CFPB, Federal Agencies, State Agencies, and Attorneys General
The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations to implement provisions of the California Consumer Financial Protection Law (CCFPL) pertaining to consumer complaints and inquiries. Comments are due by July 5, 2022
Specifically, the CCFPL requires the DFPI to issue rules establishing reasonable procedures for responding to consumer complaints against…
Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s attempt to apply California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank) by alleging that OppFi is…
The California Department of Financial Protection and Innovation has published a fourth round of modifications 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. The law contains exemptions and carve-outs…
Last week, the California Department of Financial Protection and Innovation (DFPI) brought its first enforcement action against a debt collector and debt buyer for violating the state’s Consumer Financial Protection Law (CCFPL). The DFPI’s Desist and Refrain Order and Order Assessing Penalties (totaling $375,000) charges F & F Management Inc. (F&F) with violating the CCFPL…
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) 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…
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. …
