News & Analysis as of

Truth in Lending Act (TILA) Department of Financial Protection and Innovation (DFPI) California

Troutman Pepper

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

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As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

Sheppard Mullin Richter & Hampton LLP

Federal Judge Upholds California’s Small-business Lending Disclosures

On December 4, Judge R. Gary Klausner of the U.S. District Court for the Central District of California granted summary judgment to California’s DFPI upholding the recently adopted commercial financing disclosure regulations...more

Ballard Spahr LLP

California federal district court grants summary judgment for DFPI in lawsuit challenging state’s regulations requiring...

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A California federal district court recently granted the motion for summary judgment filed by the California Department of Financial Protection and Innovation (DFPI) in the lawsuit filed by an advocacy organization seeking to...more

Troutman Pepper

California DFPI Wins Big: Federal District Court Holds Commercial Financing Disclosure Regulations Do Not Violate First Amendment...

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On December 4, a federal district court for the Central District of California granted summary judgment in favor of the Commissioner of the California Department of Financial Protection and Innovation (DFPI) finding that...more

Ballard Spahr LLP

CFPB comments on California proposal to supervise providers of earned wage access products

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The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances”...more

Troutman Pepper

CFPB Issues Letter Supporting California DFPI’s Proposed Classification of EWAs as Loans and Promises Guidance as to Federal...

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In March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would update the definition of loan to include what it dubs as...more

Ballard Spahr LLP

California DFPI Finalizes Regulations Governing Student Loan Servicers

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On October 13, 2023, the California Department of Financial Innovation (DFPI) published final regulations implementing the Student Loan Servicing Act (“SLSA”) and the Student Loans: Borrower Rights Law. The final regulations...more

Ballard Spahr LLP

CFPB and 11 states file lawsuit against companies engaged in origination and collection of income share agreements

Ballard Spahr LLP on

The Consumer Financial Protection Bureau, the California Department of Financial Protection and Innovation (CA DFPI), and ten state Attorneys General have filed a lawsuit against Prehired, LLC (Prehired) and two related...more

Bradley Arant Boult Cummings LLP

California Prepares to Add New Student Loan Servicing Regulations

The California Department of Financial Protection and Innovation (DFPI) recently issued a Notice of Modification to Proposed Regulations and published the newly modified proposed regulations to amend its student loan...more

Morrison & Foerster LLP

Look Inside: California Commercial Financing Disclosure Regulations

On June 9, 2022, the California Office of Administrative Law approved the Department of Financial Protection and Innovation’s final regulations implementing California’s first-of-its-kind commercial financing disclosure law....more

Pillsbury Winthrop Shaw Pittman LLP

California Finalizes Disclosure Requirements for Commercial Financing Transactions

The trend toward increased regulation of commercial lending continues with California’s approval of regulations requiring consumer-style disclosures for broad categories of commercial financing transactions. On June 9,...more

Buchalter

CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations

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The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial...more

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