder their loans up to 160 percent annual percentage rates through banks in order to evade state interest rate caps. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes.
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CFPB Monitor
MARCH 15, 2022
The rules provide that a loan made by a national bank, federal savings association, or federally-insured state-chartered bank that is permissible under applicable federal law (Section 85 of the National Bank Act (NBA) or Section 27 of the Federal Deposit Insurance Act (FDIA)) is not affected by the sale, assignment, or other transfer of the loan.
CFPB Monitor
FEBRUARY 16, 2022
Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.
CFPB Monitor
OCTOBER 6, 2022
A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge. The identity of the real lender was not at issue.
Gonzobanker
DECEMBER 17, 2021
Some interesting finalists would be: M&T and People’s United Old National and First Midwest Webster and Sterling Columbia Bank and Umpqua. This is an innovation-seeking franchise that has built a solid brand and never got over its skis in execution. Congrats on a brave move and national recognition Jim! 82% to over 2.3%
CFPB Monitor
AUGUST 7, 2020
On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., team — the first consumer fintech to receive a national bank charter. team — the first consumer fintech to receive a national bank charter. a wholly-owned subsidiary of fintech Varo Money, Inc.
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