The DFPI issued a Notice of Proposed Rulemaking, the comment period for which closes on July 5, 2022. The NPR relates to obligating covered persons to implement and maintain a process for consumers to make complaints and for covered persons to respond to them. The Notice is here (PRO-03-21-Notice-of-Proposed-Rulemaking-5-17-22 and the Proposed Regulations can be found here https://dfpi.ca.gov/wp-content/uploads/sites/337/2022/05/PRO-03-21-Draft-Text-CCFPL-Complaints-5-2-22.pdf
In the Statement of Reasons, the DFPI explained:
The anticipated benefits of these proposed regulations include greater protections for consumers of financial products and services offered or provided by covered persons. The proposed regulations will ensure covered persons have appropriate procedures to review, investigate, respond to, track, and report consumer complaints and inquiries. Without these regulations, there would be no specific requirements for covered persons to respond to complaints and inquiries, conduct meaningful investigations, or take appropriate steps to address issues raised by the consumer complaints and inquiries. Covered persons would also not be subject to enforcement action by the Department for violating these provisions. The proposed regulations should also improve the quality of financial services and products offered, thereby improving the public perception of covered persons, increasing the public’s trust in these financial products and services, and bringing more business to each covered person. The proposed regulations may also result in some cost savings, as covered persons should be able to identify problems more quickly and, by fixing these issues, improve and streamline their services. The Department also anticipates the regulations will result in fewer instances of substandard financial products and services and fewer instances of unlawful, unfair, deceptive, or abusive acts and practices by covered persons.
The Proposed Regulations should be read carefully by any covered person as the proposed obligations are substantial.