Substitute Ohio Payday Loan Bill Friendlier To Lenders

PYMNTS

Senate Republicans expressed frustration because store owners still aren’t satisfied with the new payday lending bill, which is friendlier to lenders. Loans consumer protection News Ohio Consumer Lenders Association payday lending bill Pew Charitable Trusts Scott Oelslager Senate Finance Committee Ted Saunders What's HotYou and your people have been involved in this bill for over a year since it was introduced,” Sen.

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Ohio Payday Loan Reform Supporters Get Green Light

PYMNTS

Consumer advocates in Ohio were granted permission to start collecting signatures to get a constitutional amendment regarding payday loan reform on the ballot. ” While Ohio voters overwhelmingly upheld a 2008 law aimed to regulate the industry and limit interest rates to 28 percent, lenders have been able to get around the regulation by registering under other state lending laws. ” Loans constitutional amendment News ohio PayDay Loan reform What's Hot

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Pew Charitable Trusts to host event on Ohio payday lending law

CFPB Monitor

focusing on Ohio’s Fairness in Lending Act. At the event, Ohio legislators from both sides of the aisle, business leaders, advocates, and researchers will discuss the Act. Payments State CFS Monitor State regulation colorado ohio payday loanThis afternoon, Pew Charitable Trusts will host an event in Washington, D.C.

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The Regulatory Future Of Payday Lending

PYMNTS

Payday and short-term lending is a contentious topic in the United States, particularly when it comes to its regulation. Most recently, Ohio capped off a 10-year regulatory project two weeks ago, with John Kasich’s signature on a new bill that will close loopholes in 2008 legislation to legally rein in short-term lenders. New Rules in Ohio. Particularly under scrutiny, according to reports, is international travel taken with payday lending lobbyists.

Huntington aims to contain energy exposure, ride consumer lending

American Banker

The Ohio company, which has beefed up its loan-loss reserves, raised the possibility of more sales of oil and gas credits and talked up strong retail segments such as its marine and RV loans.

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Digital Bank Monzo Jumps Into Lending In The UK

PYMNTS

He added that jumping into more traditional lending “can get us a good way to profitability, if not even all the way.”. The eBank joins smaller rival Starling Bank on the lending front, becoming the second online bank in the U.K. The company is hopeful that its consumer lending division will lead to profits, according to the report. banking market through a partnership with Ohio-based Sutton Bank.

Credit union membership, lending up in Q2

Abrigo

Last week the NCUA reported that the total number of credit union members had surpassed the 101 million mark, and overall lending was up as of the close of Q2. Total lending at federally-insured credit unions reached $745.2 Auto lending has been an area of growth for credit unions over the last several quarters. Year over year, this area of lending has grown 19.5 This area of lending makes up about 48 percent of the Ohio credit union’s total loans.

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Huntington Unveils Jobs and Lending Plan for Its Hometown

American Banker

Huntington Bancshares in Columbus, Ohio, said it plans to add 1,000 jobs by 2024 at a new office complex in Columbus and lend $300 million to low- and moderate-income communities in the city over the next five years. breaking_news dealmaking-strategy marketplace-lending commercial-lending small-business oh community-banking national-regional

Huntington unveils new SBA program for women, minorities and veterans

American Banker

The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education. SBA Small business lending Huntington Bancshares

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Huntington Unveils Jobs and Lending Plan for Its Hometown

American Banker

Huntington Bancshares in Columbus, Ohio, said it plans to add 1,000 jobs by 2024 at a new office complex in Columbus and lend $300 million to low- and moderate-income communities in the city over the next five years. breaking_news dealmaking-strategy marketplace-lending commercial-lending small-business oh community-banking

Credit unions continue to see growth in auto lending

Abrigo

Overall auto lending at credit unions is up more than 30 percent in recent years, a positive sign that CUs remain competitive in an evolving banking landscape. Utilizing the Sageworks Bank Information platform, Sageworks recently examined how steadily auto lending at credit unions – specifically for new vehicles – grew in 2014. And while the region has seen the slowest growth of the four, new vehicle lending does continue to climb steadily.

Auto lending up more than 30 percent at credit unions since 2012

Abrigo

And just as in mortgage lending , credit unions are seeing a bigger piece of the consumer loan pie. credit union auto lending portfolios are faring. Across the country used vehicle loans nearly doubled their new counterparts by lending volume. have increased their auto lending portfolios by more than $21 billion, the largest jump of any region. billion as of September 30, 2014) and used vehicle lending ($5.2 It may still be early in the New Year, but the U.S.

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Chicago, SBA Lending to Factor Heavily in Huntington's Growth Story

American Banker

The Ohio company is eager to rev up SBA lending in the Windy City now that it has closed on its purchase of FirstMerit. national-regional small-business performance m-a consolidation commercial-lending il dealmaking-strategyCEO Steve Steinour also credits his company's willingness to make big upfront community commitments for a seamless approval process.

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Activist Investor's Unusual Demand: Lend More, Don't Sell

American Banker

Lance Osborne is vying for two board seats at First Niles Financial in Ohio, but he isn’t pushing the thrift to sell itself. dealmaking-strategy performance strategic-alternatives commercial-lending consolidation m-a community-bankingRather, he wants management to pull money out of securities to make more loans.

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How the PPP + Technology Means MBL Growth and More for Credit Unions

Abrigo

Credit unions like Telhio Credit Union in Central Ohio had employees working around the clock to help with PPP loans, and they used an SBA lending solution that automated the origination process, as well as the forgiveness and administration phases. In fact, it was Ohio’s top SBA lender among credit unions. But historically, SBA lending and member business lending isn’t a major focus among credit unions. Lending & Credit Risk. Member Business Lending.

SBA Eyes Fees Paid To Rocket Loans, Contractor In Loan Program

PYMNTS

But RER instead decided to subcontract much of the loan processing to a Rocket Loans , a unit of lending giant Rocket Cos., Loans B2B B2B Payments Coronavirus economy fraud Lending loans News regulation Rocket Cos. The U.S.

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Activist Makes Unusual Demand of Bank: Lend More and Don’t Sell

American Banker

Lance Osborne is vying for two board seats at First Niles Financial in Ohio, but he isn’t pushing the thrift to sell itself. dealmaking-strategy performance strategic-alternatives commercial-lending consolidation m-a community-bankingRather, he wants management to pull money out of securities to make more loans.

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What Is Powering The Emerging Pawnaissance?

PYMNTS

While short-term lending in general has a pretty rough reputation, the pawn loan is the most ill-regarded arena in an already unloved category of consumer lending. The loan amount a borrower can get from a pawnbroker is determined solely by the value of the item itself; as in most forms of short-term lending, there is no credit check. Where Payday Lending Recedes, Pawnbrokers Flourish .

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One senator's plan for helping consumers weather coronavirus pandemic

American Banker

Sherrod Brown, D-Ohio, isn’t done trying to add such proposals to future relief packages. Consumer lending Overdrafts Interest rates Foreclosures Coronavirus Sherrod Brown Housing finance reformRepublicans balked at measures like an overdraft fee ban and interest rate cap in the recent stimulus bill, but Sen.

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OCC fintech charter sparks opposition from Senate Dems

Payments Source

Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., Fintech Marketplace lending Compliance OCCIn a letter Monday to Comptroller Thomas Curry, Sens. registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter.

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CA federal court refuses to dismiss CFPB lawsuit against payday lending companies alleging UDAAP violations based on state law violations

CFPB Monitor

The eight states were Alabama, Illinois, Kentucky, Minnesota, Montana, New Jersey, New Mexico and Ohio. CFPB Enforcement Payday Lending UDAAP CashCall CFPB paydayJames Kim and Jeremy T. Rosenblum.

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BankUnited Expands Small Business Finance to Three New States

American Banker

The $25 billion-asset company said in a press release Tuesday that BankUnited Small Business Finance is now making loans in Ohio, Washington and Wisconsin. breaking_news marketplace-lending sba small-business commercial-lending fl oh wa wi community-banking

House Committee Approves Ban On Controversial SMB Loan Tactic

PYMNTS

House Financial Services Committee has voted in favor of banning a controversial practice in small business lending, The Washington Post reported Friday (Nov.15). In a 31-23 vote, the policymakers voted in favor of prohibiting the use of confessions of judgment in small business lending contracts. B2B Payments B2B confessions of judgement Congress Lending News SMBs What's Hot In B2BThe U.S.

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Rubio, Brown Want To Outlaw Confession Loans For Small Businesses

PYMNTS

Brown, a Democrat on the Senate Banking Committee from Ohio, and Rubio, a Republican from Florida, said they will submit the bill on Thursday. Bank Regulation bank regulation Debt Collection Lending loans News Senate small businesses SMBs What's HotSenators Sherrod Brown and Marco Rubio have called for a ban on confessions of judgement, a tactic predatory lenders use to make borrowers forfeit the right to defend themselves in court, according to a report from Bloomberg.

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The Balancing Act Between PPP’s Letter And Spirit Of The ‘Law’

PYMNTS

They are doing it because they can,” said Chris Olsen, a venture capitalist with Drive Capital Partners in Columbus, Ohio, in an interview with the Times. In one example, and in lending activity done outside the province of traditional financial institutions (FIs), Silicon Valley Bank said it received 5,500 applications for small business loans and that roughly two-thirds of that tally had been granted.

OCC Fintech Charter Sparks Opposition from Senate Dems

American Banker

Sherrod Brown, D-Ohio, and Jeff Merkley, D-Ore., breaking_news law-regulation marketplace-lending occ bank-technologyIn a letter Monday to Comptroller Thomas Curry, Sens. registered their strong opposition to the concept of the charter, which would allow certain types of fintech companies to avoid state licensing requirements by obtaining a limited-purpose national bank charter.

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Mastercard Commits $500M To Boost Black Communities, Businesses

PYMNTS

Louis and Dayton, Ohio. Financial products like credit cards or business loans may leave out the unbanked or underbanked — forcing them to use inconvenient and costly payday lending, check cashing and remittance services,” the credit card giant said in its release.

Fifth Third Taps Accion To Reach More SME Borrowers

PYMNTS

Fifth Third Bank is focusing its SME lending reach through a new partnership with nonprofit lender Accion. Reports late last week said the bank will work with SME lending portal Accion, a nonprofit company, to facilitate the financing of these companies across five states: Florida, Indiana, Illinois, Michigan and Ohio. B2B Payments Accion B2B cash flow management Fifth Third Bank SME banking SME Finance SME lending What's Hot In B2B

Colorado passes 36% payday loan rate cap

CFPB Monitor

As described on the Colorado Secretary of State’s website , Proposition 111 “would restrict the charges on payday loans to a yearly rate of 36 percent and would eliminate all other finance charges and fees associated with payday lending.”. The other states to have done so are South Dakota, Ohio, Arizona, and Montana. Payday Lending State CFS Monitor colorado payday loan

Mnuchin, Powell See Need For More SMB Stimulus Amid Economic Risks

PYMNTS

1) came as some central banking lending vehicles are set to expire at the end of the month, and where the Fed must return unused funds. During the question-and-answer session with lawmakers, Ohio Democrat Sen.

Lawmakers Across The Aisle Urge CFPB To Relax Payday Rule

PYMNTS

“With a decimated short-term, small-dollar lending industry, and other financial service providers not able to fill the void, millions of working class Americans will be left with no viable alternative to access the credit they occasionally need to make ends meet,” the letter said. Steve Stivers, R-Ohio; Mick Mulvaney, R-S.C.; CFPB CFPB Payday lending rules What's Hot

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Sen. Sherrod Brown Joins Consumer Groups in Applying Pressure to Encourage CFPB to Seek Lifting of Stay of the Compliance Date for the 2017 Payday Rule’s Payments Provisions

CFPB Monitor

On August 14, 2019, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) wrote a letter imploring Consumer Financial Protection Bureau Director Kathy Kraninger to implement the payments provisions of the 2017 Payday Rule by the scheduled August 19, 2019, compliance date, by requesting a lifting of the stay imposed by the Texas federal district court hearing the lawsuit challenging the Rule. CFPB Monitor CFPB Rulemaking Payday Lending

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Business Trend Lines

Independent Banker

As in past years, community bankers will continue to contend with a dynamic, highly competitive lending environment in 2016. Several trends have arisen that are likely to continue shaping the commercial lending market. Here are five commercial lending trends from some of the industry’s top commercial lenders. Growth in participation lending. Even in a rising rate environment, many banks expect to see strong demand in commercial lending over the next year.”.

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. • Cleveland, Ohio – First Federal Savings and Loan Association ($955 million). Residential mortgage lending is the bank’s specialty; that figure represents more than 48 percent of the institution’s total assets (at $9.56

FinTech Could Be Hurt By Fight Between OCC And States

PYMNTS

Among the states that have issue with it are New York, Florida, Ohio and California. Vullo in January penned a letter to the OCC in which she said banks with national charters don’t have to abide by state lending rules, and that the new charter could allow payday lenders to sign up for protections meant for tech companies. Meanwhile, senators from Ohio and Oregon told the OCC the charter would complicate existing FinTech laws and initiatives already in place at the state level.

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