CAL DFPI Jan. 2024 Monthly Bulletin

Published on: Jan 27, 2025

On Jan. 21, CAL DFPI reported acting Commissioner, other matters.

  • CAL DFPI reported Chief Deputy Commissioner KC Mohseni appointed Acting DFPI Commissioner; upcoming reporting deadlines, and Bayview data breach, #239567.
  • Acting Commissioner
  • Mohseni was appointed by Governor in October 2023 as Chief Deputy Commissioner.
  • Prior to this, Mohseni served as COO in the State Controller’s Office from 2022-2023.
  • He was Deputy Director of Administration at CAL Department of Housing before that.
  • Report Deadlines
  • Pursuant to California Consumer Financial Protection Law (CCFPL), the specified financial institutions must file an application to register with CAL DFPI by Feb. 15th.
  • The CCFPL 2024 Commercial financing annual report is due by Mar. 15, 2025.
  • Annual reports for 2024 for DFPI Finance Lenders (CFL), Payday Lenders (CDDTL), Student Loan Services (SLSA), and Debt Collectors (DCLA) are due by Mar. 15, 2025.
  • Also, all licensees per California Financing Law (CFL) are must submit annual report on or before Mar. 15, 2025; 2024 Escrow annual liability report is due by Feb. 15, 2025.
  • All licensees under California Deferred Deposit Transaction Law (CDDTL) aka payday lending, must file Annual report and industry survey to CAL DFPI by Mar. 15, 2025.
  • Each student loan servicer must file annual report with the DFPI on or before Mar. 15.
  • All licensees under Debt Collection Licensing Act (DCLA) must file by March 15, 2025.
  • Banks and credit unions to report fee income from NSF and overdrafts by Mar. 3, 2025.
  • DFPI Exam Rate Increase
  • Beginning Jan. 1, 2025 department will adjust hourly exam rates to $120 per hour.
  • Relevant to mortgage bankers, finance lenders, payday lenders, escrow lenders.
  • Additionally, student loan servicers (SLS), debt collectors, and new covered persons.
  • Escrow Assessment
  • The 2024-25 special assessment invoice will be issued and mailed to licensees under the Escrow Law in Jan. 2025, with assessment due within 60 days of invoice receipt.
  • If an agent fails to pay assessment within 60 days, penalty of 10% may be assessed.
Regulators
CAL DFPI
Entity Types
B/D; Bank; CU
Reference
Bul Vol. 12, No. 6, 1/21/2025
Functions
Compliance; Financial; Operations; Registration/Licensing; Reporting; Treasury
Countries
United States of America
Category
State
N/A
Products
Banking; Loan; Mortgage
Rule Type
Final
Regions
Am
Rule Date
Jan 21, 2025
Effective Date
Feb 15, 2025
Rule ID
241414
Linked to
Reg. Last Update
Jan 21, 2025
Report Section
US Banking