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Earned Wage Access Products Are Not Loans, According to the AG of Montana

CFPB Monitor

On December 22, 2023, the Attorney General of Montana released an opinion (the “Opinion”) concluding that certain earned wage access (EWA) products are not “consumer loans” or “deferred deposit loans” under Montana law and do not, therefore, require licensure by the Montana Division of Banking and Financial Institutions.

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African FinTech Payment Startup Chipper Cash Woos Investors, Including Joe Montana

PYMNTS

The funding round was led by Deciens Capital and joined by 500 Startups and Liquid 2 Ventures, which was co-founded by legendary former 49ers quarterback Joe Montana. Chipper Cash Chief Executive Ham Serunjogi went to Montana directly to pitch the company to him. “He He said having Montana as an investor adds value.

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Heartland Financial strikes deals to unload Montana branches

American Banker

In all, the Denver-based bank plans to sell nine branches to two buyers as part of a decision to exit the state and invest more in technology and other markets where "it has the greatest growth potential."

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Montana Supreme Court rules healthcare provider’s use of prepaid cards to make refunds did not violate state law

CFPB Monitor

The Montana Supreme Court, in Bratton v. has ruled that a health care provider’s use of prepaid cards to make refunds to patients did not violate Montana law. In affirming the district court’s grant of summary judgment to SCL, the Montana Supreme Court concluded: Transfer of obligation to make refunds.

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Park Side Credit Union Offers Kasasa Brand Products In NW Montana

BankDeals

Park Side Credit Union currently offers its competitive Kasasa Cash, Kasasa Cash Bank, and Kasasa Saver accounts in eleven northwest Montana counties.

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Defendant files answer brief, trade groups file amicus brief in Montana lawsuit challenging healthcare provider’s use of prepaid cards to make refunds

CFPB Monitor

an appeal now pending before the Montana Supreme Court involving a challenge to the defendant’s use of prepaid cards to make refunds to the plaintiff. In addition, the Montana Bankers Association, the American Bankers Association, and the Consumer Bankers Association filed an amicus brief in support of the defendant.

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Montana Supreme Court to decide if healthcare provider’s use of prepaid cards to make refunds violated state law

CFPB Monitor

An appeal now pending before the Montana Supreme Court could have significance for businesses that use prepaid cards to make refunds to customers. The plaintiff claimed that SLC violated Montana law by transferring to the bank its obligation to refund the credit balances on her account to the bank without her consent. In Bratton v.

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