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The California Department of Financial Protection and Innovation (DFPI) announced last week that it has entered into a consent order that permanently bars James Berry and any company he owns or controls from soliciting customers for Property Assessed Clean Energy (PACE) financing and seeking future enrollment as a solicitor for PACE programs.  In its press…

Effective January 1, 2021, California’s revamped consumer protection agency—the Department of Financial Protection and Innovation (DFPI)—has new, sweeping power over consumer financial services providers in the most populous U.S. state.  To help clients navigate this new regulatory authority, Ballard Spahr’s nationally recognized Consumer Financial Services Group has created a California “Mini-CFPB” team.  The new team…

In its February 2021 Bulletin, the California Department of Financial Protection and Innovation (DFPI) reminds licensed mortgage loan servicers that DFPI examinations will include processes to determine compliance with state and federal laws providing consumer protections with regard to COVID-19-related foreclosures.  The DFPI notes that these laws “include provisions allowing for forbearance of mortgage…

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).

Since the CCFPL became effective on January 1, the DFPI…

Yesterday, the California DFPI issued an invitation for stakeholders to provide input on rulemaking to implement the recently-effective California Consumer Financial Protection Law (CCFPL).  Comments are due by March 8, 2021.

As the invitation notes, pursuant to Cal. Fin. Code. Sec. 90001, the DFPI has broad authority to establish rules to implement the CCFPL.  Although…

Since the California Consumer Financial Protection Law (CCFPL) became effective on January 1, the state’s Department of Financial Protection and Innovation (DFPI) has wasted no time in asserting its expanded jurisdiction over consumer financial services providers.  (The DFPI is the new name given to the state’s Department of Business Oversight (DBO) by the CCFPL.)

Having…

The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021.  The CCFPL gives the California Department of Financial Protection and Innovation (DFPI) (the new name given to the state’s Department of Business Oversight) broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB.  As a result, the DFPI has…

We are joined by Bret Ladine, the DFPI’s General Counsel.  We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints.  Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of…

On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI’s intent of the session was to gather feedback on the CCFPL to help inform and prioritize its rulemaking and implementation efforts. Also during the…

We have recently focused on the DFPI’s expanded authorities under California Consumer Protection Law, the Debt Collection Licensing Act, and the Student Borrower Bill of Rights. In addition to these blockbuster bills, this legislative session included a short bill impacting the DFPI’s enforcement authority under the California Financing Law (“CFL”), which has…