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Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans.  LoanMart was the subject of an investigation launched in September 2020 in which the DFPI (then still named…

The California Department of Financial Protection and Innovation (DFPI) is seeking comments on a proposed rulemaking under the California Consumer Financial Protection Law (CCFPL).  The proposal would implement the authority that the CCFPL gives the DFPI to require companies that provide financial products and services to California consumers to register with the DFPI and to…

The New York Department of Financial Services has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less.  The proposed regulation would give the provisions added by S 5470-B to the Financial Services Law the title “Commercial Finance Disclosure Law” (CFDL).  The CFDL…

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…

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 …