Bank Type: The OCC uses the bank type classifications to determine the performance standards and examination procedures to evaluate a bank’s CRA performance. The OCC classifies banks as a small bank, intermediate bank, wholesale bank, limited purpose bank or a bank subject to the June 2020 rule’s general performance standards. The categorization is generally based on the bank’s asset size, except wholesale and limited purpose banks are classified based on business model. A small bank has assets of $600 million or less. An intermediate bank has $600 million to $2.5 billion in assets. A GPS bank has assets greater than $2.5 billion.
In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech.
To embed, copy and paste the code into your website or blog:
On February 3, 2021, the California Department of Financial Protection and Innovation (DFPI) announced its first formal enforcement action against an Irvine-based student debt relief company. The DFPI’s action alleges that the company’s student debt relief practices violated the California Consumer Financial Protection Law and Student Loan Servicing Act.
According to the DFPI, for over three years, the company and its affiliates ran a student loan debt relief scam from California, convincing over a dozen California residents and others nationwide to pay tens of thousands of dollars to “wipe away” their student loans by getting them “dismissed” or “discharged.” The company allegedly operates a website, where it offers to, among other things, ”potentially save [consumers] hundreds or thousands of dollars over the course of [their]student loan repayment,” and employed “privat
The California Department of Financial Protection and Innovation (DFPI) today launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the new California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA). The DFPI also issued a formal action against one such company, Optima Advocates, Inc., which took money from struggling student-loan borrowers while falsely claiming the company could get the student-loan debt dismissed.
“Student-loan borrowers seeking help with repayment deserve protection from predatory debt-relief scams,” said DFPI Commissioner Manuel P. Alvarez. “This action holds Optima Advocates accountable for its deceptive practices and will bring relief to those having a hard time repaying their student loans.”
California's Department of Financial Protection and Innovation announced its first formal enforcement action on Wednesday, ordering a company behind an alleged student debt-relief scam to refund customers and pay thousands of dollars in fines.