The California Department of Financial Protection and Innovation (DFPI) has finalized the text of regulations for the Debt Collection Licensing Act (DCLA). The DCLA requires licensees to file an annual report with the commissioner, which must include certain information. The final rules outline the annual report requirements and provide definitions for calculating licensees’ annual pro-rata assessments. These regulations take effect July 1, 2025.
By the standards set previously in Q1, this Monday wasn’t as manic as most. In fact there’s an element of “business as usual” in this installment of the Washington Weekly as CFPB workers were called back to work. But the general atmosphere of business uncertainty continues to hang over the nation’s capital as well as the companies following the Trump administration’s continuing navigation of trade finance and domestic financial regulations.
The New York State Department of Financial Services (DFS) today launched the DFS Connect platform, marking a significant milestone in the Department’s ongoing operations and technology transformation. Under Superintendent Adrienne Harris’s leadership, over the past three years, DFS has executed a strategic plan to invest in human capital, modernize technological resources, and streamline processes. These efforts ensure that DFS remains a forward-thinking, responsive regulator in an evolving financial landscape.
As a result of the agency’s law enforcement actions, the Federal Trade Commission sent $337.3 million in refunds to consumers in 2024, according to the FTC’s annual report on refunds released today.
According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $52 billion, or 2.3 percent, to $2.31 trillion over the year ending in the fourth quarter of 2024. Insured shares and deposits grew $58 billion, or 3.4 percent, to $1.78 trillion. The delinquency rate at federally insured credit unions was 98 basis points in the fourth quarter of 2024, up 15 basis points from one year earlier.
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