CA DFPI provides assurance of no action to applicants (with one important caveat)

Debt collectors and debt buyers seeking to comply with the new licensing requirements issued by the California Department of Financial Protection and Innovation (DFPI) were required to submit their applications for licensing by December 31, 2021. However, unsurprisingly, the DFPI reported delays in obtaining new NMLS licenses due to “an unprecedented volume of account requests.”

In order to alleviate some concerns around the delays, on December 23, 2021, the CA DFPI issued an assurance to debt collectors and debt buyers that no action will be taken “against a debt collector solely on the basis of the temporary slowdown with NMLS.” 

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