SACRAMENTO, Calif. -- On April 29, 2021, the Department of Financial Protection and Innovation announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. The committee will advise Commissioner Clothilde V. Hewlett on matters related to the debt collection business, including proposed fee schedules and other requirements.
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On July 5, 2022, the Consumer Relations Consortium (CRC) submitted comments to the California Department of Financial Protection and Innovation (DFPI) regarding its proposed consumer complaint and inquiry regulations. The proposed regulations seek to establish complaint filing processes for consumers as well as investigation, response, reporting, and tracking procedures for covered entities.
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In the last decade, the CFPB has tried to tackle the question of innovation through partnerships and No-Action Letters. First, there was Project Catalyst which resulted in very few collaborations and a small amount of No-Action Letters.
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