This past Friday, California Governor Newsom signed into law three bills that will significantly impact consumer financial service providers in the state.  One of those bills is AB-1864 which contains the California Consumer Financial Protection Law (CCFPL).  In addition to giving a new name to the state’s Department of Business Oversight which is renamed the

Earlier this month, the California legislature passed three bills that will significantly impact consumer financial service providers in the state.  AB-1864 creates the Department of Financial Protection and Innovation (DFPI), widely named a “mini-CFPB” because of its broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB.  The two other major bills

The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they describe as the CFPB’s “rollback” of its efforts to protect consumers.

California.  Governor Newsom’s proposals are part of his 2020-2021