CFPB dismisses lawsuit against lending platform SoLo Funds
The Consumer Financial Protection Bureau and SoLo Funds, a small loan fintech, mutually dismissed a case regarding loan cost disclosures and state licensing.
Bank groups ask crypto czar David Sacks to revise rules
The ABA, BPI and SIFMA are among the groups asking Sacks to make it easier for banks to engage in crypto-related activity.
SBA loans point way to growth for this small Georgia bank
Community Bankshares has launched a unit that is originating Small Business Administration 7(a) loans for itself and aims to service them for other small lenders around the country.
How hackers stole $1.5 billion in crypto from Bybit’s cold wallet
Lazarus Group, hackers based in North Korea, tricked Bybit CEO Ben Zhou into approving a transfer of 400,000 ethereum tokens from his company’s cold wallet.
Virginia bill would effectively ban fintech lending
The state legislature has passed a bill that would remove exceptions to a 12% interest rate cap that would make many alternative forms of lending, including earned wage access, infeasible. It sits on the governor’s desk, awaiting signature.
Charlie Javice’s team seeks mistrial in JPMorgan fraud case
The student aid startup founder is accused of securities fraud, wire fraud, bank fraud and conspiracy.
FDIC withdraws support for Colo. interest rate exportation law
The FDIC withdrew its amicus brief supporting Colorado’s opt-out law on interest rate exportation, highlighting the agency’s more fintech-friendly regulatory approach under acting chair Travis Hill.
‘Elon Musk is not your boss,’ union tells CFPB employees
Consumer Financial Protection Bureau employees — most of whom are on administrative leave — were asked in an email to list what they accomplished last week. National Treasury Employees Union Chapter 335 said workers should list all the tasks they were told not to perform.
Patriot warns of quarterly loss, progresses on capital raise
The Connecticut bank disclosed to regulators that it expects to report a $9.5 million net loss for the fourth quarter, but it reported that it’s made headway in its efforts to cultivate investors and bolster its capital levels.
Trump administration must rein in an overreaching FDIC
The agency’s attempt to impose its oversight on asset managers who passively invest in banks is duplicative of efforts by the Federal Reserve. It will result in higher costs for banks and lower returns for investors.