News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Governor Newsom

Venable LLP

FTC Releases Proposed Rule Targeting “Junk” Fees

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This week, the Federal Trade Commission (FTC) released a Proposed Rule, “Rule on Unfair or Deceptive Fees.” The Proposed Rule comes after the FTC solicited comments through its Advance Notice of Proposed Rulemaking in...more

Goodwin

California Regulator Opens Licensing Application For Debt Collectors

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Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt Collection Licensing Act...more

Cozen O'Connor

Razors Raise Antitrust Worries | $86 Million Mortgage Servicing Settlement | Creative Alleged Tax Avoidance

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2020 AG Elections- Maine AG Aaron Frey was reelected to a second two-year term by a joint convention of the Maine House and Senate. California AG Xavier Becerra was nominated by President-Elect Joe Biden to lead the...more

Morrison & Foerster LLP

Financial Services Report – Fall 2020

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We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more

Miles & Stockbridge P.C.

California Moves to Outdo the Consumer Financial Protection Bureau

Miles & Stockbridge P.C. on

The new California law discussed in this Legislative Alert does not have the earth-shattering significance of Trump versus Biden, or even Godzilla versus Mothra, but tremors have originated on the Pacific coast and are likely...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 7, October 2020

Is a Cap on Payday Loan Rates About Protecting the Poor or Eliminating a Service? "Industry representatives say the proposed cap would drive most, if not all, payday lenders out of business and leave their customers...more

K&L Gates LLP

California Enacts “Mini-CFPB” Law, Significantly Altering Financial Services Regulation in the State

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On September 25, 2020, California Governor Newsom signed AB-1864 into law, which will significantly change the landscape of consumer financial service regulation in the state. The law renames the Department of Business...more

Sheppard Mullin Richter & Hampton LLP

California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of...

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...more

Goodwin

California Legislature Passes Bill Expanding Consumer Financial Protection Oversight

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On August 31, 2020, the California Legislature passed Assembly Bill No. 1864 (AB-1864), sending the bill to California Governor Gavin Newsom for his expected approval. Below is an overview of some of AB-1864’s key provisions....more

Morrison & Foerster LLP

CFPB California Style: New Name Is Just The Start For A Much More Powerful Regulator

California has become the latest state to create its own mini Consumer Financial Protection Bureau (CFPB). As part of the 2020-21 budget, Governor Gavin Newsom set in motion a reorganization and significant expansion of the...more

Jones Day

California Shelves Proposal to Create Mini-CFPB - Governor Newsom's proposed mini-CFPB has been removed from California's 2020-21...

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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

BCLP

Consumer Financial Services and Fintech Enforcement Trends in California

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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

ArentFox Schiff

California’s ‘Mini-CFPB’—Gov. Newsom’s Budget Proposal Forecasts Significant Expansion of Consumer Financial Services Oversight...

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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

Bradley Arant Boult Cummings LLP

California’s Proposed “Mini-CFPB” May Increase Scrutiny of Auto Lenders and Other Industry Participants

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

Goodwin

California and New York Propose to Expand Consumer Protections

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At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of particular note,...more

Jones Day

California’s Proposal to Create Mini-CFPB - This proposed regulatory change will undoubtedly have a wide-ranging impact on...

Jones Day on

On January 10, 2019, California Governor Gavin Newsom proposed a plan to create a California version of the federal Consumer Financial Protection Bureau ("CFPB") as part of the state's proposed 2020-21 budget. According to...more

McGuireWoods LLP

California and New York governors expand consumer financial protection

McGuireWoods LLP on

California and New York are taking the lead to expand consumer financial protection, in part to smooth out the ebb and flow of federal policy and enforcement at the CFPB. Within a few days of each other, Governor Gavin...more

Davis Wright Tremaine LLP

California to “Step-Up” Consumer Financial Protections?

California governor Gavin Newsom just announced he will propose a Consumer Financial Protection Law as part of the proposed 2020-21 state budget, which will be introduced Friday....more

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