Bitcoin Daily: Rhode Island’s Blockchain Act Aims For Crypto Rules Too; Rapper Akon Details Crypto Plans

PYMNTS

In other digital currency news, the state of Rhode Island introduced a bill last Wednesday (March 11) to create a blockchain-friendly business environment to attract digital innovators. “If

Rhode Island Eyes Capping Credit Card Interest Rates

PYMNTS

In Rhode Island, there seems to be a groundswell to limit the interest rates that can be charged on card balances, at least in that state. Consumer Finance consumer finance credit card debt credit cards Editors' Picks Interest Rates News Rhode Island

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Rhode Island Gives London's WorldRemit a Key Market in U.S.

Payments Source

states with the announcement that it’s added a proprietary license in Rhode Island. WorldRemit inched closer to its goal of obtaining its own money transmitter license in all available U.S. regulation-compliance regulation global

Rhode Island brings sales tax law into 21st century

Perficient Financial Servies

Like many states, Rhode Island has been gradually adapting its sales and use tax laws to the realities of the computerized age. That was a big step in bringing Rhode Island sales tax law into the modern age. Yet Rhode Island tax law was already a bit outdated by the time the 2011 law took effect. Rhode Island, at least, is not one of them. Learn more about Rhode Island’s new tax on SaaS in this Avalara blog.

Google, Amazon Tech Help States Handle Jobless Claim Boom

PYMNTS

Google and Amazon Web Services are assisting Rhode Island, Kansas, Illinois and New York in processing the unprecedented number of unemployment claims prompted by the coronavirus crisis, The Wall Street Journal (WSJ) reported.

FTC Files Case Against RI Firm Allegedly Posing As SBA Lender; Company Claims Error

PYMNTS

A Rhode Island company is facing allegations of falsely claiming to be an authorized lender for the Small Business Association’s (SBA) Paycheck Protection Program (PPP). Legal fraud FTC Lawsuit lender loans News PPP Rhode Island SBA What's Hot

Rhode Island authorities to roll out new blockchain bill

The Paypers

Rhode Island’s representatives have introduced a new bill aimed at creating regulatory clarity around Bitcoin (BTC) related businesses as well as blockchain innovators

Bitcoin Daily: Fed Reserve Could Add Bitcoin To Stress Tests; Thai SEC Bans 3 Cryptos

PYMNTS

In other news, Rhode Island lawmakers have filed a bill to exempt certain blockchain tokens from securities laws. The U.S.

BofA lending to states that don't want to wait on Fed

American Banker

Bank of America Hawaii Massachusetts Rhode Island General obligation bondsSome states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America.

Bankers try on second hats — as economic forecasters

American Banker

Economy Growth strategies Community banks Rhode Island California Pennsylvania

WorldRemit enables money transfers for Rhode Island residents

The Paypers

(The Paypers) WorldRemit , a global digital remittances services, has announced that Rhode Island residents can securely send money overseas via its mobile app

Citizens Hits Back at CFPB’s Lawsuit Over Credit Card Dispute Failings

Banking Exchange

The Rhode Island-based bank says legal action from the consumer regulator is “unwarranted” and ignores previous remedial work Consumer Credit Compliance Customers Cards CFPB Compliance/Regulatory Consumer Compliance Community Banking Feature3 Feature.

8.9.19 Your morning briefing

Payments Source

Today: Commerz pilots M2M; Postmates deploys robots; Libra encourages new technology; State Farm suffers a breach; Rhode Island issues crypto regulations. The information you need to start your day, from PaymentsSource and around the Web.

CFPB’s unexpected showdown with Citizens

American Banker

The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement.

25 Million Mobile Users, Only 2 Million on Bank of America’s Erica

Bank Innovation

Keep in mind that we started the rollout earlier this year with Rhode Island (which has a relatively small population) and completed in all markets in June," Betty […]. Bank of America might have 25.3 million active mobile users, but only two million of those users are using the bank's virtual assistant Erica. That's not even 8%.

Citizens Access Targeting ‘Optimizers’ to Grow Deposits Beyond the Bank’s Footprint

Bank Innovation

Citizens Access, the digital-only arm of Rhode Island-based Citizens Financial Group, has grown to about $4 billion in deposits, mostly from new customers outside the bank's traditional footprint, since its launch in July 2018. If you build it, the optimizers will come.

Justice Department targets PPP fraud; Wells (again) under the microscope

American Banker

Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans. Digital banking Wells Fargo Investment banking Nonbank DoJ Small business lending Paycheck Protection Program

Smaller branches, more versatile staff: Citizens Bank's new normal

American Banker

The Rhode Island company's post-pandemic plan also includes returning some overseas call center functions to the U.S. and bringing its office staff back in phases, says CEO Bruce Van Saun. Digital banking Bruce Van Saun Citizens Financial Consumer banking Digital Banking 2020

Senate Approves Five Week Extension For Paycheck Protection Program 

PYMNTS

Only Maryland, Rhode Island and the District of Columbia have seen fewer new cases. Just as the application deadline was set to expire on the Paycheck Protection Program (PPP) at midnight Tuesday (June 30), the U.S.

Amazon, Google, Facebook, Apple CEOs To Face Congress

PYMNTS

David Cicilline (D-Rhode Island), chairman of the House Antitrust Subcommittee, has asked each of the company’s executives to testify before completing its investigation and crafting reforms that would regulate the digital market.

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Judge: Part Of Shareholder Lawsuit Against Apple Can Proceed

PYMNTS

The complaint is led by the Employees’ Retirement System of the State of Rhode Island. Apple will have to face a judge over accusations that it fraudulently concealed falling iPhone demands and lost shareholders billions of dollars, Reuters reported.

Cannabis Companies Would Be Eligible For COVID-19 Relief Under Bill

PYMNTS

This is an election year and several states, including New Jersey, Arizona, South Dakota, New York, Connecticut and Rhode Island, have bills about cannabis legalization on the ballot or might have those bills.

Bad Actors Emerge in PPP Lending – More Expected as Forgiveness Guidance Emerges

Abrigo

The Department of Justice (DOJ) recently charged two businessmen in Rhode Island with fraudulently seeking PPP loans, the first in the country linked to the loan program. In the case of the two men in Rhode Island, there were several red flags pointing to fraud.

Does NCUA’s Restructuring Plan Make CentsSense?

New York's State of Mind

Region 1 overseas the following states: federally insured credit unions in Connecticut, Maine, Massachusetts, Michigan, New Hampshire, New York, Rhode Island, Vermont, and Wisconsin. NCUA announced Friday that it plans to shut down Region 1 as part of a restructuring of its operations. Region 3, based in Atlanta, is also marked for death.

Another 6.6M Americans File For Unemployment As Layoffs Continue

PYMNTS

The largest decreases were in Nevada, down 20,356; Rhode Island, down 8,047; and Minnesota, 6,678. . Jobless claims released Thursday (April 9) show that the coronavirus triggered another 6.606 million unemployment claims for the week ending April 4.

Boston Boosts Outdoor Seating For Restaurants

PYMNTS

Stephen DeSousa, CEO at Broadway Hospitality Group , which represents 14 Massachusetts and Rhode Island eateries, said the first wave of people visiting restaurants now are not worried about coronavirus.

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Senators Push FTC To Shield SMBs From PPP Scams

PYMNTS

PYMNTS reported two men were charged in Rhode Island with fraudulently applying for assistance by making false statements through the PPP.

CVS Returns $43M In Provider Relief Funds

PYMNTS

The Rhode Island-based company, which employs more than 10,000 nurses and provides healthcare services at its MinuteClinics , said it did not request the funds, which were meant to reimburse healthcare providers for expenses or lost revenues related to the COVID-19 pandemic. “As

House Antitrust Leader Calls For A Temporary Ban On Mergers

PYMNTS

As millions of businesses struggle to stay afloat, private equity firms and dominant corporations are positioned to swoop in for a buying spree,” the Rhode Island Democrat told the Open Markets Institute, a Washington, D.C.

US Rental Marketplace Zumper Closes On $60M Series D Round

PYMNTS

The site has a 100 percent year-over-year revenue growth and has expanded its employee base to 200 people in offices in San Francisco, Scottsdale, New York, Chicago and Rhode Island.

Unemployment Filings Top 3.1M Across US

PYMNTS

The highest insured unemployment rates in the week ending April 18 were in Vermont (25.2), West Virginia (21.9), Michigan (21.7), Rhode Island (20.4), Nevada (19.9), Connecticut (18.7), Puerto Rico (17.9), Georgia (17.3), New York (17.2)

For One Restaurant, Life Before (And During) COVID-19

PYMNTS

In an interview with Karen Webster, Lisa Kuscu, co-owner (and emergency room nurse) with her husband Mustafa of Providence, Rhode Island restaurant Noodles 102 , detailed life before and during COVID-19.

Court Filings Show Facebook’s Data Policy Was About Competition, Not Privacy

PYMNTS

The documents were provided to several media outlets by British journalist Duncan Campbell after he first submitted them to Congressman David Cicilline (D-Rhode Island), chairman of the U.S.

House Financial Services Committee to hold March 4 hearing on auto insurance

CFPB Monitor

Elizabeth Kelleher Dwyer, Superintendent of Insurance, the State of Rhode Island, on behalf of the National Association of Insurance Commissioners.

Postmates Is Now Available In 60 Percent Of U.S. Households

PYMNTS

The company listed Providence, Rhode Island; Colombia, South Carolina; Little Rock, Arkansas and Athens, Georgia as newly-added service areas. Postmates announced that it is expanding into 134 new cities so that it now covers 60 percent of the U.S.