AB 28339 (Villapudua) Proposes New Requirements for Department of Financial Protection and Innovation Regarding Responsible Small Dollar Loans Program

By Summer M. Bosse AB 2839 (Villapudua), as amended March 17, 2022, would amend section 22370 of the Financial Code as it relates to the California Financing Law’s Pilot Program for Increased Access to Responsible Small Dollar Loans. The Pilot Continue reading

SB 577 Seeks to Update Current Money Lending Law in California

By Alexandra Loyo SB 577 (Limón), as amended January 12, 2022, is a two-year bill that would amend sections 2105, 17202.1, 17414.1, and 80001 of, add section 22050.5 to, and repeal section 80002 of the Financial Code to provide a Continue reading

Department of Financial Protection and Innovation Joins Commodity Futures Trading Commission and 26 Other State Regulators in Federal Lawsuit against Safeguard Metals

By Summer M. Bosse On February 1, 2022, the Department of Financial Protection and Innovation (DFPI) announced that it, in partnership with the federal Commodity Futures Trading Commission (CFTC) and 26 other state regulators, has filed a federal lawsuit in Continue reading

Student Loan Ombudsperson Begins Work as New Position within the Department of Financial Protection and Innovation

By Alexandra Loyo On December 6, 2021, Celina Damian began working as the Department of Financial Protection and Innovation’s (DFPI) first Student Loan Ombudsperson. According to the Department’s December 2021 monthly bulletin, Ms. Damian previously worked with the Department of Continue reading

Department of Financial Protection and Innovation Seeks Public Input on Draft Regulations Impacting Escrow Companies

By Alexandra Loyo On November 4, 2021, the Department of Financial Protection and Innovation (DFPI) noticed and held a public hearing for comments on modifications to the proposed rulemaking PRO 13/13, which would amend sections 1711.1 through 1741.7, Title 10 Continue reading

OAL Approves Department of Financial Protection and Innovation’s Public Banking Regulations to Become Effective January 1, 2022

By Summer M. Bosse On September 14, 2021, the Office of Administrative Law (OAL) approved regulatory action PRO 1/20 from the Department of Financial Protection and Innovation (DFPI), which amends and adopts various sections in Subchapter 1 in Title 10, Continue reading

Department of Financial Protection and Innovation Orders Sanctions Under the Debt Collection Licensing Act

By Alexandra Loyo On September 22, 2021, the Department of Financial Protection and Innovation (DFPI) processed a Desist and Refrain Order and Order Assessing Penalties (Order) against the debt collector and debt buyer F&F Management (F&F). The Order marks DFPI’s Continue reading

OAL Approves DFPI’s Regulatory Package Related to Use of the Nationwide Multistate Licensing System & Registry (NMLS) and Property Assessed Clean Energy (PACE) Program Administrators

By Summer M. Bosse On August 5, 2021, the Office of Administrative Law (OAL) approved regulatory action PRO 02/17 from the Department of Financial Protection and Innovation (DFPI), which amends various sections in Subchapter 6 of Title 10, Chapter 3 Continue reading

Department of Financial Protection and Innovation Opens Comments for Debt Collection Licensing Act Second Proposed Rulemaking

By Alexandra Loyo On August 19, 2021, the Department of Financial Protection and Innovation (DFPI) published notice of the invitation to comment on a second rulemaking under SB 908 (Wieckowski) (Chapter 163, Statutes of 2020), otherwise known as the Debt Continue reading

Annual DFPI Report Shows Significant Decline of Payday Loans Amid COVID-19 Pandemic

By Summer M. Bosse On July 22, 2021, the Department of Financial Protection and Innovation (DFPI) released its Annual Report of Payday Lending Activity Under the California Deferred Deposit Transaction Law to the public. This report is required through the Continue reading