Nancy Thomas spoke to Compliance Week about the state of California’s decision to create its own state consumer finance protection agency under the California Consumer Financial Protection Law (CCFPL), which passed the state legislature on August 31, 2020.
“Providers of financial products and services to California consumers should buckle their seatbelts,” Nancy said. “The Department of Financial Protection and Innovation (DFPI) will have increased funding to expand supervision and enforcement for California state-chartered banks and existing licensees. The CCFPL will expand the DFPI’s jurisdiction to debt collectors and other previously unlicensed entities. The dual focus on consumer protection and innovation will draw the agency’s focus to fintechs.”
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