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With an ever-evolving enforcement regime at the federal and state levels, the financial services industry faces complex regulatory issues. Join Manatt’s team of consumer financial services professionals for a complimentary 60-minute webinar that will include an overview of important updates from the Consumer Financial Protection Bureau (CFPB), a close look at California’s new mini-CFPB, the Department of Financial Protection and Innovation (DFPI), and a discussion about what other states are doing in the consumer financial protection space. The panel will be led by Jan Lynn Owen, a Manatt senior advisor and the former commissioner of the California Department of Business Oversight (the former California financial regulator). She will be joined by members of Manatt’s financial services practice, partner Scott Pearson and associate Kay Fitz-Patrick. ....
The buyer, Canada-based NextPoint Acquisition Corp., was formed in mid-June with the goal of buying businesses in the alternative lending and financial services sector. The sale is expected to close in the second quarter of this year and is dependent on NextPoint also completing the purchase of LoanMe, an online seller of consumer loans based in Anaheim, Calif. that has been criticized for its high-interest predatory loans in the past. ....
Virginia Beach's Liberty Tax to be sold for $243 million, will offer consumer loans through LoanMe dailypress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypress.com Daily Mail and Mail on Sunday newspapers.
To embed, copy and paste the code into your website or blog: On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies. Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021, including the California Consumer Financial Protection Law (CCFPL), which expanded the scope of the California Department of Business Oversight’s powers and renamed the Department of Business Oversight as the DFPI, and the Student Loan Borrower Bill of Rights, which gave the DFPI broader authority to regulate student loan servicers. ....
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively with entrepreneurs and create a regulatory framework for responsible, emerging financial products.” DFPI wasted no time in shifting its focus to emerging financial products in the fintech industry when it recently announced that it had signed memoranda of understanding (MOUs) with five companies offering earned wage access (EWA) products, allowing them to continue operating in California under certain conditions. This is a significant event for two reasons: First, it shows that the OFTI plans to be active in working with fintech companies that want to offer new products to California consumers; a ....