News & Analysis as of

Student Loans Department of Financial Protection and Innovation (DFPI)

Cooley LLP

California DFPI Issues Annual Report Detailing Key Consumer Protection Accomplishments

Cooley LLP on

The California Department of Financial Protection and Innovation (DFPI) released its fourth annual report highlighting key accomplishments from 2024 pursuant to its authority under the California Consumer Financial Protection...more

BCLP

California Requires Consumer Finance Providers to Register by February 15

BCLP on

The California Department of Financial Protection and Innovation (“DFPI”) announced new requirements pursuant to the California Consumer Financial Protection Law (“CCFPL”) for registration of certain consumer financial...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2024 # 4

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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

Sheppard Mullin Richter & Hampton LLP

California DFPI Poised to Fill Potential Regulatory Gap Amid Anticipated CFPB Leadership Shift

Starting in February 2025, providers of (1) debt settlement services, (2) student debt relief services, (3) private postsecondary education financing, and (4) income-based advances (a/k/a earned wage access (EWA) products)...more

Venable LLP

California DFPI Seeks Feedback on Expanding Registration and Reporting to New Sectors

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The California Department of Financial Protection and Innovation (DFPI) is inviting stakeholders to suggest new financial service industries that may need registration and reporting requirements under the California Consumer...more

Venable LLP

California DFPI's New Requirements for Debt Settlement, Education Finance, and Wage Access Providers

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The California Department of Financial Protection and Innovation (DFPI) has implemented new registration requirements under the California Consumer Financial Protection Law (CCFPL), effective February 2025. ...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Rolls Out Registration Requirements for Debt Settlement, EWA, and Student Loan Relief Providers

On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more

Sheppard Mullin Richter & Hampton LLP

DFPI Cracks Down on Illegal Student Loan Debt Relief Practices

On September 30, a credit repair service provider and its owner were ordered to pay $31 million in consumer redress, and a $19 million civil money penalty, when a Massachusetts federal court granted summary judgment for the...more

Orrick, Herrington & Sutcliffe LLP

California’s DFPI takes action against advance fees for student loan debt relief services

On September 17, the California DFPI announced enforcement actions against three companies for allegedly making false representations regarding student loan debt relief and charging fees for providing student loan debt relief...more

Goodwin

DFPI Enters Into Consent Order With Higher Education Loan Authority

Goodwin on

On April 24, 2024, the California Department of Financial Protection and Innovation (DFPI) announced ​that it had entered into a consent order with the Higher Education Loan Authority of the State of Missouri (MOHELA),...more

Allen Matkins

OAL Rejects DFPI Proposed Regulations

Allen Matkins on

In March 2023, the California Department of Financial Protection & Innovation proposed to adopt numerous regulations to "implement, interpret, and make specific registration requirements for covered persons under the...more

Orrick, Herrington & Sutcliffe LLP

Student loan servicer to pay DFPI $27, 500 for untimely response to information request

On April 24, the California DFPI entered into a consent order with a federal student loan servicer (respondent) that allegedly failed to provide the DFPI with timely access to requested borrower data. In late April of 2022,...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 2

Troutman Pepper Locke on

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

Ballard Spahr LLP

California DFPI Finalizes Regulations Governing Student Loan Servicers

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On October 13, 2023, the California Department of Financial Innovation (DFPI) published final regulations implementing the Student Loan Servicing Act (“SLSA”) and the Student Loans: Borrower Rights Law. The final regulations...more

Troutman Pepper Locke

California Finalizes Amendments to Student Loan Servicing Act

Troutman Pepper Locke on

On October 12, in its monthly bulletin the California Department of Financial Protection and Innovation (CA DFPI) announced that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower...more

McGlinchey Stafford

California DFPI Proposes Second Modification to Student Loan Servicing Regulations

McGlinchey Stafford on

On March 6, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a notice of second modifications to proposed regulations under the Student Loan Servicing Act (Act) (Amendment). Previously, in...more

Orrick, Herrington & Sutcliffe LLP

DFPI clarifies licensing provisions for several state laws

The California Department of Financial Protection and Innovation (DFPI) recently filed a notice of proposed rulemaking with the Office of Administrative Law, seeking to add several sections to Title 10, Chapter 3 of the...more

Shipkevich PLLC

California DFPI Proposes Regulation to Implement Registration Requirements for Entities Covered Under California Consumer...

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The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more

Orrick, Herrington & Sutcliffe LLP

DFPI issues more proposed changes to Student Loan Servicing Act

On March 6, the California Department of Financial Protection and Innovation (DFPI) issued a notice of second modifications to proposed regulations under the Student Loan Servicing Act (Act), which provides for the licensure,...more

Orrick, Herrington & Sutcliffe LLP

DFPI settles with student loan debt relief company

On February 28, the California Department of Financial Protection and Innovation (DFPI) announced a settlement with an unlicensed student debt relief company and its owner. ...more

Shipkevich PLLC

California’s DFPI Cracks Down on Student Debt Relief Scams

Shipkevich PLLC on

Recent Consent Order Issued by the DFPI Against Student Loan Relief Company - On February 28, 2023, the California Department of Financial Protection and Innovation (DFPI) announced that it has entered into a Consent Order...more

Bradley Arant Boult Cummings LLP

California Prepares to Add New Student Loan Servicing Regulations

The California Department of Financial Protection and Innovation (DFPI) recently issued a Notice of Modification to Proposed Regulations and published the newly modified proposed regulations to amend its student loan...more

Ballard Spahr LLP

California DFPI releases modified proposed Student Loan Servicing Act regulations

Ballard Spahr LLP on

On September 9, 2022, the California Department of Financial Protection and Innovation (DFPI) proposed to amend its student loan servicing regulations, which we previously covered  here.  After reviewing public comments, on...more

Orrick, Herrington & Sutcliffe LLP

DFPI modifies Student Loan Servicing Act proposal

On January 6, the California Department of Financial Protection and Innovation issued modified proposed regulations under the Student Loan Servicing Act (Act)...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 3, 2022)

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Regulatory Announcements- CFPB Releases Report Finding Violations of Federal Law by Student Loan Servicers and University-Owned Lenders. On September 29, the CFPB released the Supervisory Highlights Student Loan Servicing...more

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