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DFPI defends expanded consumer-protection staffing as industry warns debt-collector fees are too high
Summary
The Department of Financial Protection and Innovation sought continued funding for consumer-protection units and defended fee and workload projections for the Debt Collector Licensing Act; industry groups told the Assembly Budget Subcommittee that statutory, pro-rata assessments have produced unexpectedly large bills for some small licensees and urged greater transparency.
The Department of Financial Protection and Innovation asked the Assembly Budget Subcommittee 5 to continue funding for three programs created or expanded after 2020, saying those resources are needed to administer the California Consumer Financial Protection Law and the Debt Collector Licensing Act.
"The California Consumer Financial Protection Law enacted in 2020 significantly broadened our capacity to safeguard Californians against abusive and predatory products and services in the financial space," DFPI Chief Deputy Commissioner Suzanne Martindale told the subcommittee as she outlined requests to preserve existing positions and funding.
Martindale said the CCFPL supports complaint resolution, outreach and supervision…
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