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DFPI Bulletin Digest: June 2022

June 20, 2022
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DFPI Bulletin Digest: June 2022
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The June 2022 DFPI Bulletin focuses on public comments regarding crypto assets, consumer complaints and national homeownership month, among other topics.

Editor’s note — The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight) supervises, licenses, and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Alongside the California Department of Real Estate (DRE), the DFPI shares the responsibility for overseeing MLOs depending on their license use.

Licensees, read on to stay ahead of June 2022’s MLO news and events below.

DFPI seeks comments on crypto

On May 4, 2022, Governor Newsom issued Executive Order N-9-22 meant to create a transparent regulatory and business environment for web3 companies. In terms of industry regulation, the order’s goal is to:

  • harmonize federal approaches with California’s;
  • balance the benefits and risks to consumers; and
  • incorporate California values such as equity, inclusivity, and environmental protection.

As such, the DFPI seeks input from stakeholders and the public in developing guidance, regulatory clarity and supervision of covered persons and service providers involved in crypto asset-related financial products and services in California. The DFPI has formulated topics and questions to assist interested parties in providing feedback. The formal Invitation for Comments is posted on the DFPI website.

The Department further invites stakeholders to comment on any potential area for rulemaking relating to crypto asset-related financial products and services. They are also seeking comments on regulatory priorities, California Consumer Financial Protection Law (CCFPL) regulation and supervision and other market-monitoring functions.

DFPI Commissioner Clothilde Hewlett invites interested parties to submit comments by the deadline of August 5, 2022. Comments may be submitted electronically to regulations@dfpi.ca.gov. The DFPI asks that you please include “Invitation for Comments – Crypto Asset-Related Financial Products and Services” in the subject line of your email.

Comments may also be submitted via mail to:

Department of Financial Protection and Innovation, Legal Division
Attn: Sandra Navarro, Regulations Coordinator
2101 Arena Boulevard
Sacramento, CA 95834

Proposed Rules on CCFL Consumer Complaints

On May 20, 2022, the DFPI issued a notice of proposed rulemaking to adopt regulations to implement and interpret certain sections of the CCFPL related to consumer complaints and inquiries. The full proposed regulations text is posted to the DFPI website.

The proposed rules would grant the DFPI authority to establish reasonable procedures for covered persons to provide timely responses to consumers and the DFPI regarding consumer complaints and inquiries. This would be achieved mainly by mandating that covered persons respond to consumer complaints and establishing policies for receiving and responding to complaints. More specifically, policies and procedures for responding to these complaints include:

  • providing a complaint form;
  • acknowledging receipt of complaints;
  • tracking complaints;
  • the timeline for responding to complaints;
  • the contents for such a response; and
  • recordkeeping for complaints.

The rules would also require covered persons to submit to the DFPI a quarterly complaint report and an annual inquiries report. Written comments are due by July 5, 2022.

National Homeownership Month

June is National Homeownership Month, celebrated annually to remind consumers about the benefits of homeownership while also providing support through information resources. State agencies are working ardently to advance affordable homeownership opportunities, particularly in communities of color and other underserved markets.

In April, the California Housing and Finance Agency (CalHFA) and California Department of Housing and Community Development (HCD) announced two new programs to help California first-time homebuyers.

First is the Forgivable Equity Builder Loan Program from CalHFA. This program allows first-time homebuyers to borrow a down payment at a 0% interest rate. It also provides forgivable loans to homebuyers for up to 10% of the home’s purchase price. Loans are available through CalHFA’s network of approved lenders, which operates in every California county. For more information on qualifying or applying, contact a Preferred Loan Officer.

Second is the CalHome Awards Program from HCD. This program provides grants to local public agencies and nonprofit corporations for first-time homebuyer down payment assistance, housing rehabilitation assistance, homebuyer counseling and technical assistance to enable low- and very low-income households become or remain homeowners.

The DFPI lists even more mortgage assistance and homeowner resources, including:

That’s a wrap on the June 2022 DFPI Bulletin. Find out more about the topics mentioned here by reading the full bulletin on the DFPI website.

Tags: bulletin digestcrypto assetsCryptocurrencydepartment of financial protection and innovation (dfpi)DFPImonthly bulletinmonthly bulletin digestmortgage loan originatorsMortgagesreal estateyour practice
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