CFPB, Federal Agencies, State Agencies, and Attorneys General
American Banker has reported that Manny Alvarez, Commissioner of the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021.
According to the report, Governor Newsom is expected to name Chief Deputy Commissioner Chris Shultz, who is currently second in command at the DFPI, Acting Commissioner.
Commissioner Alvarez was …
The California Department of Financial Protection and Innovation announced earlier this month that it has hired Christina Tetreault to lead the new Office of Financial Technology and Innovation. The hiring of Ms.Tetreault is particularly significant because, according to the DFPI’s press release, “[t]he announcement finalizes hiring for the most critical positions needed to stand…
The California Department of Financial Protection and Innovation announced last week that it has entered into a consent order with Lambda, Inc., which does business as Lambda School, to settle the DFPI’s claims that a provision in Lambda’s student financing contracts was misleading. The consent order also resolves the DFPI’s claim that Lambda’s marketing materials…
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. …
After discussing the pandemic’s impact on the DFPI’s activities, Commissioner Alvarez discusses the DFPI’s focus on diversity and inclusion, its creation of a new registration system for financial services companies, and its approach to enforcement priorities. The Commissioner also spoke to the impact of a Biden Administration, including possible areas of collaboration with the CFPB,…
The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.
SB 1235, codified at CA Financial…
The California Department of Financial Protection and Innovation (DFPI) announced last week that it has entered into a consent order that permanently bars James Berry and any company he owns or controls from soliciting customers for Property Assessed Clean Energy (PACE) financing and seeking future enrollment as a solicitor for PACE programs. In its press…
Effective January 1, 2021, California’s revamped consumer protection agency—the Department of Financial Protection and Innovation (DFPI)—has new, sweeping power over consumer financial services providers in the most populous U.S. state. To help clients navigate this new regulatory authority, Ballard Spahr’s nationally recognized Consumer Financial Services Group has created a California “Mini-CFPB” team. The new team…
In its February 2021 Bulletin, the California Department of Financial Protection and Innovation (DFPI) reminds licensed mortgage loan servicers that DFPI examinations will include processes to determine compliance with state and federal laws providing consumer protections with regard to COVID-19-related foreclosures. The DFPI notes that these laws “include provisions allowing for forbearance of mortgage…
The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).
Since the CCFPL became effective on January 1, the DFPI…
