In The News

California Prepares to Create Its Own Consumer Financial Protection Agency

Compliance Week

02 Sep 2020

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.”

Read the full article.

Close
Feedback

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.