Calif. DFPI Invites Comments on Implementing CCFPL
The California Department of Financial Protection and Innovation (DFPI) last week announced its first invitation for comments on the rulemaking to implement the California Consumer Financial Protection Law (CCFPL). The CCFPL became law last year and reorganized the California Department of Business Oversight into the DFPI. The bill gave the newly reorganized department broad authority to establish rules regarding, among other provisions: unlawful, unfair, deceptive, or abusive acts or practices; reporting and disclosure requirements; registration requirements; and data collection and reporting.
Specifically, DFPI requests feedback on definitions, exemptions, registration requirements, complaint handling, consumer and commercial UDAAP issues, data collection and reporting for commercial financing, disclosures, and economic impact. Comments to the department are due by March 8, 2021. AFSA’s State Government Affairs Department will submit comments on behalf of members. If your company would like to provide feedback or suggestions, please contact AFSA’s Director of State Research and Policy Matt Kownacki.
February 19th, 2021 by Dan Bucherer