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
CADFPI
This week’s podcast: California’s new Consumer Financial Protection Law (CFPL): a look at the California Department of Financial Protection and Innovation’s (DFPI’s) implementation plans
By Barbara S. Mishkin on
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…
California Department of Financial Protection and Innovation Provides Update on California Consumer Financial Protection Law and Debt Collection Licensing Act Rulemaking
By Michael R. Guerrero on
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…
DFPI to have increased authority to seek refunds and other remedies in enforcement of California Financing Law as of January 1, 2021
By Michael R. Guerrero on
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…
Expansive scope of California’s new consumer protection regime highlighted in Ballard Spahr webinar
By Barbara S. Mishkin on
Posted in CADFPI, Regulatory and Enforcement
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…
California legislature passes AB-1864 setting the stage for the “Department of Financial Protection and Innovation” and the California Consumer Financial Protection Law; Ballard Spahr to hold webinar on September 29
By Michael R. Guerrero on
We previously wrote about California Governor Newsom’s 2020-2021 Budget and an accompanying trailer bill that would rename the Department of Business Oversight (“DBO”) and significantly increase its ability to oversee financial services providers in the state. The proposed law hit a roadblock in May when it was handed to the Legislature for further deliberation and…