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 Financial Protection Law (CCFPL). This open call allows financial service providers, industry groups, and others to weigh in on potential risks and consumer protection needs in emerging or underserved sectors.
DFPI is particularly interested in hearing about specific consumer protection risks, best practices for recordkeeping, and data collection needs from companies in new financial service areas. By gathering input, DFPI aims to develop a framework that safeguards consumers while accommodating industry realities.
Comments are due by December 12, 2024.
Recent Regulatory Context
DFPI recently enacted rules covering debt settlement, student debt relief, postsecondary financing, and earned wage access products. This expansion hints at further regulatory actions, making stakeholder engagement critical for those potentially affected by new oversight.
DFPI Notice of Invitation to Comment Under the California Consumer Financial Protection Law (PRO 07-24): https://dfpi.ca.gov/wp-content/uploads/sites/337/2024/10/Notice-of-Invitation-for-Comment.pdf
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