Lending Online Regulation Utah 
CFPB Monitor
JUNE 15, 2022
The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. .
PYMNTS
APRIL 7, 2017
LendingClub’s former CEO, Renaud Laplanche, who stepped down in May, sending shockwaves throughout the online lending industry, is gearing up to launch a new lender online called Upgrade. The loans will be issued by WebBank out of Utah and later purchased by Upgrade.
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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. In terms of general practice, lenders, including those that operate online, must partner with chartered banks.). At a Wednesday (Feb. The Rent-a-Bank Scheme.
Bank Innovation
SEPTEMBER 18, 2017
The charter, submitted to the State of Utah last June, would give the online lender the ability to collect deposits insured by the […].
PYMNTS
JULY 13, 2016
The Wall Street Journal reported on Tuesday (July 12) that the online lender, commonly known as SoFi, with $10 billion in student loans and mortgages across its books, may be forced to don more traditional financial services garb as the online lending sector is buffeted about by negative headlines and looming regulations.
CB Insights
FEBRUARY 13, 2020
As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.
CFPB Monitor
OCTOBER 6, 2022
As alleged the Commissioner is not attempting to regulate the transfer of loans in the secondary market. Unless it settles, it creates a risk to the viability of bank model online lending that is structured like OppFi’s Program. Rather, the focus here is on the identity of the lender in the primary market.
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