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.” The DOB indicated that such loans have interest rates greater than 90 percent.
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.
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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.
CFPB Monitor
JULY 14, 2022
The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint.
PYMNTS
JUNE 26, 2020
Utah-based FI Continental Bank is one such entity tapping cloud technology to bring more flexibility to its financial solutions as the pandemic makes seamless digital services more critical. How N26 Is Using Cloud Core Banking for Nimble Mobile Innovation. Developments Around the Cloud Banking World. customers in late May.
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. During the week of February 7, 2022, bills were introduced in Utah and Maryland that would require disclosures in commercial transactions.
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.
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