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Election office says there’s enough evidence to investigate Weiser
The Colorado Secretary of State's Office says there's enough evidence to warrant an investigation into Attorney General Phil Weiser's compliance with campaign finance laws.
Democratic attorneys general work to Trump-proof election
Stepping in for a complacent Congress, Democratic attorneys general are ready to fight efforts to undermine or overturn the Nov. 3 election. "We need to stay vigilant," says Colorado's Phil Weiser.
Phil Weiser’s role starting a CU tech hub offers a window into the gubernatorial candidate’s approach
The barrier-breaking Silicon Flatirons Center’s founding, evolution and legacy at CU show the thinking carried Phil Weiser into politics and now to the Democratic nomination for governor.
Chaotic meeting began with attempt to squelch public comment
When Attorney General Phil Weiser takes the governor’s office in January, he must immediately address the chaos of the latest round of appointees to the Colorado Parks and Wildlife Commission to assure stakeholders he’s willing to put pressure on the bleeding wound. The keys to the kingdom have fallen into the wrong hands and Weiser […]
Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices
Hey all, Jason here. When this hits your inbox, I should be en route to the airport — not to go anywhere myself, just to pick up my better half. I must admit, it’s been strange to be home alone (well, with two dogs) for two weeks! Really lets me “optimize” to spending more time on reading/writing/working, whether that’s healthy or not! Looking forward to getting back into a (somewhat) more balance routine. Subscribe or Support by Upgrading Compare Notes With the People Who Built Modern Fintech Partner content: Remitly CEO Sebastian Gunningham. Increase founder Darragh Buckley. Linda Du, Co-founder & President at Valon. They’ll unpack the decisions behind building and scaling major financial products: what they got right, what broke, what they would do differently, and how AI and new infrastructure are changing the operator playbook. Most events tell you where fintech is going. NerdCon puts the people who built the present in the room and asks them what comes next. Expect an operator-led conversation grounded in real products, real trade-offs and lessons earned the hard way. Fintech Business Weekly readers save 20% on Regular tickets with code FBW20 before standard pricing ends September 11. Meet the Builders Things To Know & Other Good Reads Advent and Stripe Abandon $50 Billion Pursuit of PayPal (Bloomberg) Trump Family’s New Crypto Bank Is Backed by Abu Dhabi Sheikh (Wall Street Journal) The multiplying risks of financing data centres (FT) Let the Bond Market Speak (Wall Street Journal) Did we waste a crisis? Modest proposals to reform deposit insurance. (Fintech Takes Banking) Untangling Guggenheim: How Private Credit Built Its Own Universe (Net Interest) The Hater’s Guide To Circular Financing — Part One (Ed Zitron) Fiat Ventures Rebrands to FGV Capital, Announces $35M Oversubscribed Fund II (BusinessWire) Socure Announces Strategic Growth Investment at $5.2B Valuation and Acquires Agentic Operations Platform Fravity (Socure) Listen: When Consumer Protection Disclosures Work Too Well (Consumer Finance Monitor Podcast) Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices When Andreessen Horowitz led EarnIn’s $39 million Series B in 2017, Alex Rampell, a partner at the storied venture capital firm, described EarnIn’s small-dollar advance product as “free,” relying on “entirely on voluntary contributions instead of fees.” Rampell favorably compared EarnIn’s approach to typical payday loans, writing, “Payday loans historically have had the potential to be a slippery slope for consumers into financial distress: opaque systems and steep fees that are hard to repay and set individuals back further than where they started. For many Americans living paycheck to paycheck, that kind of slide into debt can be extremely difficult to recover from.” But EarnIn’s product — which, the company says, isn’t a “loan,” legally speaking — ends up being anything but free for most users. While it is technically possible to take a no-fee advance from the company, most users incur “Lightning Speed” (instant funding) fees and/or ostensibly optional tips that combined can equate to annualized percent rates that can reach over 1,000%. With an average term of 9.77 days, even fees and tips that are small on an absolute dollar basis are equivalent to high APRs on an annualized basis. A lawsuit filed last week by Colorado Attorney General Phil Weiser against EarnIn describes the company and its product and business practices quite differently than Andreessen’s Rampell; “EarnIn’s business practices are unfair because they are immoral, unethical, oppressive and unscrupulous,” the complaint, filed in District Court in Denver, Colorado, says. EarnIn’s marquee product, Cash Out, isn’t a loan, the company says, as Cash Out is not “[f]orward [l]ooking” because “[t]he money is transferred based on earnings to date,” does not carry a mandatory fee to access funds, and is “non-recourse,” meaning EarnIn cannot pursue recovery from users who don’t repay advanced funds. EarnIn is sometimes referred to as an “Earned Wage Advance” service. Though, unlike some others in the broader category, EarnIn does not integrate with employers’ payroll or time and attendance systems. Rather, EarnIn attempts to verify a user’s income and employment, by examining direct deposit transaction data in their linked external bank account, by using GPS location and Bluetooth data to estimate a user’s time spent at work, if they work in a fixed location, and/or by having a user provided a work email address. While repayment is theoretically optional, as EarnIn would have no recourse, such as reporting non-payment to the credit bureaus or a collections agency, this is anything but clear to users of the EarnIn app, Colorado’s complaint argues. During the process of taking a Cash Out, users must agree to a preauthorized debit of the amount advanced, plus any expedited funding fee and/or tips. Though users technically can revoke this ACH authorization, the fact that they have this right isn’t presented to users during the Cash Out process, but rather is included in linked terms and conditions few users are likely to actually read. And users who do wish to revoke their ACH authorization must do so three or more days before the scheduled transaction date by emailing EarnIn’s customer support. Similarly, EarnIn’s marketing claims that it carries “no interest” and “no mandatory fees” is technically true, but is not the reality for many of the app’s users, the Colorado complaint argues. Further, EarnIn has extensively marketed to users the ability to “access your pay today,” to get “instant” funds, and to get funds “the same day you work” — when, in reality, this speed of access was only possible by paying the additional, undisclosed Lightning Speed fee. The Colorado complaint highlights this contradiction specifically, noting: EarnIn tells consumers that they can ‘Make any day payday with EarnIn’ and that there no ‘hidden’ or ‘mandatory fees.’ For a consumer to access their pay on the same day requested, they would have to pay the Lightning Speed fee. In the fine print of the advertisement EarnIn discloses that ‘[f]ees apply to use Lightning Speed,’ a direct contradiction to the larger text of the advertisement, and a fact that would not be immediately understood by a consumer as ‘Lightning Speed’ is not defined nor explained. Like other small-dollar lending services, rather than explicitly charge interest, EarnIn collects a markup on the optional Lighting Speed fee, which, given the nature of the transactions, many users opt for, as well as offering users the option to leave “tips.” EarnIn leverages either Real-Time Payments (RTP) rails or push-to-card via debit rails if a user opts for the optional Lightning Speed. But while these capabilities cost EarnIn, on average, $0.075 or $0.20 per transaction, respectively, EarnIn charges users significantly more. Initially, EarnIn charged as little as $1.99 for Cash Outs up to $24. But EarnIn has hiked these fees multiple times, and now charges $4.99 for Cash Outs up to $75 and $6.99 for those over $75. According to the Colorado complaint, EarnIn leverages “dark patterns” to manipulate users and to make it more difficult to avoid tipping. Examples of these “road blocks” highlighted in the complaint include: As of 2023, in the EarnIn app, a consumer attempting to get a loan under the default settings had to make at least eighteen separate taps to complete the transaction and reduce the tip to $0. There is an alternative method to leave a $0 tip, via the “Custom tip” feature, but EarnIn made this option difficult to access by visually deemphasizing it and positioning it near devices’ “home” button. Using language and imagery such as “Tip to pay it forward,” “Your generosity supports the service + helps,” “Your tips make a difference,” and “[t]he APR for this cash out is 0%. Your tips help support us.” While Lightning Speed and tipping are, in theory, both optional, in practice, users nearly always ended up paying something. According to the Colorado suit, users were charged either a tip or an expedite fee for more than 92% of transactions, with an average APR of nearly 388%. And, although the advances are “non-recourse,” EarnIn successfully collects on nearly all transactions — 99.18%, according to the complaint, which, Colorado argues, “demonstrat[es] that EarnIn’s advances function as high cost loans, not voluntary payments.” The share of EarnIn users incurring fees — despite the product being marketed as 0% APR — is hard to reconcile with Andreessen investor Rampell’s favorable description of EarnIn vs. “opaque systems and steep fees” associated with payday loans, which, Rampell says, can be “extremely difficult” for borrowers to extricate themselves from. According to Colorado’s suit, EarnIn’s Cash Out product “trapped many consumers in extreme cycles of high-cost reborrowing.” The suit gives an example of one consumer in the state, who took out a whopping 1,151 loans, paying a total of $4,038.50 in Lightning Speed expedited funding fees on loans that averaged the equivalent of 1,421% APR. Another Colorado user, the suit says, took out 1,033 loans, paying $8,561.22 in tips and fees at an average APR of 1,539% . These types of usage patterns demonstrate “the severe and repeated financial harm caused by EarnIn’s illegal lending model,” the Colorado complaint argues. In aggregate, from January 2023 through July 2025, EarnIn extended 3.1 million loans to 56,778 users in Colorado — an average of nearly 55 transactions per person during the time period. EarnIn lent more than $300 million and collected more than $16 million from Colorado users in Lightning Speed fees and in tips. Ultimately, the Colorado complaint argues that “EarnIn’s Cash Outs are loans under Colorado law, and EarnIn’s contention that its product is not a loan based on its disclaimer of any legal repayment obligation lacks any real-world significance given how the Cash Out transactions actually operate in practice.” Colorado further argues that “EarnIn was not working with companies here in providing consumers with funds but acted as a third-party lender and charged illegally high rates, used deceptive design strategies to extract some charges, and trapped consumers in repeat borrowing. Colorado will continue to stand up for consumers and hold companies accountable when they violate our credit laws or attempt to evade them through misleading practices.” Colorado’s suit alleges EarnIn assesses finance charge in excess of that permitted by Colorado law, that EarnIn failed to make legally required disclosures to Colorado borrowers, that EarnIn made supervised loans to consumers without obtaining the requisite license, that EarnIn violated the state’s Deferred Deposit Loan Act, that EarnIn engage in unfair and deceptive trade practices, and that EarnIn made false or misleading statements concerning price. The suit seeks a court order enjoining EarnIn from violating relevant Colorado laws, for EarnIn to refund amounts charged in excess of state law, fees, costs, and penalties, and other relief the court deems to be just. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Q2 Quarterly Banking Profile: Five Quick Takeaways The FDIC released its quarterly banking profile, which is always worth a read, for the second quarter. The profile provides an aggregate snapshot about the overall health of the 4,238 institutions whose deposits are insured by the FDIC, who, collectively, hold more than $26 trillion in assets and saw a total net income of more than $90 billion in the second quarter. Net income was up 12% vs. Q1 2026, with lower provisions and realized gains on securities helping to drive the improvement, somewhat offset by increases in non-interest expense and applicable income taxes. Overall net interest margin was basically flat quarter over quarter (up 1 basis point vs. Q1 2026), though community banks saw NIM grow by 10 basis points, to 3.81%. Unsurprisingly, given that interest rates haven’t changed, unrealized losses on securities changed little, edging up slightly to $326.7 billion vs. $325.1 billion in Q1 2026. Aggregate credit quality has remained benign, with asset quality actually improving slightly in Q2. Overall, institutions reported a 9 basis point decline in their past-due and non-accrual rate, to 1.44%. Net charge off rate also declined by 2 basis points, to 0.57%. And finally, the FDIC’s deposit insurance fund stands at $161.1 billion, making the DIF reserve ratio 1.48% — above the statutory minimum of 1.35%, but still below the designated target reserve ratio of 2%. [Paid Subscriber Exclusive] Nissan Withdraws ILC App, State Associations Plan BankChain Alliance, FDIC Defines “Unsafe or Unsound Practice” For First Time Automaker Nissan withdrew its application to charter a Utah industrial loan company and its corresponding application to the FDIC for deposit insurance last week, on August 19th. Nissan’s application had been outstanding for more than a year, as it originally applied in June 2025. Recent applications to the OCC to form national banks have been decisioned, one way or the other, substantially more quickly than has historically been the case.
Gubernatorial candidates Phil Weiser, Greg Lopez spar, as Marx skips debate
Two of the candidates for Colorado governor squared off in a televised debate on Thursday night, when Attorney General Phil Weiser, the Democratic nominee, and former U.S. Rep. Greg Lopez, an unaffiliated candidate, delved into issues of affordability, data center regulation and gun laws. The debate’s tone was civil. The policy differences between the two […]
Colorado gubernatorial candidates Phil Weiser, Greg Lopez to face off Thursday in televised debate
Two of the candidates for governor of Colorado are set to square off in a televised debate for the first time Thursday night, when Attorney General Phil Weiser, the Democratic nominee, and former U.S. Rep. Greg Lopez, an unaffiliated candidate, meet in Colorado Springs. Republican nominee Victor Marx, a ministry leader and first-time candidate, declined […]
Colorado AG Weiser sues ICE contractor GEO over "stonewalling" on public health order
Colorado Attorney General Phil Weiser is suing the private prison company GEO, which operates the Aurora ICE Processing Center, for noncompliance with a state public health order.
Republican Victor Marx taps George Markert as his lieutenant governor pick in Colorado’s gubernatorial race
Colorado Republican gubernatorial nominee Victor Marx named George Markert, a retired Marine colonel, as his running mate for lieutenant governor Friday morning, saying the former U.S. Senate candidate will bring “exceptional character, proven leadership and a lifetime of serving others” to the ticket. Marx is facing Democratic nominee Phil Weiser, the state’s attorney general, and […]
Weiser’s leadership crucial for rural win-win
Attorney General Phil Weiser is going to win the gubernatorial election. That said, Colorado agriculture and rural communities have a 30-year track record of finding the win-win be it for species or industries or habitat. Former Governor Roy Romer possessed what Gov. Jared Polis has demonstrated repeatedly he doesn’t have: the willingness to find compromise […]
Democrat Phil Weiser names Jeffco Commissioner Lesley Dahlkemper as his gubernatorial running mate
Colorado Attorney General Phil Weiser, the Democratic nominee for governor, on Wednesday named Jefferson County Commissioner Lesley Dahlkemper to be his lieutenant governor running mate in the general election. Weiser, who is facing Republican nominee Victor Marx for the seat held by term-limited Democratic Gov. Jared Polis, announced his pick at a news conference at […]
The Weiser-Bennet primary election political geography
Regional analysis of the vote in the recent Democratic Party primary election for governor of Colorado shows primary election winner Phil Weiser sweeping the Denver metropolitan area with 59.4% of the vote. Weiser’s losing opponent, U.S. Sen. Michael Bennet, garnered only 40.6% of the Denver metro vote. There were just the two candidates in the […]
Phil Weiser’s sudden need to find the brake pedal
Indulge me with a personal story at the outset. Trust me, it relates. Years ago, when our kids were young, we briefly had a small jalopy for a babysitter’s use. One morning, I discovered that the battery on this poor excuse for a car was dead. Our driveway sat on a bit of an incline, […]
Victor Marx defeats Barb Kirkmeyer as Colorado’s Republican gubernatorial primary crosses finish line
Republican Victor Marx won Colorado’s Republican gubernatorial nomination on Thursday after maintaining a razor-thin lead over state Sen. Barb Kirkmeyer for more than a week as county clerks finished reporting final, unofficial vote totals. Marx, a missionary leader and first-time candidate, will face Democratic nominee Attorney General Phil Weiser in November for the office held […]
Victor Marx wins GOP nod for governor, will face Democrat Phil Weiser in November
The GOP primary remained too close to call for over a week, but Marx emerged victorious by about 2,500 votes.
Telling themes to take away from Tuesday’s primary elections
Let’s be clear about how Colorado’s primaries arrived at these unexpected results. The most significant voting cohorts on both the Democratic and Republican sides were women from 65 to 75-plus. These senior women voters selected Phil Weiser and have given Barb Kirkmeyer a chance. They may be on the farther side of their lives, but […]
Phil Weiser defeats Michael Bennet in Colorado’s Democratic gubernatorial primary
Attorney General Phil Weiser took an early lead over three-term U.S. Sen. Michael Bennet in Colorado’s Democratic gubernatorial primary and held onto it, defeating the state’s longest-serving senator in more than 50 years to win a nomination that’s likely to land him in the governor’s office. Weiser led Bennet 55% to 45% just before 8 […]
Phil Weiser leads Michael Bennet in early returns in Colorado’s Democratic gubernatorial primary
Attorney General Phil Weiser took an early lead over U.S. Sen. Michael Bennet in Colorado’s Democratic gubernatorial primary as election officials posted initial returns soon after polls closed Tuesday night. In the first round of results, Weiser had secured 60% of the vote to Bennet’s 40%, with just over 200,000 total ballots counted statewide. The […]
Live Results: Colorado midterm primaries
The Democratic gubernatorial primary between U.S. Sen. Michael Bennet and state Attorney General Phil Weiser will not only determine who might lead Colorado, but it could also create an opening in the closely divided U.S. Senate.
Colorado Attorney General Democratic primary: Meet the candidates
One of the most closely watched contests on the June primary ballot is the four‑way Democratic race for Colorado attorney general. With Attorney General Phil Weiser term‑limited and running for governor, attention has shifted to the candidates vying to replace him and the qualifications they bring to the state’s top legal office. Running for attorney […]
Bennet, Weiser face off in Colorado Politics, 9NEWS debate
The Denver Gazette and Colorado Politics are hosting the debate in partnership with the University of Denver and 9NEWS. DENVER — Candidates vying to be the next governor of Colorado will face off in debates hosted by The Denver Gazette, Colorado Politics and 9NEWS ahead of the state’s primary elections. Michael Bennet and Phil Weiser […]
Colorado business groups host gubernatorial forum Thursday
Several business groups are hosting a forum among gubernatorial candidates on Thursday morning. The candidates attending are Democratic Attorney General Phil Weiser and U.S. Sen. Michael Bennet, and Republicans Sen. Barb Kirkmeyer and Victor Marx. The forum will take place from 7 to 9:30 a.m. at the Infinity Park Event Center in Glendale. The organizers […]
Grand jury indicts 2 petition circulators in 2024 signature-forgery case
A statewide grand jury has indicted two petition circulators on allegations that they forged signatures while gathering support for a proposed constitutional amendment on the 2024 ballot. According to Colorado Attorney General Phil Weiser, the circulators — Cherell Long of Nevada and Martin Arellano of Texas — were working for a Colorado Springs–based canvassing firm […]
Colorado needs another Bill Owens — who kept up our roads
By Dick Wadhams The silence is deafening within the Democratic primary for governor on the need to build and improve roads in Colorado after 20 years of neglect. The Democratic contestants, U.S. Sen. Michael Bennet and Attorney General Phil Weiser, talk about liberal touchstones such as mass transit and bike lanes that few Coloradans find […]
The Importance of Supporting Small Businesses and Start Ups | Phil Weiser for Colorado
Colorado has some special and unique aspects that make it the best state in the nation. From its spectacular mountain peaks, to its vast open plains, to its bustling Front Range urban centers, Colorado is one of the most physically beautiful states. And while these vistas are critical to making us who we are, Colorado […]
NEW: Phil Weiser Unveils ‘Healthy Colorado Plan’ to Lower Costs, Deliver Better Health Care for All Coloradans | Phil Weiser for Colorado
Three-part plan launches ‘Primary Care for All’ to transform Colorado’s "sick care" system into a true "health care" system.
Phil Weiser’s health plan emphasizes primary care, using courts to lower costs
Weiser’s plan called for the state to shift investment toward preventive care, build on the Colorado Option and use the courts to challenge health care consolidation and enforce laws limiting surprise medical bills.
Colorado sues Trump administration, calling new election order ‘unconstitutional’
Colorado Attorney General Phil Weiser has joined a multistate coalition suing President Donald Trump over a new executive order on elections, arguing the directive unlawfully intrudes on states’ authority to run their own voting systems and threatens access to mail ballots for millions of voters. The lawsuit argues that Trump’s executive order is unconstitutional because […]
Phil Weiser wins top spot in Colorado’s Democratic gubernatorial primary at party’s state assembly
Phil Weiser wins top spot in Colorado’s Democratic gubernatorial primary at party’s state assembly
Attorney General Phil Weiser’s name will appear first on Colorado’s Democratic gubernatorial primary ballot after his overwhelming win Saturday at the party’s state assembly in Pueblo. Weiser joins U.S. Sen. Michael Bennet in the June 30 primary for the office held by term-limited Gov. Jared Polis. Bennet, who successfully petitioned onto the ballot, didn’t participate […]