The California Consumer Financial Protection Law (CCFPL) and the new California Department of Financial Protection and Innovation (DFPI) will significantly impact consumer financial services regulation in California. In passing the CCFPL, California's stated goal is to be the "premier financial regulator and national model for consumer protection," and the DFPI is equipped to enforce aggressively and independently. Although California is not the first state to create a "mini-CFPB," the new regulator's resources and authority—not to mention the size of the California market—mean that it is poised to have an important impact on consumer financial services regulation and enforcement.
As you address your regulatory and compliance challenges, in California or elsewhere, this discussion aims to help you understand the department's purpose, authority, and resources.
- Jonathan Engel
Partner, Lead, Banking and Financial Services Enforcement and Investigations Practice, Davis Wright Tremaine
- Brian Hurh
Partner, Co-lead, Banking and Financial Services Consumer Financial Regulatory Practice, Davis Wright Tremaine
- Bret Ladine
General Counsel, Department of Financial Protection and Innovation
Contact Tara de Borja with questions.