California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from...more
California nonbank consumer lenders are moving away from small-dollar short-term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the...more