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CA DFPI exercises its new enforcement authority against coding school's income-based deferred tuition agreement | Ballard Spahr LLP


The California Department of Financial Protection and Innovation
a consent order with Lambda, Inc., which does business as Lambda School, to settle the DFPI’s claims that a provision in Lambda’s student financing contracts was misleading.  The consent order also resolves the DFPI’s claim that Lambda’s marketing materials were misleading.  The DFPI’s claims were brought under the new
California Consumer Financial Protection Law, which took effect on January 1, 2021 and prohibits providers of financial products and services from engaging in unfair, deceptive, or abusive acts or practices.
According to the consent order, Lambda offers California students the option of financing the cost of attending its online computer coding school through a contract in which the student agrees to pay Lambda a percentage of the student’s future income up to a specified amount (Contract).  (Lambda offers California students the option to defer tuition through ....

United States , Ballard Spahr , Lambda Inc , Lambda School , California Department Of Financial Protection , California Department , Financial Protection , Consumer Financial Protection Law , California Bureau , Private Postsecondary Education , ஒன்றுபட்டது மாநிலங்களில் , பாலார்ட் ஸ்பர் , லாம்ப்டா இன்க் , லாம்ப்டா பள்ளி , கலிஃபோர்னியா துறை ஆஃப் நிதி ப்ரொடெக்ஶந் , கலிஃபோர்னியா துறை , நிதி ப்ரொடெக்ஶந் , நுகர்வோர் நிதி ப்ரொடெக்ஶந் சட்டம் , கலிஃபோர்னியா பணியகம் , ப்ரைவேட் பொஸ்டிசெகொந்தரி கல்வி ,

California Settles with Online School for Allegedly Deceptive Financing Practices | Goodwin


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On April 26, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a settlement agreement with an online coding school, resolving allegations that the school engaged in deceptive acts and practices in violation of California’s new Consumer Financial Protection Law (CCFPL).
The school offers its students the option to finance their education through a contract in which the student promises to repay the school based on a percentage of the student’s future income.  This contract has a provision that states, “this extension of credit is a qualified educational loan and is subject to the limitations on dischargeability in bankruptcy contained in Section 523(a)(8) of the United States Bankruptcy Code.”  DFPI alleged that this language is deceptive in violation of the CCFPL because the contract is not a “qualified educational loan” and therefore ....

United States , California Department Of Financial Protection , California Department , Financial Protection , Consumer Financial Protection Law , United States Bankruptcy Code , ஒன்றுபட்டது மாநிலங்களில் , கலிஃபோர்னியா துறை ஆஃப் நிதி ப்ரொடெக்ஶந் , கலிஃபோர்னியா துறை , நிதி ப்ரொடெக்ஶந் , நுகர்வோர் நிதி ப்ரொடெக்ஶந் சட்டம் , ஒன்றுபட்டது மாநிலங்களில் திவால்நிலை குறியீடு ,

California DFPI Signs First Memoranda of Understanding with Earned Wage Access Companies | Troutman Pepper


The
California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent
monthly bulletin that OFTI would allow it to “work proactively with entrepreneurs and create a regulatory framework for responsible, emerging financial products.” DFPI wasted no time in shifting its focus to emerging financial products in the fintech industry when it recently
announced that it had signed memoranda of understanding (MOUs) with five companies offering earned wage access (EWA) products, allowing them to continue operating in California under certain conditions. This is a significant event for two reasons: First, it shows that the OFTI plans to be active in working with fintech companies that want to offer new products to California consumers; a ....

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