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Financial Services Law Insights and Observations

DFPI acknowledges challenges in obtaining a NMLS account

Licensing DFPI California State Issues State Regulators Debt Collection

On December 23, the California Department of Financial Protection and Innovation (DFPI) released a notice on its website regarding DFPI’s awareness of a “temporary slowdown in obtaining a new Nationwide Multistate Licensing System or NMLS account.” DFPI noted that it is “working cooperatively with the NMLS team to be able to verify those that have attempted to apply.” DFPI observed that “[w]ith various DFPI year-end deadlines, the NMLS team is experiencing an unprecedented volume of account requests.” DFPI further acknowledged the “predicament this puts entities in who are trying to comply with the new debt collector licensing requirement to apply for a license by Dec. 31, 2021,” and stated it “will not take any action against a debt collector solely on the basis of the temporary slowdown with NMLS.”

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