On August 31, 2020, the Ca legislature passed the California Consumer Financial Protection Law (CCFPL). What the law states reflects Governor NewsomвЂ™s vision of a more effective banking agency with brand brand new enrollment authority, UDAAP authority mirroring the authority regarding the CFPB, and expanded enforcement authority. But essential amendments used because of the legislature will exempt many regulated entities through the range of this legislation and can impose limits in the brand new Department of Financial Protection and InnovationвЂ™s (DFPI) workout of their authority.
We discuss the reorganization and expansion for the banking regulator that accompanies the true title switch to the DFPI within our companion client alert. We highlight the main element conditions for the CCFPL below.
Concentrate on Customer Protection
The statutory purpose differs from the purpose and objectives of Dodd-Frank although most of the CCFPL comes directly from Dodd-Frank Act Title X.