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New Jersey files lawsuit against two buy-here pay-here used car dealers

CFPB Monitor

On March 7, New Jersey Attorney General Gurbir S. Grewal and the Division of Consumer Affairs announced the filing of a lawsuit against two “Buy Here-Pay Here” auto dealerships and their owner for allegedly unconscionable and deceptive lending practices.

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OnDeck’s ODX Digitizes Investors Bank SMB Lending Platform

PYMNTS

New Jersey-based financial institution Investors Bank has announced a collaboration with online small business lending firm OnDeck to digitize its own small to medium-sized business (SMB) lending operations. The companies announced their collaboration in a press release Monday (Oct.

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Citi To Bolster Business Lending In Europe With New Staff, Offices

PYMNTS

The financial institution intends to grow its corporate lending division focusing on firms with yearly turnover from $25 million to $2.5 billion, Reuters reported, with new offices and staffers in multiple Western European nations by the conclusion of this year.

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Fundation Pulls Community Bank Into FinTech Collaboration

PYMNTS

The latest to do so is Provident Financial , a New Jersey-based bank providing consumer and business banking services in New Jersey and Pennsylvania. They’re very disciplined on credit and interest rate risk,” he said.

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CFPB Acting General Counsel addresses “confusion” caused by CFPB advisory opinion on earned wage access program

CFPB Monitor

Frotman’s letter responds to a letter sent to him by the representatives regarding proposed New Jersey legislation that would provide that certain EWA products would not be treated as loans under New Jersey law.

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Widening Borrower Protection’s Scope To SMBs

PYMNTS

As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees. “We have seen small businesses destroyed by online lending.” “We have seen small businesses destroyed by online lending.”

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Walmart Amazon Whole Paycheck Tracker: New Expansions, Partnerships And Reorganizations

PYMNTS

According to reports out earlier this week, Goldman Sachs and Amazon are in discussions about possibly partnering for small and medium-sized (SMB) business lending in the U.S. The partnership would apply Goldman’s lending technology to SMB loans on Amazon’s underwriting platform, according to unnamed sources.

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