Podcast - What’s Next After Gov. Gavin Newsom’s Veto in California?
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On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more
Similar to the federal Fair Debt Collection Practices Act (FDCPA), California’s “Rosenthal Fair Debt Collection Practices Act” (RFDCPA) has historically regulated the manner in which debt collectors interact with borrowers...more
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
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
New cryptocurrency legislation awaits California Governor Gavin Newsom’s signature after passing the California Assembly on August 30, 2022. If signed into law, California’s Digital Financial Assets Law would create sweeping...more
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
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
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
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
The race to establish a national framework for the regulation of digital assets is heating up, with both California and New Jersey taking action this past week. On June 1, 2022, the California Department of Financial...more
In accordance with Governor Gavin Newsom's executive order, California's Department of Financial Protection & Innovation is soliciting coments concerning crypto asset related financial products. The DFPI's invitation for...more
The Executive Order aims to strengthen consumer protection and cultivate innovation in digital assets and related financial products and services. On May 4, 2022, California Governor Gavin Newsom issued an Executive...more
Yesterday, Governor Gavin Newsom has announced the appointment of Clothilde “Cloey” Hewlett to serve as California's next Commissioner of the Department of Financial Protection and Innovation. Ms. Hewlett has been serving as...more
Under recent landmark legislation, California will enhance its oversight of consumer financial products and services. This law, known as the California Consumer Financial Protection Law (CCFPL), replaces the Department of...more
Yesterday, the Department of Financial Protection and Innovation announced that it had issued "subpoenas to a dozen companies with significant California customer bases, representing the first major action to be taken under...more
We have recently focused on the DFPI’s expanded authorities under California Consumer Protection Law, the Debt Collection Licensing Act, and the Student Borrower Bill of Rights. In addition to these blockbuster bills, this...more
Amid wildfires and viral plague, a new consumer protection agency rises in the West: The California Department of Financial Protection and Innovation (DFPI). Holland & Knight recently noted that a bill was pending on...more
Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more
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
On June 11, 2020, California budget negotiators tabled California Governor Gavin Newsom's proposal to create a state version of the federal Consumer Financial Protection Bureau ("mini-CFPB"). As discussed in a previous Jones...more
California's Governor Gavin Newsom has big plans for the Department of Business Oversight. These plans were described in his proposed 2020-2021 budget as follows...more
Following the departure of former CFPB Director Richard Cordray in 2017, consumer advocates and state attorneys general raised concerns regarding the new hands-off approach by the Trump administration pertaining to consumer...more
A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more
California is poised to join the growing cadre of states enhancing their consumer financial protection functions in response to perceived decreasing federal oversight and enforcement under the Trump administration. Following...more
Earlier this month, California Gov. Gavin Newsom revealed plans to create a state version of the federal Consumer Financial Protection Bureau (CFPB) as part of the state’s proposed 2020-2021 budget. According to the...more