Federal Activities:
On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. For more information, click
On April 22, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly two million payments in the sixth batch of American Rescue Plan Economic Impact Payments. For more information, click
California DFPI Seeks Comments on Debt Collection License Application and Requirements
The California state regulator is seeking input on electronic licensing and grounds for denying a license, among other changes, by June 8, 2021.
4/27/2021 12:00 PM
News
The California Department of Financial Protection and Innovation (DFPI) has filed a Notice of Proposed Rulemaking to add to the agency’s licenses application process.
The Debt Collection Licensing Act was signed into law in September 2020, as was legislation to create the DFPI essentially a state version of the Consumer Financial Protection Bureau. The DFPI will include oversight of debt collectors and emerging financial technology products, ACA International previously reported.
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California DFPI Commissioner Alvarez Issues Strong Reminder to Debt Collectors Published on: 19 April 2021 at 09:00 a.m. ET April 19, 2021, 9 a.m. April 19, 2021, 10:19 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047281-california-dfpi-commissioner-alvarez-issu/
Last week the California Department of Financial Protection and Innovation (DFPI) issued a reminder to future debt collector licensees and existing mortgage lenders and servicers about protections for California renters and homeowners experiencing economic hardship under the COVID-19 pandemic.
The DFPI will take all necessary actions to ensure debt collectors comply with the FDCPA, CFPA, and the COVID-19 Tenant Relief Act.
Here is the text of the reminder:
The California Department of Financial Protection and Innovation (DFPI)
has issued 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 CA Financial Code (Code) sections 22800-22805, requires a “provider,” meaning a person who extends a specific offer of “commercial financing” as defined in Code section 22800(d) to a recipient, to give the recipient certain disclosures at the time the provider extends the offer. SB 1235 requires the DFPI to issue regulations implementing the specific requirements of the disclosures that must be given to recipients. The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $5,000, and t