On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL). Effective on January 1, 2021 if Governor Newsom signs the bill (which he is expected to do), the Department of Business Oversight will be replaced by the Department of Financial Protection and Innovation (DFPI). Much of the law comes directly from Title X of the Dodd-Frank Act, with a particular focus on consumer protection. While the DBO has authority to enforce specific laws, the focus of the DFPI will be on the kinds of products… Continue Reading California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of Financial Protection And Innovation
Sherwin Root is an attorney in the Corporate Practice Group in the firm's Los Angeles office.