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Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

CFPB Monitor

Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state. Michiganders for Fair Lending – the initiative’s sponsor – collected over 570,000 signatures of which it submitted (after a quality control process) 405,265.

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Synchrony Says Erroneous Email Not Tied To Data Breach

PYMNTS

The company has a partnership with Amazon in which it lends to customers with low credit scores. Five senators wrote a letter to Amazon CEO Jeff Bezos, asking him to explain how security surveillance company Ring uses people’s data and video. In other Amazon news , the eCommerce giant is opening a store on the Chinese site Pinduoduo.

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Horizon in Indiana takes $33M hit in balance sheet restructuring

American Banker

The Michigan City company, part of a growing list of banks announcing similar overhauls, aims to sell nearly $400 million of securities and reinvest the proceeds in higher-yielding loans.

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Sterling in Michigan revises 2019 earnings to reflect mortgage woes

American Banker

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

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Growing a mortgage portfolio: Encourage borrowers to bank local

Abrigo

In the spirit of the go local movement, new data from Sageworks Bank Information peeked in on 10 cities to see which community banks were making an impact on local mortgage lending. • Detroit, Michigan – Flagstar Bank ($4.65 Another home lending specialist, about 61 percent of the bank’s total assets ($1.56

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VCs Back Autobooks For SMB Banking

PYMNTS

Reports Monday (March 13) said Autobooks secured $5.5 Banks and credit unions are looking for differentiated product offerings that not only deliver value for their members, but create new revenue streams and lending opportunities.”. FinTech Autobooks announced new funding to support its SMB banking solutions.

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Community financial institutions – get personal to stay competitive

NCR

In an article for American Banker , titled ‘Don’t let community banking go from endangered to extinct’, Stephen Lange Ranzini, CEO and president of University Bancorp in Ann Arbor, Michigan, highlighted the need to “radically rethink” the regulatory approach to the community banking and credit union industry.