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 been labeled a “mini-CFPB.”… Continue Reading
CCFPL
California Department of Financial Protection and Innovation Provides Update on California Consumer Financial Protection Law and Debt Collection Licensing Act Rulemaking
By Ballard CFS Group 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.… Continue Reading
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 Ballard CFS Group 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 review outside of the typical budgeting process. … Continue Reading