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ARTICLE · 02 OCTOBER 2020

California Legislature Passes "Mini-CFPB" Bill

Masuda, Funai, Eifert & Mitchell, Ltd.
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On August 31, 2020, the California Legislature passed the California Consumer Financial Protection Law ("CCFPL"), which will create a state consumer financial protection agency called ...

United StatesConsumer Protection

Executive Summary

On August 31, 2020, the California Legislature passed the California Consumer Financial Protection Law ("CCFPL"), which will create a state consumer financial protection agency called the Department of Financial Protection and Innovation ("DFPI"), similar to the federal Consumer Financial Protection Bureau ("CFPB"). The CCFPL, also referred to as California's "Mini-CFPB," was sent to Governor Gavin Newsome's desk for signature, and he is expected to sign the bill into law. 

If Governor Newsome signs the bill, effective January 1, 2021, the current California Department of Business Oversight ("DBO") will be replaced by the DFPI. The DBO is currently responsible for regulations relating to financial institutions and providers of financial services, including banks, trust companies, credit unions, finance lenders, and residential mortgage lenders. After enactment of the CCFPL, the DFPI will assume the DBO's roles, but will also

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