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Calif. Launches Its own “CFPB” (2021)
Home/Calif. Launches Its own “CFPB” (2021)
Calif. Launches Its own “CFPB” (2021)Daniel Dobbs2023-01-17T09:18:43-08:00
Just as the Vikings used rivers to gain access to raid Paris in the Middle Ages, the internet is the favorite access point for fraudsters in 21st century.
So, to stave off marauding bands of internet gangs, fraudsters, and crony capitalists, the state of California has rolled out its own (statewide) version of a Federal Agency; the CFPB (Consumer Financial Protection Bureau).
Built on the premise that “sunlight is the best disinfectant” consumer’s complaints will be posted online ‘”naming names”; that should be of great help when consumers are being taking advantage of.
If you have been victimized by unscrupulous business practices, warm up your best Karaoke voice because soon, you’ll be able to sing like a canary.
Beware of ‘Debt Parking’
Fake debt planted by collectors in your credit file
Editors’ Note: Before anyone starts typing up a rebuttal with words like: “over-regulation (there is some), government overreach (there’s some of that also), etc.; let’s remember who and what brought on the Great Recession.
Does anyone remember Washington Mutual and Countrywide mortgage? Me neither; except for the 2+ trillion dollar bailout taxpayers are still paying on.
BTW: It’s been so easy to commit fraud in California that even those persons incarcerated have gotten into the act.
So, bolstered by the California Consumer Financial Protection Law, the DBO departments will be authorized to regulate previously unregulated services, including:
· banks or trust companies or the banking or trust business;
· savings associations or the savings association business;
· credit unions or the credit union business;
· finance lenders / brokers; residential mortgage lenders and servicers;
· debt collectors
2) credit repair agencies, debt relief agencies
3) and private school student lending,
· business and industrial development corporations or the business and industrial development corporation business;
4) insurance premium finance agencies or the insurance premium finance business;
· persons offering or making any contract constituting bucketing;
· persons offering or selling off-exchange commodities;
· deferred deposit originators;
· capital access companies;
· check sellers, bill payers, and proraters;
· securities issuers, broker-dealers, agents, investment advisers, and investment adviser representatives
· persons holding securities as custodians on behalf of securities owners
· persons offering /providing consumer financial products /services
The new law also gives the agency the capacity to enforce federal law, prohibiting unlawful, unfair, and abusive practices.
The law also creates an Office of Financial Technology Innovation that will engage with new industries and consumer advocates to encourage consumer-friendly innovation and job creation”, Director Maria Cesar said.
The most important thing to know about the new law is that people can call the department and file a complaint if they encounter unfair financial practices.
The department can be reached by visiting https://dfpi.ca.gov/file-a-complaint/ or calling toll free at (866) 275-2677 or (916) 327-7585.
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Just as the Vikings used rivers to gain access to raid Paris in the Middle Ages, the internet is the favorite access point for fraudsters in 21st century.