Stash has partnered with Green Dot to help deliver debit cards with no overdraft fees and provide access to a network of free ATMs across the U.S. The app will also help improve customers financial lives and provide advice. Source.
Digital banking fintech Stash has raised a $112mn series F round from LendingTree and T. Rowe Price; previous investors Breyer...
Digital banking startup Stash has been running virtual stock parties during the quarantine as a means of engaging their user...
State regulators are reacting to the proposed federal charter that would grant nationwide licensing to fintech companies; states are beginning to plan for initiatives that would make state chartering more compelling for fintechs while also protecting standards built for banks in the state; states believe harmonizing the regulatory requirements is necessary; New England states are currently working in collaboration on licensing and overall state regulators are envisioning a passporting environment where states collaborating on requirements can institute approvals with lower costs. Source
Online lenders FIP, LLC and Future Income Payments, LLC are being sued by the State of Minnesota; the two lenders target seniors and veterans with pension advance loan products and charge exorbitant interest rates of approximately 200%; the interest rates significantly exceed Minnesota's usury cap of 8%; the court filings argue that the lenders are unregistered and unlicensed to offer loans in Minnesota. Source
The state of Virginia is alleging in a lawsuit against NetCredit that the online lender lent more than $47mn in...
States have voiced their opposition against the OCC's fintech charter proposal and could be a factor limiting the charter from proceeding; with the charter, fintechs can be granted special purpose national bank status which includes national governance with exemption from state laws; many states have actively integrated regulations and processes for alternative lenders, including state usury laws and regulations for payday lenders; opposing states say the charter would complicate existing state level laws and initiatives. Source
Back in February 2018 state regulators in the U.S. started an agreement to make the process for acquiring money service...
More than 40 North American state and provincial regulators have revealed they are working in a coordinated crackdown on fraudulent...
Hu Liang, former director at State Street Bank and Trust's Emerging Technologies Center, tells CoinDesk he is building "the first large-scale institutional infrastructure specifically targeted towards crypto assets"; the company will be an infrastructure platform to provide software and hardware to connect with institutional order and execution management systems; he is looking to eliminate large buyers of cryptocurrencies having to create on the fly technology solutions to make their orders; Liang tells CoinDesk, "I am building a traditional financial services application that can serve the needs of anybody looking to be involved in crypto assets, whether that's holding it for the long term, whether that's trading it for the short term, whether that's transforming it or using it for a rail for something else." Source