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Chris Peterson, former CFPB staff member, announces candidacy for Utah Governor

CFPB Monitor

Former CFPB Senior Counsel for Enforcement Strategy Chris Peterson, who is currently a Professor at the University of Utah S.J. Quinney College of Law, has announced his candidacy for Utah Governor. 2833) and would impose a 36% national usury limit on most forms of consumer credit. 5050) and Senate (S. 5050) and Senate (S.

Utah 103
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California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

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.” The DOB indicated that such loans have interest rates greater than 90 percent.

Utah 78
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Utah federal district court denies class certification in TCPA lawsuit filed against Ballard Spahr client

CFPB Monitor

Represented by a team of Ballard Spahr attorneys, a seller of consumer products recently defeated the plaintiffs’ motion to certify a class in their lawsuit filed in Utah federal district court alleging violations of the Telephone Consumer Protection Act (TCPA) by the seller and another defendant.

Utah 78
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OCC approves national bank charter applications of fintech company

CFPB Monitor

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.

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Capitol Hill Hearing Examines ‘Rent-A-Bank’ Schemes To Sidestep Interest Rate Caps

PYMNTS

Lauren Saunders, who serves as associate director of the National Consumer Law Center, said state-regulated lenders “lauder their loans up to 160 percent annual percentage rates through banks in order to evade state interest rate caps. Testimony from Diaz and Saunders identified three banks based in Utah tied to such schemes.

Utah 130
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Half Of Americans Now ‘Middle Class’ With $78K Average Annual Earnings

PYMNTS

According to Pew, the middle class is defined as adults whose annual household income is two-thirds to double the national median, after being adjusted for household size. The 10 areas with the highest concentrations of middle class adults are located in the Midwest or the Northeast, with the exception of Ogden-Clearfield, Utah.

Wisconsin 187
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Goldman, JetBlue Team Up On Installment Loan Product

PYMNTS

The new schedule comes amid a record drop-off in flying as the nation deals with stay-at-home orders during COVID-19. billion despite buying startups and building call centers in Utah and Texas, according to The Wall Street Journal. between April 15 and June 10. Last fall, PYMNTS reported that Marcus, launched in 2016, lost $1.3