News & Analysis as of

Governor Newsom Consumer Financial Products California

Sheppard Mullin Richter & Hampton LLP

California Governor Appoints New DFPI Commissioner

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

Allen Matkins

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

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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

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

Morgan Lewis - All Things FinReg

The California Crypto Rush—or Crypto Bust?

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

Allen Matkins

DFPI's Plethora Of Spoils

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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

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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

California Regulator Seeks Comments On Crypto Asset Related Financial Products

Allen Matkins on

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

Allen Matkins

Governor Appoints New Commissioner - Go Bears!

Allen Matkins on

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

Allen Matkins

DFPI Rings In The New Year By Issuing A Dozen Subpoenas

Allen Matkins on

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

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