Category: News

California DFPI Shares Progress on Implementing Consumer Financial Protection Law

Tag(s): California, Daily, debt collection, Licensing, News, State

The state’s Consumer Financial Protection Law covers licensing and debt collection, and created a Debt Collection Advisory Committee that includes ACA International members.

03/29/2022 11:15 A.M.

4.5 minute read

A year after implementing one of the most expansive consumer protection laws in the U.S., California’s Department of Financial Protection and Innovation (DFPI) announced it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations using its expanded authority under the California Consumer Financial Protection Law (CCFPL), according to a news release.

The DFPI also created several new divisions to expand oversight and outreach, including the Consumer Financial Protection Division, Office of Financial Technology Innovation, Office of the Ombuds, and a targeted outreach team responsible for working with historically underserved communities that include veterans, senior citizens, students and immigrants.

It also created a Debt Collection Advisory Committee which, among other responsibilities, provides critical feedback to DFPI on its debt collection licensing program. The committee will also advise the DFPI on matters related to the debt collection business, including proposed fee schedules and other requirements, ACA previously reported.

“The department has made substantial progress in its first year to implement the new law, expand protection for consumers, and foster responsible financial innovation,” said DFPI Commissioner Clothilde V. Hewlett. “We remain committed to accomplishing the goals of Governor Gavin Newsom and are grateful to all stakeholders, including the legislature, consumer advocates, industry partners, small businesses, community-based organizations, and many others for their continued input and support.”

Most provisions of the CCFPL went into effect on Jan. 1, 2021. The legislature passed the law in 2020 and it was signed by Gov. Newsom in September of that year.

Identifying gaps in consumer protection due to strict definitions in existing licensing laws, this new law provided the DFPI with the appropriate authority to oversee areas of the financial marketplace previously unregulated by the DFPI, including debt collectors, credit repair and debt relief companies, private postsecondary student loan products, and financial tech services that include early wage access products.

Licensing

The department is now licensing debt collectors.

The Debt Collection Licensing Act, which took effect Jan. 1, 2022, requires any person engaging in the business of debt collection in California to be licensed annually by the DFPI.

The DFPI is expecting to license thousands of entities over the next two years, according to the news release. To avoid missing important updates, interested parties are encouraged to check the DFPI website periodically and subscribe to the DFPI’s email subscription service.

The first license applications were due Dec. 31, 2021, to operate in California. Before the end of the year, the DFPI received approximately 600 applications, which allowed companies to operate while the approval process played out.

Melinda Lee, deputy commissioner, debt collector licensing with the DFPI, said last year the department expected the approval process to continue through 2022 and possibly 2023.

ACA International’s licensing team has resources to help members navigate the licensing process.

Visit ACA’s licensing website, email [email protected] or call (952) 926-6547.

CCFPL Report Takeaways

Here are some additional takeaways from the DFPI’s annual report.

Enforcement

During its first year with authority under the CCFPL, the DFPI proactively identified enforcement targets and opened 106 investigations that resulted in 49 public actions under the CCFPL.
The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing.

Regulatory Activities

In 2021, the DFPI issued four invitations for comments to solicit stakeholder feedback on various aspects of implementation of the CCFPL. The DFPI received 76 comment letters.
As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories.
Proposed registration includes debt settlement services, student debt relief services, postsecondary education financing and wage-based advances.

Research and Market Monitoring

In September 2021, the DFPI created a research team to help it identify emerging financial activities; scout for unlawful, unfair, deceptive, and abusive practices; and make policy recommendations based on consumer impact.
The research team is evaluating the DFPI’s consumer complaint data to identify broader market trends that may pose risks to consumers.

Consumer Complaint Handling

In 2021, the Consumer Services Office received 638 complaints regarding products and services subject to the CCFPL.
Complaints submitted under the new law, which covered debt collection activities in the first year, increased each quarter with a dramatic surge in the second half of the year when CCFPL complaints increased nearly 140 percent.
The top categories of complaints included debt collection, cryptocurrency, and “neo banks,” financial technology or “fintech” service providers, partnering with banks to offer deposit account services. The top complaints appear to have been driven by communications efforts to raise awareness about the DFPI’s expanded authority and mission.

Office of Financial Technology and Innovation

In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financial services.
OFTI participated in more than a dozen public events to publicize OFTI’s activities and extend the invitation to meet, as well as holding weekly office hours.

For more information about the DFPI, visit their website at https://dfpi.ca.gov/.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

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This Terms of Use Agreement is a legal agreement between ACA International, a Minnesota non-profit corporation, whose notice address is contained below, and any of its affiliates (“ACA”) and any person using the website located at www.acainternational.org (“Website”), whether using the public portion of the Website that does not require you to provide any password information (“Public Site”) or the private portion of the Website designated for ACA Members through a password protected login (“Member Site”) (collectively and interchangeably referred to as you or “User”). By using this Website, purchasing products from ACA or utilizing any service or business offered by ACA, you accept these conditions and agree to be bound by the terms of this Agreement. Please read them carefully. You may print this Agreement at any time by clicking on the link on the Website.

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Definitions

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Designated Agent

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Designated Agent for Claimed Infringement:
ACA International
Legal Department
3200 Courthouse Lane, Eagan, MN 55121-1585
(952) 926-6547

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In any action, formal or informal, initiated by ACA to enforce the Terms of Use, ACA will be entitled to costs and attorneys’ fees.

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Users that are ACA members (“Members”) and in the event the Member is an entity, their properly authorized individual users, will be provided online access to valuable information relevant to the credit and collection industry on the Website and hub.acainternational.org (“Hub”), which is exclusive to Members, much of which is specifically designated as members-only content and requires User specific Registration Data and Account (“Member Content”). Members hereby acknowledge Member Content is the sole property of ACA and is included as ACA Content. Entity Members may authorize individual employee user access to Member Content, wherein each user identified in the ACA user roster will be assigned unique Registration Data. Entity Members are responsible for the conduct of their employees that use the Website and/or the Hub. Entity Member’s responsibility for employee conduct does not absolve the employee of their personal responsibility to comply with Terms of Use. Additions, deletions, and modifications to a Member’s information, and employee roster, must be made by the Member’s designated contact. Members are required to maintain an up-to-date and accurate roster. Rosters must timely reflect changes regarding inactive email addresses and Users who have separated from employment. Only those employees physically located at the approved Member geographical location may be provided access. In no event may any entity Member add a non-employee to its user roster, or otherwise allow non-employees access to Member Content through the Member’s Account. Hub use must comply with ACA’s Hub Terms of Access as they may be amended from time to time, which is incorporated herein by reference. If the Member learns a User identified in the Member’s user roster, or otherwise through the Member’s Account, has improperly accessed or disseminated information originating from ACA or violated the Terms of Use, the Member must report the event to ACA immediately and take appropriate corrective action, which shall include, but not exclusively: (a) preventing further unauthorized access; (b) issuing notice to all known and suspected unauthorized recipients of the breach; (c) providing to ACA a disclosure of all known recipients of Member Content; (d) destroying or returning all information improperly retrieved or disseminated; and (e) cooperating with ACA in such a manner as ACA may determine appropriate under the circumstances to avoid further harm.

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Unless in downloadable format, most product orders placed with ACA are delivered via FedEx, UPS and USPS, within four (4) business days to two (2) weeks of ordering the product. Back orders can take up to six (6) weeks depending on the type of product ordered. User will pay all shipping charges for ordered and returned items. Shipping charges are subject to change without prior notification to User.

Limitation of Liability

ACA Content is presented for educational, general reference and informational purposes only and is not intended to serve as legal or other advice. ACA does not represent or warrant that ACA Content is accurate, complete or current for any specific or particular purpose or application. ACA Content is not intended to be a full and exhaustive explanation of the law in any area, nor should it be used to replace the advice of your own legal counsel.

ACA CONTENT IS PROVIDED “AS IS.” ACA MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND AS TO ACA CONTENT, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE, UNLESS OTHERWISE SPECIFIED BY ACA IN WRITING. BY USING ACA CONTENT IN ANY WAY, WHETHER OR NOT AUTHORIZED, USER ASSUMES ALL RISK AND HEREBY RELEASES ACA FROM ANY LIABILITY ASSOCIATED WITH ACA CONTENT, UNLESS SEPARATELY PROVIDED IN WRITING BY ACA IN A SEPARATE CONTRACT.

Risk of Loss

All items purchased from ACA are made pursuant to a shipment contract. This means that the risk of loss and title for such items pass to User upon our delivery to the carrier.

FURTHER, ACA SHALL NOT BE LIABLE IN ANY WAY FOR THIRD PARTY GOODS AND SERVICES OFFERED THROUGH THE WEBSITE OR FOR ASSISTANCE IN CONDUCTING COMMERCIAL TRANSACTIONS THROUGH THIS WEBSITE INCLUDING, WITHOUT LIMITATION, THE PROCESSING OF ORDERS.

Updated 3/1/2019