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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more
What Happened? On February 27, 2024, the California Department of Financial Protection and Innovation (the Department) entered into a public consent order with a company that provides consumer financial services to...more
On October 1, 2023 the California Department of Financial Protection and Innovation’s (“DFPI”) final regulations impacting those who provide commercial financial products and services will become effective. The regulations...more
DFPI recently approved the final regulation for implementing and interpreting certain sections of the California Consumer Financial Protection Law (CCFPL) related to commercial financial products and services. After...more
The California Department of Financial Protection and Innovation (DFPI) issued modified proposed regulations to implement the provision of the California Consumer Financial Protection Law (CCFPL) on the offering or provision...more
On February 24, the California Department of Financial Protection and Innovation (DFPI) released modifications to proposed regulations for implementing and interpreting certain sections of the California Consumer Financial...more
Potential Bias in AI Consumer Decision Tools Eyed by FTC, CFPB - Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of...more
Two weeks after the issuance of its commercial financing disclosure regulations, the California Department of Financial Protection and Innovation issued a Notice of Proposed Action with draft regulations that would (1) expand...more
On April 8, the California Department of Financial Protection and Innovation (DFPI) filed a cross-complaint against a Chicago-based FinTech company alleging that as the “true lender” of consumer installment loans, it is...more
On December 14, 2021, Wheels Financial, LLC (d/b/a LoanMart) entered into a consent order with the California Department of Financial Products and Innovation (DFPI) in which the company agreed to end its lending partnership...more
The California Department of Financial Protection and Innovation (DFPI) has issued an invitation for comments from interested parties on draft rules to implement certain provisions of the California Consumer Financial...more
The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law...more