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
California generally requires that persons engaged in the business of making loans be licensed. If not licensed under some other statute (such as the banking, credit union or residential mortgage lending laws), a lender will...more
Recently, I wrote about the California Office of Administrative Law's rejection of regulations proposed by the Department of Financial Protection & Innovation. These proposed regulations were intended to "implement,...more
California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...more
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law. On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity...more
On October 13, 2023, California Governor Gavin Newsom signed into law California Assembly Bill 39, California’s Digital Financial Assets Law (DFAL). DFAL will regulate “digital financial assets” and require companies engaged...more
On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. On October 13, 2023, California Governor Gavin Newsom...more
After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more
On October 13, California Governor Gavin Newsom signed into law Assembly Bill 39 (AB 39), establishing a Digital Financial Assets Law (DFAL) set to go into effect July 1, 2025. Whereas previously the California...more
A year ago, Governor Newsom vetoed a bill, AB 2269, which would have established a Digital Financial Assets Law. At the time, the Governor claimed that it was "premature to lock a licensing structure in statute". What a...more
Three years ago, Governor Newsom signed AB 1864 into law. This legislation gave the Department of Financial Protection & Innovation the authority to define unfair, deceptive, and abusive acts and practices in connection with...more
I have devoted several posts to a California commercial loan disclosure law that was enacted in 2018 - SB 1235 (Glazer). Although the bill became effective on January 1, 2019, lenders were not obligated to comply until the...more
Relatively few English words both begin and end with the letter "k". Kiosk is one. The word kiosk can be traced to the Persian word, kūsht, which refers to a palace or villa. In Turkish, the word became köşk. In France, a...more
The Department of Financial Protection & Innovation's website includes a link to an Excel spreadsheet listing the designation of of location(s) for service of legal process on financial institutions. This listing is the...more
Last week, Governor Gavin Newsom vetoed AB 2269 (Grayson) which would have created a "Digital Financial Assets Law" to be administered by the Department of Financial Protection & Innovation. The Governor in his veto message...more
In January, 1832, William Learned Marcy rose in the United States Senate to defend Secretary of State Martin Van Buren from criticism by Henry Clay. Clay's attack on Van Buren is not remembered, but the words of Senator...more
In this July post, I noted that " if conduct is not ongoing, it is impossible for someone to discontinue or desist". The California legislature, however, sees no such logical problem. Late last month, it enacted and...more
Yesterday's post concerned a bill pending in the California legislature that would impose a licensing requirement on persons engaging in "digital financial asset business activity", or holding itself out as being able to...more
In California, any person engaging in the business of a finance lender or broker must obtain a license from the commissioner of the Department of Financial Protection & Innovation. The California Finance Code defines "finance...more
Yesterday, Governor Gavin Newsom met the constitutional deadline for submitting a proposed budget. Cal. Const. Art. IV, § 12(a). The release of the budget kicks of a prolonged legislative process. In the next several...more
Last month, the California Department of Financial Protection and Innovation (the "DFPI") published a notice inviting comments for its second rulemaking regarding the rules that will be promulgated under the new California...more
Last year, California enacted AB 1864, Cal. Stats. 2020, Ch. 157, creating the California Consumer Financial Protection Law (CCFPL) under Division 24 of the Financial Code. Remarkably, the legislature left it up to the...more
Yesterday, the Department of Financial Protection and Innovation announced that it had issued "subpoenas to a dozen companies with significant California customer bases, representing the first major action to be taken under...more
In our Legislative Alert of October 13, 2020, we reported on the California legislation enacted in late September, Assembly Bill 1864, that created the new California Consumer Financial Protection Law (“CCFPL”), and we set...more