Entities	California (31)
Topics and Issues	California Consumer Financial Protection Law (CCFPL) (4) California Department of Financial Protection and Innovation (CDFPI) (4)

In May 2022, the Department of Financial Protection and Innovation (DFPI) issued a Notice of Proposed Rulemaking (PRO 03-21 – Notice), and proposed text (PRO 03-21 – Proposed Text) “to implement, interpret, and make specific section 90008, subdivisions (a), (b), and (d)(2)(D) of the CCFPL pertaining to consumer complaints and inquiries.” The Department has also issued its Initial Statement of Reasons for the rulemaking. The rulemaking exempts 603(f) CRAs in Sec. 1070(a) of the proposal.

CDIA filed a comment to the DFPI in July 2022 in connection with the rulemaking.

The DFPI (formerly the Department of Business Oversight) gained expanded authority over providers of consumer financial products or services on January 1, 2021.  This expanded authority came from the California Consumer Financial Protection Law (CCFPL).  The CCFPL gives the DFPI broad jurisdiction and sweeping new powers and authorities, including UDAAP authority, that closely resemble those of the federal Consumer Financial Protection Bureau.

Resources:

• California Consumer Financial Protection Law (AB 1864), Ch. 157 (2020), Amending Financial Code Secs. 300, 320, 321, 326, and 351; Adding Financial Code Div. 24 (starting with Sec. 90000); Repealing Financial Code Sec. 371; Amending Gov’t. Code Sec. 11041.
• Amendment to California Financing Law (AB 2559), Ch. 160 (2020), Amending Financial Code Secs. 22706, 22707.5, and 22712 of the Financial.
• PRO 03-21 – CCFPL Complaints and InquiriesInitial Proposed Text for the Comment Period Ends: July 5, 2022
  • PRO 03/21 – Notice (PDF)
  • PRO 03/21 – Proposed Text (PDF)
  • PRO 03/21 – Initial Statement of Reasons (PDF)
• Comments filed in connection with PRO 03-21