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 If you look at the legislation, it doesn’t necessarily mention crypto specifically, but when it talks about complex financial instruments and things of that nature, that’s what it’s referring to — it’s referring to cryptocurrency,” Rhode Island Rep.

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 IslandIn the United States, credit card balances and the interest rates charged on those balances are on the rise. In the latest data , more than $870 billion in credit card debt is outstanding in the United States.

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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 Yet Rhode Island tax law was already a bit outdated by the time the 2011 law took effect.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.

Rhode Island Governor Tapped As Biden’s Commerce Secretary

PYMNTS

President-elect Joe Biden has tapped second-term Rhode Island Gov. Raimondo , the first woman to be governor of Rhode Island, will lead the Commerce Department in setting trade policy and furthering U.S.

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. Amazon’s technology has helped Rhode Island launch programs efficiently, state officials told the news service. About 75,000 Rhode Islanders filed claims on the phone the first day the system was implemented, an Amazon spokeswoman told WSJ.

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). District Court for the District of Rhode Island, alleged that the company, also doing business as SBA Loan Program and SBA Loan Program.com, and its owner John C. 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. Bitcoin Ban bitcoin blockchain tokens collapse consumptive purpose cryptocurrencies federal reserve market risks News Rhode Island SEC securities stress tests Thailand What's HotThe 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.

Bristol County Savings expanding in R.I. with Freedom purchase

American Banker

Community banking M&A Growth strategies Massachusetts Rhode IslandThe Massachusetts savings bank will gain branches in two communities as part of the acquisition.

Bankers try on second hats — as economic forecasters

American Banker

Economy Growth strategies Community banks Rhode Island California PennsylvaniaHere's one way community banks are trying to win over commercial clients and wealthy households: By sharing internal research with them and positioning themselves as experts on everything from business sentiment to demographics.

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

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. Briefing

Millbury National Bank Offers Kasasa Cash and Saver in the Northeast

BankDeals

Millbury National Bank's Kasasa Cash and Kasasa Saver are available in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont

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.

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.

Citizens hires JPMorgan Chase exec to lead digital expansion

American Banker

Donald Felix will join the Rhode Island company in January as head of national banking. He recently was responsible for developing a personal finance management strategy for JPMorgan Chase’s consumer bank. Digital banking Citizens Financial Hiring Recruiting

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. Credit cards Enforcement actions TILA Litigation Consumer lending Kathy Kraninger CFPB Citizens Bank

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

DOJ To Investigate Intuit’s $7B Takeover Of Credit Karma 

PYMNTS

David Cicilline , (D-Rhode Island) raised questions about the deal. The U.S. Department of Justice (DOJ) has launched a probe into Intuit ’s $7.1 billion purchase of Credit Karma.

Rebranded Citizens Pay Expands POS Merchant Services

PYMNTS

Providence, Rhode Island-based Citizens Financial Group is advancing the reach of its national point-of-sale (POS) offering for merchants, renaming it Citizens Pay, the company announced Monday (Jan.

Google Slapped With Antitrust Lawsuit Filed By Coalition Of 38 States

PYMNTS

A coalition of 38 state attorneys general filed an antitrust lawsuit against Google , accusing the search giant of engaging in anti-competitive practices, the Associated Press (AP) reported on Thursday (Dec. The federal lawsuit was filed in Washington, D.C.

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

Will COVID And Fraud Finally Kill The Paper Check?

PYMNTS

Consider the roughly 200 Rhode Islanders who recently received tax refund checks signed by Mickey Mouse and Walt Disney.

Report: US House Could Break Up Big Tech firms

PYMNTS

David Cicilline (D-Rhode Island). The long-anticipated antitrust report from the U.S. House of Representatives on giant tech companies considers a call to break up the companies, according to a draft of the study.

Waze Introduces Contactless Payments At ExxonMobil, Shell Stations

PYMNTS

Chairman David Cicilline (D-Rhode Island) asked Pichai if Google has evolved from a turnstile to the rest of the web to a walled garden that increasingly keeps users within its sites.

DOJ Moving Forward On ‘Major Priority’ Big Tech Antitrust Probe

PYMNTS

PYMNTS reported that Rhode Island Congressman David Cicilline ended the hearing by saying they all “have monopoly power.” The U.S.

Bitcoin Daily: Argentina's Crypto Exchanges See Record Growth In 2020; JD.com Sees 20,000 Digital Yuan Transactions In 24 Hours

PYMNTS

The expansion includes 10 new states: Georgia, Hawaii, Nevada, New Mexico, Ohio, Oregon, Maryland, West Virginia, Delaware and Rhode Island, according to the release.

American Airlines Offers Preflight COVID Tests For US Destinations

PYMNTS

States and territories that currently have COVID-19 travel restrictions include Alaska, Connecticut, District of Columbia, Chicago, Hawaii, Maine, Maryland, Massachusetts, New Hampshire, New York, Pennsylvania, Puerto Rico, Rhode Island and Vermont. American Airlines on Tuesday (Dec.

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.

DOJ, State AGs To Meet On Antitrust Suit Against Google

PYMNTS

David Cicilline (D-Rhode Island) ended the hearing by saying the companies “have monopoly power.” The U.S. Department of Justice (DOJ) is putting the finishing touches on its antitrust lawsuit against Google that could be filed as early as this week, sources told The New York Times.

Last Labor Report Before Election Shows Drop In US Jobless Claims

PYMNTS

Seasonally adjusted initial unemployment claims dipped to 751,000 the week ending Oct. 24, some 40,000 lower than the previous week's revised levels, according to the Thursday (Oct. 29) report from the U.S. Department of Labor (DOL). The previous week's revised level was upped 4,000 from 787,000 to 791,000. The seasonally adjusted insured unemployment rate dropped 0.5 percent from the previous week's revised rate to 5.3 percent for the week ending Oct. The previous week's rate was revised from 5.8

COVID-19 Makes College Fees Murkier

PYMNTS

For example, Brown University in Providence, Rhode Island said it has reduced school fees by more than $600 for the fall semester. For college students, the subject of fees — and how to pay for them — is notoriously thorny.