DFPI Debt Collection Committee to Hold First Meeting Next Week

The California Department of Financial Protection and Innovation has announced it will be holding the inaugural meeting of its Debt Collection Advisory Committee on July 28 from 1:30pm PT to 3:00pm PT. Those interested in watching the meeting can do so by clicking here.

The agenda for the meeting will be:

  1. Introductions
  2. Program Update
  3. Regulations*
  4. Roundtable
  5. Public Comment

With respect to the discussion on regulations, the DFPI said it would not comment on current or pending regulations, but would appreciate feedback and encourage discussion on potential future rulemakings.

The members of the Debt Collection Advisory Committee are:

  • Elizabeth Gonzalez, Public Law Center
  • Scott Hyman, Severson & Werson
  • Mark Naiman, Absolute Resolutions Corporation
  • Cindy Yaklin, States Recovery Systems Inc.
  • Tamar Yudenfreund, Midland Credit Management
  • Ohad Samet, TrueAccord Corporation
  • Prasad Krishnamurthy, UC Berkeley School of Law

Each of the seven members are serving two-year terms.

The committee is expected to help the DFPI build out its debt collection licensing program, which is scheduled to go live in January 2022. The DFPI issued a Notice of Proposed Rulemaking in April with details of the licensing application it is looking to put into place. The DFPI is expected to make the licensing application available via the Nationwide Multistate Licensing System (NMLS) on September 1. Applications are due by December 31. Companies can continue to operate and collect while their applications are pending.

The DFPI itself is a new agency, created from the former Department of Business Oversight. Among the investigatory powers that have been bestowed upon the department are those to look into the use of engaging in unfair, deceptive, or abusive acts or practices with respect to consumer financial products and services, which could include debt collection activities.

The full credentials for accessing the meeting are:

Zoom Call-In Information:
Meeting ID: 863 0947 2860
Join from PC, Mac, Linux, iOS or Android: https://us02web.zoom.us/j/86309472860

Or Telephone:
(215) 446-3656
(888) 363-4734
Conference code: 611586

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