On May 16, the Maryland Office of Financial Regulation (“OFR”) announced a settlement with a Missouri-based bank and its fintech partners for engaging in unlicensed lending, credit repair, and debt collection activities.
In the OFR’s January 2021 Charge Letter, the agency alleged that the bank and its fintech partners violated Maryland law by its failure to hold a lending, debt collection, and credit repair license. According to the OFR, the bank offered in-store retail credit financing as well as store-branded credit cards to Maryland consumers.