Overview: California Consumer Financial Protection Law

The California Consumer Financial Protection Law Brings More Providers of Consumer Financial Products and Services into the Regulatory Tent

On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law(CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority, UDAAP authority mirroring the authority of the CFPB, and expanded enforcement authority. But important amendments adopted by the legislature will exempt many regulated entities from the scope of the law and will impose limits on the new Department of Financial Protection and Innovation’s (DFPI) exercise of its authority.

Morrison Foerster highlights the key provisions of the CCFPL link below.


View Full PDF