CFPB, Federal Agencies, State Agencies, and Attorneys General
AB-1864, which took effect on January 1, 2021 and significantly expanded the powers of the California Department of Financial Protection and Innovation, required the DFPI to establish a “Financial Technology Innovation Office.”
Adam Wright, Senior Counsel, recently joined the Department’s new Office of Financial Technology Innovation, having previously served as an enforcement attorney with the…
The California Department of Financial Protection and Innovation (DFPI) recently issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act. The Invitation for Comments seeks further information on topics relating to the scope of certain definitional terms, the types of information required on annual reports, and surety bond amounts.…
The California Department of Financial Protection and Innovation (DFPI) has issued an invitation for comments from interested parties on draft rules to implement certain provisions of the California Consumer Financial Protection Law (CCFPL) which became effective on January 1, 2021. The CCFPL provisions that the draft rules would implement deal with (1) procedures for a…
The California Department of Financial Protection and Innovation (DFPI) has issued second 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…
The California Department of Financial Protection and Innovation (DFPI) has issued proposed amendments to its regulations implementing the Pilot Program for Increased Access to Responsible Small Dollar Loans (Pilot Program). Initially effective from 2014 to2018, the Pilot Program’s sunset date was extended to January 1, 2028. The Pilot Program operates under the California Financing Law…
Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into “a landmark agreement” with Meratas, Inc., a company that acts as a program manager of Income Share Agreements (ISAs) used to finance postsecondary education and training. The agreement includes the DFPI’s finding that ISAs made solely for the…
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. …
