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A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders.
Last month, Bank of Missouri, an FDIC-insured, Missouri state-chartered bank, and Atlanticus Service Corporation and Fortiva Financial, LLC, the Bank’s non-bank service providers, removed an administrative matter filed against them in January 2021 by the Maryland Department of Labor, Office of the Commissioner of Financial Regulation (OCFR) alleging that the Bank and Atlanticus/Fortiva violated Maryland law by failing to hold required Maryland lending and other licenses. According to the factual allegations in
Jody Godoy
3 minute read
The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. The banking industry continues to recover from the 2007-2009 financial crisis but lending will need to pick up if progress is to continue, Bair said on Wednesday. REUTERS/Jason Reed (UNITED STATES - Tags: POLITICS BUSINESS)
Bank of America has urged a federal judge in Washington, D.C., to apply a recent U.S. Supreme Court ruling to limit the Federal Deposit Insurance Corp s claims in a case alleging the bank underpaid its deposit insurance by $1.1 billion.
I filed an amicus brief today in support of the challenge of eight state attorneys general to the FDIC s Valid-When-Made Rule. I ve blogged about the issue before (here, here, here, here, here and here). The FDIC s Valid-When-Made Rule and its.
The New BSA Whistleblower Law: A Podcast - Government, Public Sector mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Weekly Fintech Focus
Federal financial regulators issue an RFI to better understand financial institution usage of AI models and its implications on current regulations.
CFPB rescinds policy statements that provided regulatory flexibility in response to pandemic challenges.
National Futures Association issues regulatory outsourcing guidance.
Lina Kahn announced as nominee for FTC commissioner position.
FinCEN Director meets with a number of groups to discuss SAR filing.
Prepared Remarks of FinCEN Director delivered at the Florida International Bankers Association AML Compliance Conference
CFPB faced many more consumer complaints in 2020 than in the past.
CSBS working with a number of states to develop a single fintech exam.