PYMNTS

NOVEMBER 4, 2020

In today’s top news, scammers are targeting used car buyers amid an uptick in digital sales, and California voters passed a proposition that upholds gig worker status. Prop 22: California Side With Uber And Lyft, Nix AB 5 Gig Worker Law. NEW DATA: Five Payments Innovations For Winning The Digital-First Shopper.

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California Payments blockchain Lending 196

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances. .

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California Regulation CA Utah 78

CFPB Monitor

AUGUST 10, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued proposed amendments to its regulations implementing the Pilot Program for Increased Access to Responsible Small Dollar Loans (Pilot Program). The Pilot Program operates under the California Financing Law (CFL) and is administered by the DFPI.

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California Regulation CA Innovation 78

CFPB Monitor

JANUARY 12, 2021

The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021. The CCFPL gives the California Department of Financial Protection and Innovation (DFPI) (the new name given to the state’s Department of Business Oversight) broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB.

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Exercises California Innovation Financial Technology 127

CFPB Monitor

MAY 3, 2021

On April 23, 2021, the California Department of Financial Protection and Innovation (“DFPI”) issued proposed regulations to implement the Debt Collection Licensing Act (“DCLA”). Section 1850.9 – Requires fingerprinting through the California Department of Justice. Spring Street, Suite 15513, Los Angeles, California 90013.

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California Regulation Los Angeles Innovation 78

PYMNTS

DECEMBER 23, 2020

Nuro has received the first-ever autonomous vehicle deployment permit from the state of California, according to a press release. The California DMV is a leader in safety standards, and we appreciate their collaboration and safety-first approach to AV regulation,” he said, according to the release.

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California Software Meeting Technology 166

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations to implement provisions of the California Consumer Financial Protection Law (CCFPL) pertaining to consumer complaints and inquiries. Comments are due by July 5, 2022.

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California Regulation Report Policies 78

CFPB Monitor

MARCH 15, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. Section 160.110(d). Section 7.4001(e).

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Independent Banker

OCTOBER 31, 2021

Community banks are independent institutions fueled by the needs of their individual communities, so what constitutes innovation will look and feel different for every bank. As the popular saying goes, “Creativity is intelligence having fun”—and the same can be said for innovation.

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Innovation Strategies Strategy Innovation Community Bank 186

CFPB Monitor

SEPTEMBER 10, 2020

As part of California’s recent triad of consumer financial services legislation, including AB-1864 , which creates the Department of Financial Protection and Innovation and the California Financial Protection Law, and AB-376 , which includes a new Student Loan Borrower Bill of Rights. To register, click here.

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California Regulation Innovation Lending 122

CFPB Monitor

JULY 20, 2022

As discussed in an earlier blog post , the California Department of Financial Protection and Innovation (“DFPI”) issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act (“DCLA”) on August 19, 2021. Code §§ 28100 et seq.). 10 CCR § 1850.2 Code § 100021. 10 CCR § 1850.71

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California Regulation Taxes Report 141

CFPB Monitor

SEPTEMBER 12, 2022

On September 9, 2022, the California Department of Financial Protection & Innovation (the “DFPI”) released a Notice of Proposed Rulemaking Action that proposes to adopt regulations implementing the Student Loan Servicing Act (section 28100, et seq.)

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California Regulation Innovation Payments 78

CFPB Monitor

SEPTEMBER 8, 2020

We previously wrote about California Governor Newsom’s 2020-2021 Budget and an accompanying trailer bill that would rename the Department of Business Oversight (“DBO”) and significantly increase its ability to oversee financial services providers in the state. California Consumer Financial Protection Law. Register here. the “CFPA”).

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California Innovation Regulation Report 78

PYMNTS

OCTOBER 12, 2020

No matter how innovative they are, companies still need to get paid. And not many companies this year have combined business model creativity with payments innovation more than Beautycounter. While all the innovations and the business awards are nice to have, Renfrew is most proud of her work as a beauty industry activist.

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CFPB Monitor

NOVEMBER 17, 2020

On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI also provided guidance relating to the Debt Collection Licensing Act.

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California Innovation Regulation 78

CFPB Monitor

AUGUST 9, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into “a landmark agreement” with Meratas, Inc., We are continuing to monitor how the DFPI uses its CCFPL authority to regulate ISA originators and other financial services providers.

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California Management CA Regulation 78

Bank Innovation

DECEMBER 31, 2019

With the start of the new year, banks and fintech companies that do business in California will need to grapple with the new California Consumer Privacy Act (CCPA), which goes into effect Wednesday.

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Data California Regulation Fintech 307

American Banker

JUNE 1, 2023

The Federal Reserve Board and California Department of Financial Protection and Innovation want to ensure the shuttered bank makes good on its commitment to self-liquidate and make depositors whole. It also wants full cooperation on an investigation into FTX ties.

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California Innovation cryptocurrency Compliance 68

CFPB Monitor

OCTOBER 26, 2020

On September 25, 2020, California Governor Gavin Newsom signed several consumer protection bills, including AB 3254 , which extends the right to receive a translated version of certain consumer contracts to nonparty signatories, such as guarantors or cosigners.

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California Analysis Innovation Regulation 78

Bank Innovation

JANUARY 3, 2020

In this episode, editors discuss the following news developments: The new California Consumer Privacy Act that went into effect Wednesday; How banks are managing feature overload in their apps; New eco-friendly initiatives from Bank of the […].

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Regulation Video California Data 243

PYMNTS

DECEMBER 9, 2020

And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used. His comments come at a time when California is arguably taking the lead in consumer data privacy protections.

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Regulation Security Data Course 234

PYMNTS

JUNE 9, 2020

The EU enacted open banking rules in 2018, inspiring regulators worldwide to reconsider how they were transacting funds or transmitting data. The COVID-19 pandemic’s impact on daily business has generated new questions surrounding these initiatives that regulators are now scrambling to answer. and the EU. Australia and Canada.

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Regulation Online California Regional 132

CFPB Monitor

DECEMBER 21, 2021

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets and services automobile title loans. LoanMart holds a CFL license.

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California Utah FDIC Regulation 78

CFPB Monitor

JUNE 1, 2020

California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020. The budget contemplates the renaming of the DBO to the “Department of Financial Protection and Innovation” (DFPI) and the hiring of 90 new positions by 2022-2023.

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California Policies Regulation Innovation 78

CFPB Monitor

OCTOBER 26, 2022

The cross-complaint explains that “[b]ecause DFPI did not submit its ‘true lender doctrine’ to the APA’s rule making process, it is invalid as an ‘underground regulation’ and cannot be enforced.” violated the rulemaking requirements of the APA and is therefore invalid.”.

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Regulation California Meeting Innovation 78

CFPB Monitor

SEPTEMBER 29, 2021

The New York Department of Financial Services has issued a proposed regulation to implement S 5470–B , which requires consumer-like disclosures for “commercial financing” transactions of $2.5 The proposed regulation would give the provisions added by S 5470-B to the Financial Services Law the title “Commercial Finance Disclosure Law” (CFDL).

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Regulation New York California Examples 78

CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

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California FDIC Analysis Utah 78

CFPB Monitor

OCTOBER 14, 2020

Come January 1, 2021, senior citizens in California will be afforded additional cancellation rights when entering into contracts negotiated or executed away from typical business establishments.

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California Exercises Innovation Report 78

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

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CA Regulation California New York 78

PYMNTS

MARCH 27, 2020

While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules. Considering t he global nature of COVID-19, regulators outside of the U.S. Security .

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CFPB Monitor

AUGUST 12, 2021

SB 1235 requires the DFPI to issue regulations implementing the specific requirements of the disclosures that must be given to recipients. Compliance with the new disclosure requirements is not required until the DFPI’s final regulations become effective. Modifications to the proposal were issued in April 2021.

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CA Regulation California New York 78

PYMNTS

JANUARY 13, 2020

A California CFPB? News came, too, that in California, Governor Gavin Newsom is unveiling plans to create a Consumer Financial Protection Bureau (CFPB) at the state level, which, according to reports, would overhaul the existing Department of Business Oversight.

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Data social media Regulation California 131

PYMNTS

JANUARY 29, 2020

The government’s policy and its regulations should be well known before enforcement happens, the policy said. If an agency intends to enforce its laws in new and innovative ways, it must first notify industry stakeholders of its intent to do so and the way in which existing law applies,” it said. Tanvi Ratna, CEO of Policy 4.0,

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Bitcoin Regulation blockchain Delaware 132

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. A number of states have challenged these regulations.

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PYMNTS

JUNE 24, 2020

With corporate travel still on pause, commercial card innovation has taken a different direction. “We regret that this incident occurred and take the security of your personal information seriously,” said Cognizant Chief People Officer Becky Schmitt in a letter sent to employees and regulators. .

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Cards Innovation Tools Capital 131

PYMNTS

MAY 4, 2017

Then, companies working to develop the technological means for cars to drive themselves have levied more than a few criticisms against proposed regulation changes in the state of California. Apple, for one, is hoping that California will work to toughen some of its current self-driving road test policies.

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California Policies Company Apple 100

CFPB Monitor

NOVEMBER 8, 2021

The California Department of Financial Protection and Innovation has published a fourth round of modifications to implement SB 1235 , the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

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CA Regulation California Compliance 78