The California Department of Financial Protection and Innovation (DFPI) (formerly the Department of Business Oversight) gained expanded authority over providers of consumer financial products or services as of January 1, 2021.  A significant source of that expanded authority is the California Consumer Financial Protection Law (CCFPL).  The CCFPL gives the DFPI broad jurisdiction and sweeping new powers and authorities, including UDAAP authority, that closely resemble those of the federal Consumer Financial Protection Bureau.  As a result, the DFPI has been labeled a “mini-CFPB.”

The attorneys in Ballard Spahr’s Consumer Financial Services Group, including attorneys in the firm’s Los Angeles, California office, are closely monitoring all regulatory, supervisory, and enforcement developments relating to the DFPI’s implementation and exercise of its new jurisdiction and authorities.  To provide one location where members of the consumer financial services industry can access information about these developments, we have created this California Consumer Financial Protection Law Resource Center.

In addition to the information below, blog posts published on Consumer Finance Monitor concerning relevant developments can be accessed here.

Please note that the information below generally appears in reverse chronological order, with the most recent information at the top of each category.

STATUTES

California Consumer Financial Protection Law (AB 1864)

Amendment to California Financing Law (AB 2559)

 

LEGISLATIVE ANALYSIS

Senate Floor Analysis AB 1864

House Floor Analysis AB 1864

Senate Floor Analysis AB 2559

House Floor Analysis AB 2559

 

DFPI PRESS RELEASES

Under Expanded Consumer Protection Authority, the DFPI Launches Investigation into Multiple Debt Collectors  (January 19, 2021)

The DFPI Signs MOUs Believed to be Among the Nation’s First with Earned Wage Access Companies (January 27, 2021)

 

DFPI BULLETINS

Monthly Bulletin (January 2021)