CFPB, Federal Agencies, State Agencies, and Attorneys General
Utah and Virginia recently became the first two states to require the registration of providers of merchant cash advances. The new laws also include disclosure requirements. (Although laws requiring disclosures for merchant cash advances already exist in California and New York, those laws have not yet become effective.)
Utah. … Continue Reading
Following the lead of California, Colorado, and Virginia, Utah is set to become the fourth state to pass a comprehensive privacy law.
As of March 4, the Utah Consumer Privacy Act (SB 227) cleared both houses of the Utah legislature. The UCPA closely resembles the Virginia Consumer Data Privacy Act, but with some interesting changes. … Continue Reading
On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest state-licensed auto title lenders, “is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank.” … Continue Reading
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. Chris also currently serves as the Financial Services Director and Senior Fellow of the Consumer Federation of America.
Chris is the drafter of the Veterans and Consumers Fair Credit Act which has been introduced in the House (H.R.… Continue Reading
The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.
The CFPB announced ACFIN’s creation last September, in conjunction with finalizing revisions to its trial disclosures and no-action letter policies and its proposal to create a new fintech sandbox policy. … Continue Reading
Utah is now taking applications for its new regulatory sandbox program. In this podcast, we interview Rep. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. Topics discussed include the bill’s history and objectives, implementation plans, reciprocity with other sandbox programs, the physical location requirement, confidentiality of applicant information, and liability exposure.… Continue Reading
Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019. This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in March 2018, and Wyoming, which enacted sandbox legislation in February of this year.
Regulatory sandboxes are laboratories for the development of innovative technologies in an environment that is free from onerous government restrictions. … Continue Reading
