The Other Side of the DFPI

Last week I made some rather unfortunate comments about the California Department of Financial Protection and Innovation (“DFPI”). My error was based on a misreading of a portion of the DFPI website relating to the minimum equity requirements for mortgage loan brokers, which, at first glance, appeared to also refer to the equity requirements for finance lenders and brokers. This mistake was corrected in a subsequently published erratum.

I also wrote some rather critical observations about the departing commissioner, Ms. Chlothilde Hewlett. This, I now feel, was unfair. Commissioner Hewlett’s background and career in public service, consumer protection and law enforcement are nothing less than admirable. As an attorney representing lenders and brokers in the commercial finance industry for almost 45 years, I have seen more than my fair share of fraudulent behavior and bad players. The industry absolutely needs policing and oversight! Unfortunate but true. I have seen people rob charities, steal from relatives, and sue their “friends”. Not exactly what you want to hear during the Christmas season but nevertheless a reality.

I have worked extensively with the people at the DFPI for years. They are professional, courteous and responsive, almost without fail. I am grateful to these folks, who will remain unnamed, for assisting my clients in procuring the valuable CFL license. To them, and to you, I wish a happy holiday season and a prosperous and healthy new year.

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