New Proposed Registration Requirements For Covered Financial Products And Services Under The California Consumer Financial Protection Law
Last year, California passed the California Consumer Financial Protection Law (“CCFPL”), which renamed the Department of Business Oversight as the Department of Financial Protection and Innovation (“DFPI”) and expanded the authority of the department, including increased regulatory authority related to certain financial products. Under that widened purview, the DFPI has now proposed regulations requiring registration for certain financial product providers, including education financing and wage-based advances.
The CCFPL as Enacted
Under the statute, certain regulatory burdens apply to “covered persons” […]