Consumer Finance Monitor Podcast Episode: California Consumer Finance Law - Hot Topics and Recent Developments
Crypto and Beyond: California DFPI Opinions on Money Transmission and the Money Transmission Act - The Crypto Exchange Podcast
CA DFPI Request for Comment on Cryptocurrency-Related Financial Products and Services - The Consumer Finance Podcast
California generally requires that persons engaged in the business of making loans be licensed. If not licensed under some other statute (such as the banking, credit union or residential mortgage lending laws), a lender will...more
Recently, I wrote about the California Office of Administrative Law's rejection of regulations proposed by the Department of Financial Protection & Innovation. These proposed regulations were intended to "implement,...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law. The California legislature enacted the CCFPL in 2020 for the...more
Each year, licensees under the California Financing Law (Cal. Fin. Code § 22000 et seq.) must file an annual report with the Department of Financial Protection & Innovation. The report is due on the Ides of March (the Ides...more
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more
While the California Financing Law defines "finance lender", it does so in a very open-ended and nonspecific manner. Cal. Fin. Code § 22009 ("'Finance lender' includes any person who is engaged in the business of making...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
Yesterday, the California Department of Financial Protection & Innovation announced that it had issued a desist and refrain order against Coinbase, Inc. The order alleges that Coinbase's staking rewards program involved the...more
I have devoted several posts to a California commercial loan disclosure law that was enacted in 2018 - SB 1235 (Glazer). Although the bill became effective on January 1, 2019, lenders were not obligated to comply until the...more
Shortly after Christmas, the California Department of Financial Protection & Innovation began issuing consumer alerts with respect to possible cryptocurrency broker frauds. These alerts generally involved alleged "Advance...more
The Department of Financial Protection & Innovation's website includes a link to an Excel spreadsheet listing the designation of of location(s) for service of legal process on financial institutions. This listing is the...more
Earlier this month, the California Department of Financial Protection & Innovation issued a quasi interpretive opinion regarding whether the unnamed requestor must be licensed under California's Money Transmission Act to...more
The California Financing Law prohibits any person from engaging in the business of a "finance lender" without a license from the Department of Financial Protection & Innovation. Cal. Fin. Code § 22100(a). The CFL provides...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
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
The California Department of Financial Protection & Innovation recently issued is 2021 Annual Report of Operation of Finance Lenders, Brokers, and PACE Administrators Licensed Under the California Financing Law. The DFPI...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
In June, I reported that Assemblymember Grayson had gutted and amended AB 2269 to establish a "Digital Financial Assets Law" to be administered by the Department of Financial Protection & Innovation. The bill was amended...more
In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq. The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive...more
Last week, Assembly Member Grayson gutted and amended AB 2269 so as to create a "Digital Financial Assets Law". This law would require persons engaging in digital financial asset business activity to be licensed or...more
In September 2018, then Governor Jerry Brown signed SB 1235 into law. SB 1235 added a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial financings. These...more
In 2021, the California Department of Financial Protection and Innovation established the Office of Ombuds [sic]. According to the Department, the purpose of the office is "to act as an independent, impartial, and...more
March 15 was the deadline established by California's Department of Financial Protection & Innovation for licensees under the California Financing Law to transition to the Nationwide Multistate Licensing System. I recently...more