Tag Archives: Department of Financial Protection and Innovation

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 …

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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 …

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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 …

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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 …

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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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