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California’s New DFPI Provides Additional Details About Upcoming Rulemaking During CCFPL and DCLA “Listening Session”

by Scott J. Hyman |

During a telephone conference call on December 8 labeled as a “listening session,” California’s newly renamed DFPI (formerly DBO) provided additional details about its upcoming plans for rulemaking related to the California Consumer Financial Protection Law (AB 1864, aka the mini-CFPB) and related to the Debt Collectors License Act (SB 908). Similar to what was discussed during the first such… Read More

California’s Mini-CFPB Bill on the Governor’s Desk

by Scott J. Hyman |

AB 1864 has now passed California’s legislature and is another California fire with which Governor Newsom must deal.  This Bill seeks to rename the Department of Business Oversight as the Department of Financial Protection and Innovation (“DFPI”), and is expected to be signed by Governor Newsom. Earlier, Governor Newsom proposed the CFPL in his 2020-2021 budget frame-work. The goal, according to Newsom,… Read More

California Appears to Table Mini-CFPB for Now

by Scott J. Hyman |

The California Legislature passed a budget by its annual deadline to do so--June 15, 2020—but the budget did not include Governor Gavin Newsom’s proposed mini-CFPB. Earlier, Governor Newsom’s January 2020 proposed budget included the California Consumer Financial Protection Law, which sought to overhaul the California Department of Business Oversight (“DBO”) and remake it into a more powerful Department of Financial… Read More