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Allen Matkins

New Leader At The California Department Of Financial Protection & Innovation

Allen Matkins on

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

Allen Matkins

Will New DFPI Lending Rules Reduce The Availability And Raise The Cost Of Small Business Loans In California?

Allen Matkins on

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

Allen Matkins

Assembly Member Takes Another Run At Digital Financial Asset Law

Allen Matkins on

In June of last year,  noted the introduction of a bill that would subject digital financial asset businesses to licensing in California. In September, Governor Gavin Newsom vetoed the bill stating that it would be "premature...more

Allen Matkins

Governor Newsom Nixes Digital Financial Assets Licensing Bill

Allen Matkins on

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

Allen Matkins

DFPI's Plethora Of Spoils

Allen Matkins on

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

Allen Matkins

DFPI Empowered To Stop Actions That Are Not Ongoing

Allen Matkins on

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

Allen Matkins

A New GC For The DFPI

Allen Matkins on

Last Friday, California Governor Gavin Newsom announced the appointment of Avyark “Avy” Mallik as General Counsel at the California Department of Financial Protection and Innovation.    Most recently, Mr. Mallik served as...more

Allen Matkins

Registered In-House Counsel Is Not An Option For The Government

Allen Matkins on

Last month, Governor Gavin Newsom announced the appointment of a general counsel for the Department of Financial Protection & Innovation.  The appointee, a graduate of Georgetown University Law Center, had previously served...more

Allen Matkins

Is Zero-Fee, Zero Penalty Banking In California's Future?

Allen Matkins on

Last month, Governor Newsom signed AB 1177, the California Public Banking Act.  The law's title is more impressive than accurate, for it does not actually create a public bank.  Rather, the law requires the Treasurer to...more

ArentFox Schiff

A Step Away From the Cash Carrying Days for Cannabis Businesses

ArentFox Schiff on

Now Financial Businesses can provide their services to licensed cannabis businesses without penalty under California law. As of February 1, 2021, licensed cannabis businesses in California gained another avenue, albeit...more

Davis Wright Tremaine LLP

Out With the Old, In With the New: California Revamps Its Department of Business Oversight

On September 25, 2020, California Governor Gavin Newsom signed the California Consumer Financial Protection Law (CCFPL), Assembly Bill 1864, which replaces the Department of Business Oversight (DBO) with the new Department of...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

BCLP

California ‘Mini-CFPB’ Passed by State Legislature

BCLP on

Summary of the California Consumer Financial Protection Law - ..Applies to any person that offers or provides a consumer financial product or service to a California resident ..Prohibits unlawful, unfair, deceptive, or...more

Ballard Spahr LLP

Update on California bill to revamp Department of Business Oversight

Ballard Spahr LLP on

California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020. The proposed budget amendments include substantial cuts to compensate for the anticipated impact to state...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

Morgan Lewis on

A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

Allen Matkins

Governor Proposes To Expand Department Of Business Oversight Authority And Funding

Allen Matkins on

Last week, Governor Gavin Newsom delivered his proposed budget for California's 2020-2021 fiscal year. The Governor is proposing to rename the Department of Business Oversight as the Department of Financial Protection and...more

Allen Matkins

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

Allen Matkins on

Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

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