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Senate Banking Chair Asks CFPB How It Plans to Address Risks of Chime and Other Banking Apps
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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - July 2020 #4 | Troutman Pepper
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Brown wants CFPB to investigate reports of Chime account closures
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Beginning on January 1, 2022, any person engaged in the business of debt collection in California must be licensed under the Debt Collection Licensing Act. Licensed entities also are subject to additional requirements under the Act, such as developing compliance-focused policies and procedures, maintaining surety bonds, filing annual reports, and undergoing periodic examinations. The Act made related changes to existing debt collection laws in the state as well.
For purposes of the Debt Collection Licensing Act, debt collection is “any act or practice in connection with the collection of consumer debt.” A debt collector is “any person who, in the ordinary course of business, regularly, on the person’s own behalf or on behalf of others, engages in debt collection,” and this includes any person who composes and sells, or offers to do the same, forms, letters, and other collection media used or intended to be
NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications | Buchalter
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