Consumer Finance Monitor Podcast Episode: California Consumer Finance Law - Hot Topics and Recent Developments
Crypto and Beyond: California DFPI Opinions on Money Transmission and the Money Transmission Act - The Crypto Exchange Podcast
CA DFPI Request for Comment on Cryptocurrency-Related Financial Products and Services - The Consumer Finance Podcast
The ink is barely dry on the California Department of Financial Protection and Innovation’s (“DFPI” or the “Department”) newly approved regulation package PRO 01-21, and DFPI has already begun to take steps to implement...more
The California Consumer Financial Protection Law (CCFPL) authorizes the Department of Financial Protection & Innovation (DFPI) “regarding registration requirements applicable to a covered person engaged in the business of...more
On October 22, the California DFPI announced that beginning in February 15, 2025, it will register and regulate debt settlement services, education financing, income-based advances and student debt relief providers. The final...more
On October 11, the Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations on direct-to-consumer (i.e., non-employer offered) earned wage...more
October 22, 2024- The Consumer Financial Protection Bureau finalized the Section 1033 Open Banking rule that requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s...more
On October 11, 2024, the California Department of Financial Protection and Innovation (DFPI) approved regulations submitted to the California Office of Administrative Law (OAL) under its authority granted by the California...more
Exactly one year ago today, I wrote that Governor Newsom had signed a bill, AB 39, that will prohibit a person from engaging in digital financial asset business activity without a license from Department of Financial...more
On September 30, a credit repair service provider and its owner were ordered to pay $31 million in consumer redress, and a $19 million civil money penalty, when a Massachusetts federal court granted summary judgment for the...more
On September 17, the California DFPI announced enforcement actions against three companies for allegedly making false representations regarding student loan debt relief and charging fees for providing student loan debt relief...more
These office hours provide a one-to-one engagement opportunity for organizations to share their stories, offer viewpoints, or gain insights into the regulatory and supervisory landscape....more
In June, California approved amendments to its October 2023 law, Fair Investment Practices by Venture Capital Companies (California VC Diversity Law). The California VC Diversity Law requires covered venture capital...more
A year ago, Governor Gavin Newsom signed two bills, Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law. SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more
In S.E.C. v. Jarkesy, 2024 WL 3187811 (June 27, 2024), the United States Supreme Court held that when the Securities and Exchange Commission seeks civil penalties against a defendant for securities fraud, the Seventh...more
Since I served as Commissioner of Corporations in the 1990s, the Department of Corporations has consolidated with the Department of Financial Institutions and changed its name twice. It is now known by the unwieldy name of...more
A lot has changed since George Gerro filed an action seeking a declaration that the California finance lender's license issued to BlockFi Lending LLC was both void and improperly issued: Blockfi has filed for bankruptcy; the...more
On July 10, the California DFPI issued an order revoking the financing law license it issued to a fintech company pursuant to its authority under Financial Code Section 22714. The order came following the expiration of the...more
On July 10, 2024, the California Department of Financial Protection and Innovation (DFPI) issued an order revoking the California Financing Law license of a company that had offered both individual and business loans in the...more
On July 1, the California DFPI released a consent order against a bank holding company for allegedly making misleading statements about the bank’s BSA/AML compliance program related to its crypto-asset exchange network. The...more
The California Department of Financial Protection and Innovation (DFPI) has once again modified its proposed rulemaking on earned wage access (EWA) products. As discussed here, this spring the Office of Administrative Law...more
Given the importance of venture capital to California's economy, one might expect that state lawmakers would be keen to nurture the industry rather than enact laws that encourage venture capital companies to avoid the Golden...more
California frequently is in the vanguard of consumer financial issues and legislation, foreshadowing trends that may spread to other states. Today’s episode, during which we explore important hot topics and recent...more
On June 17, the California DFPI proposed to amend the California Code of Regulations relating to requirements under the Debt Collection Licensing Act (DCLA) and will be accepting comments through July 3. The proposed...more
Yesterday, the United States Supreme Court held that when the Securities and Exchange Commission seeks civil penalties against a defendant for securities fraud, the Seventh Amendment to the U.S. Constitution entitles the...more
On June 5, the California DFPI issued two desist and refrain orders against securities firms for allegedly offering unqualified securities under California’s Corporate Securities Law (CSL). The first order was against a...more
Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection...more