Regulatory Alerts2025-01-24
Added · Updated
Bulletin 3179 - January 24, 2025
The Connecticut Department of Banking entered into Consent Orders with Block, Inc., US Claims Entities, First Portfolio Ventures II, LLC, and Oasis Legal Finance to resolve regulatory violations. Block agreed to pay $80 million and implement corrective actions for BSA/AML deficiencies, while the other entities paid civil penalties ranging from $10,000 to $10,000 and back licensing fees for operating without required small loan or collection agency licenses. Additionally, US Claims Entities and Oasis Legal Finance are required to refund $219,161 and $1,086,487 respectively to identified Connecticut consumers.
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