May 2021

California DFPI issues proposed regulations to implement new Debt Collection Licensing Act

By Susan N. Nikdel on May 3, 2021

Posted in CADFPI, Debt Collection, Regulatory and Enforcement

On April 23, 2021, the California Department of Financial Protection and Innovation (“DFPI”) issued proposed regulations to implement the Debt Collection Licensing Act (“DCLA”).

Debt collector licenses are required beginning on January 1, 2022 but a debt collector that applies for a license before that date can continue to operate while the application is pending. … Continue Reading

Fans and Foes of OCC True Lender Rule Spar at Senate Committee “Rent-a-Bank” Hearing

By Mindy Harris on May 3, 2021

Posted in Fintech, OCC, Regulatory and Enforcement, Usury

As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”.

The hearing focused primarily on the final “True Lender” rule issued by the OCC on October 27, 2020, which was effective December 29, 2020.… Continue Reading