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
On April 4, 2025, the California Department of Financial Protection and Innovation (“DFPI”) issued a notice of proposed rulemaking to implement portions of the State’s Digital Financial Assets Law (“DFAL”) related to...more
On April 2, the California Senate Banking and Financial Institutions Committee voted to move forward with legislation that would expand the DFPI’s powers to oversee businesses traditionally governed by the CFPB. The bill, SB...more
Recently, the California DFPI adopted updated regulations concerning the state’s Debt Collection Licensing Act. The DFPI established definitions and specific requirements for the term “net proceeds generated by California...more
Last month, Governor Gavin Newsom appointed Khalil “KC” Mohseni, as Commissioner of the California Department of Financial Protection and Innovation. Commissioner Mohseni is not an entirely new to the DFPI. He served as...more
Recently, California Governor Gavin Newsom appointed Khalil “KC” Mohseni as the Commissioner of the California DFPI, following his role as Chief Deputy Director since 2023. Mohseni’s previous positions included Chief...more
On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and...more
Starting in February 2025, providers of (1) debt settlement services, (2) student debt relief services, (3) private postsecondary education financing, and (4) income-based advances (a/k/a earned wage access (EWA) products)...more
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
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
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 April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual...more
Last year, the California legislature enacted a bill, SB 54 (Skinner), that requires a "a venture capital" company to report annually to the Civil Rights Department on its funding determinations related to companies primarily...more
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
Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law. The California legislature enacted the CCFPL in 2020 for the...more
On February 9, 2024, the Commissioner of the California Department of Financial Protection and Innovation (“DFPI” or “Department”) announced a proposed rulemaking limited to certain requirements related to reporting and...more
The California Department of Financial Protection and Innovation, or DFPI, continued to have significant influence over legislative and regulatory developments in the third quarter of 2023. Originally published in Law360 -...more
On November 20, 2023, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed application-related rulemaking under the Digital Financial Assets Law (DFAL). This...more
A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi)...more
On October 13, California Governor Gavin Newsom (D) signed Assembly Bill 39 (Digital Financial Assets Law). This new law broadly empowers the California Department of Financial Protection and Innovation (DFPI) to govern...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
As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for...more
Earlier this month, the California Department of Financial Regulation and Innovation (CA DFPI) announced a new rule expanding the definition of unfair, deceptive and abusive acts and practices (UDAAP) to commercial financing....more
The California Department of Financial Protection and Innovation (DFPI) announced an extension to the proposed comment period for Covered Person Registration Rulemaking. The comment period, initially set to end on April 12,...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