The Governor of California has earmarked more than $11 million of the budget for the state’s Department of Financial Protection & Innovation to “protect consumers and ensure transparency of the debt collector industry through strong government oversight and data collection.” The item was part of Gov. Gavin Newsom’s $286 billion …
Read More »[UPDATED] California DFPI Proposes Changes to Definitions Under New Licensing Law
EDITOR’S NOTE: The DFPI has extended the deadline for comments to be submitted to December 2. This article has been updated to reflect that extension. The California Department of Financial Protection & Innovation has issued another set of proposed modifications to its licensing application and procedures for applying for a …
Read More »DFPI Issues Draft Rules to License Four New Types of Industries, Including Debt Settlement Providers
The California Department of Financial Protection & Innovation is seeking comments on a proposed rulemaking that would require four different industries to be registered with the state in order to operate — debt settlement services, student debt relief services, education financing, and wage-based advances. Comments on the proposed rulemaking are …
Read More »California DFPI Fines Collector, Debt Buyer $375k
The California Department of Financial Protection and Innovation has issued its first enforcement action against a debt buyer and debt collector, fining a firm $375,000 for allegedly breaking state and federal law by unlawfully threatening to sue consumers and submitting negative information to credit bureaus without notifying consumers. A copy …
Read More »DFPI Issues Proposed Rules Related to Consumer Complaints
The California Department of Financial Protection and Innovation is inviting comments on a proposed rule that will address how consumer complaints are handled in relation to the California Consumer Financial Protection Law (CCFPL). Under the law, covered persons will be required to develop written policies and procedures detailing how consumers …
Read More »Calif. DFPI Assesses $1.4M in Fines and Refunds to Student Loan Debt Relief Provider
The California Department of Financial Protection and Innovation yesterday announced it had assessed $1.4 million in fines and penalties against a student loan debt relief company that was accused of collecting illegal advance fees that are prohibited under federal law. The debt relief company, Amerifed Doc Prep LLC, will refund …
Read More »DFPI Issues Alert About Firm ‘Posing’ as Legal Debt Collector
The Department of Financial Protection and Innovation in California has issued a consumer alert, notifying the public that The Offices of Morgan and Moss is “holding itself out as a legitimate debt collector” in California, and is using “threatening and abusive tactics to coerce consumers to make payments on ‘debts’ …
Read More »DFPI Hires Advocate to Run Fintech Office
The California Department of Financial Protection and Innovation (DFPI) yesterday announced it has hired a leading consumer advocate to run its Office of Financial Technology and Innovation, with the mandate to create a “national model for fostering responsible innovation” for entrepreneurs developing financial products and services in the state. The …
Read More »DFPI Seeks Comments on CCFPL Rulemaking Process
For the accounts receivable management industry, this might be one of those times where it is good to speak up. The California Department of Financial Protection and Innovation (DFPI) on Thursday published an invitation for comments as it determines the rules it needs to implement in order to enforce the …
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