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.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

JANUARY 24, 2022

SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country.

National 78

National Fintech Company FDIC 78

PYMNTS

FEBRUARY 6, 2020

5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. She said the evasion would continue unless regulators step in or there is action by Congress to limit interest rates to no more than 36 percent APR.

Utah 130

Utah National California Regulation 130

PYMNTS

AUGUST 14, 2018

Changes may soon be coming to the Military Lending Act (MLA), a piece of legislation designed to prevent military service members from getting swept up in deceptive or unfair lending practices. The product causing concern on the auto lending side of things is gap insurance. New Lending Rules .

Lending 100

Lending Regulation Kentucky Utah 100

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

Massachusetts 128

Massachusetts Utah National Regulation 128

CFPB Monitor

OCTOBER 6, 2022

Thus, there was no doubt in Jones that [a national bank] was the actual lender and that [the national bank] qualified for an exemption from the usury restrictions. As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. The identity of the real lender was not at issue.

California 78

California FDIC Analysis Utah 78

CFPB Monitor

MAY 6, 2019

In doing so, the court found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving deposits as an aspect of the business.”. The OCC also argued that the NYDFS’s claims were untimely because it can no longer challenge the OCC’s long-standing regulation (12 C.F.R.

Fintech 68

Fintech New York National Regulation 68