The DFPI extended the comment deadline after modifying proposed regulations.
01/11/2023 2:10 P.M.
1.5 minute read
The California Department of Financial Protection and Innovation (DFPI) continues to seek comments on its Notice of Proposed Rulemaking regarding consumer complaints and inquiries under the California Consumer Financial Protection Law (CCFPL) through Jan. 20, 2023.
The DFPI issued modifications in December and has extended the comment deadline to accommodate the requests of interested stakeholders and time missed to file comments during the holiday season.
Following are links to the rule documents:
- Notice of Modification (PDF)
- Proposed Modifications to the Text (blacklined changes to the initially noticed text) (PDF)
- Clean version of the modified rules (PDF)
Proposed modifications include clarifications on exemptions for persons or entities from the CCFPL, expanded definitions of a complaint and what it does not include, complainants and complaint inquiries, among several others.
Comments may be submitted regarding the modifications to the proposed rules and their economic impact:
- Via e-mail to: [email protected] with a copy to [email protected]. Identify the comments as “PRO 03-21” in the subject line.
- Via postal mail addressed to: Department of Financial Protection and Innovation, Attn: Araceli Dyson, 2101 Arena Blvd., Sacramento, CA 95834.
The DFPI started the comment processes for consumer complaints and inquiries under the CCFPL last summer, ACA International previously reported.
“The broad objective of this regulatory action mirrors the [l]egislature’s intent in enacting the CCFPL to strengthen consumer protections by expanding the ability of the [d]epartment to improve accountability and transparency in the California financial system, provide consumer financial education, and protect consumers from abusive financial practices, while prioritizing the prevention of unethical businesses from harming the most vulnerable populations,” according to the DFPI. “The proposed regulations would achieve these benefits by requiring covered persons to have appropriate procedures to review, investigate, respond to, track, and report consumer complaints and inquiries.”
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