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ARTICLE · 26 OCTOBER 2020

California Passes Legislation To Create Mini-CFPB

Jones Day
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The Situation: On January 1, 2021, the California Consumer Financial Protection Law ("CCFPL") will go into effect, and the Department of Financial Protection and Innovation ("DFPI")

United StatesFinance and Banking
Antonio Dias
Antonio Dias
Courtney Lyons Snyder
Courtney Lyons Snyder
Brian Hershman
Brian Hershman
Keith M. Kollmeyer
Keith M. Kollmeyer
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In Short

The Situation: On January 1, 2021, the California Consumer Financial Protection Law ("CCFPL") will go into effect, and the Department of Financial Protection and Innovation ("DFPI") will become the financial sector's new state regulator.

The Result: The DFPI will replace California's current Department of Business Oversight ("DBO"), and DFPI will regulate financial products and services in the state in accordance with the CCFPL.

Looking Ahead: Nonbank small business lenders and fintech companies, and the institutions that work with them, should prepare for the rollout of the new law, and all financial institutions should expect to be subject to more comprehensive oversight and regulation in California.

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