AFSA Comments on CA DFPI Proposed Rule
This week, AFSA’s State Government Affairs (SGA) team, in collaboration with the California Financial Services Association (CFSA), sent a letter to the California Department of Financial Protection and Innovation (DFPI) regarding DFPI’s proposed rulemaking on the consumer complaint process under the California Consumer Financial Protection Law (CCFPL).
The letter expresses AFSA and CFSA’s concern that the proposed rules would be burdensome and require significant operational changes with little added consumer benefit. The requirements proposed would increase costs for consumers due to the expense required to implement the changes and the increased costs of doing business in the state. The short response timeframe, lack of undefined exemptions, and proposed California-specific requirements in the complaint process are particularly problematic.
AFSA previously sent a letter responding to DFPI’s invitation for comments on the initial proposed rules in March 2021. AFSA also commented on a subsequent draft of the proposed consumer complaint rules in September 2021.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
August 19th, 2022 by Dan Bucherer