Former Opus chief is one step closer to opening California de novo americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
California’s Version of the CFPB Is Investigating a Dozen Debt Collectors And This is Just the Start Published on: 1 February 2021 at 09:00 a.m. ET Feb. 1, 2021, 9 a.m. Feb. 1, 2021, 9:28 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047029-californias-version-cfpb-investigating-do/
This article first appeared on Squire Patton Boggs Consumer Privacy World blog and is reprinted here with permission from the author.
With Democrats in control of the White House, Senate and House of Representatives, consumer financial services companies are understandably anxious about the regulatory environment.
Last week, the newly-empowered California Department of Financial Protection and Innovation (the “DFPI”) gave us a sense of what to expect when it
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The law creating a new California mini-CFPB took effect on January 1, 2021, and a few weeks later, the California Department of Financial Protection and Innovation (DFPI) entered into “first-of-their kind” memoranda of understanding (MOUs), by which the DFPI will regulate earned wage access (EWA) products offered by five companies in California. These MOUs follow the CFPB’s issuance of an advisory opinion for EWA products, but they go much further in imposing pricing limitations and reporting and examination obligations for products that the DFPI gained authority to regulate under the new California Consumer Financial Protection Law (CCFPL). These MOUs, along with the CFPB’s advisory opinion, signal creation of regulatory guardrails for previously unregulated products. They also reflect the DFPI’s continued focus on capping interest rates for financial products offered in California.
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California’s Version of the CFPB Is Investigating a Dozen Debt Collectors And this is Just the Start Friday, January 29, 2021
With Democrats in control of the White House, Senate and House of Representatives, consumer financial services companies are understandably anxious about the regulatory environment.
Last week, the newly-empowered California Department of Financial Protection and Innovation (the “DFPI”) gave us a sense of what to expect when it announced an investigation into 12 debt collectors that it alleged were engaged in unlawful, unfair, deceptive, or abusive debt collection practices. The DFPI licenses and regulates a wide variety of parties involved in providing or servicing consumer financial products and services in California. The DFPI has existed since 2013, but was known as the Department of Business Oversight until 2020, when it was renamed and granted significantly enhanced oversight and enforcement powers by the California
California DFPI: Not all bitcoin ATMs are subject to licensure mobilepaymentstoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mobilepaymentstoday.com Daily Mail and Mail on Sunday newspapers.