DFPI Proposes Rules For Commercial Financial Products And Services

In 2020, California enacted the California Consumer Financial Protection Law, Cal. Fin. Code § 90000 et seq.  The CCFPL authorizes the Department of Financial Protection & Innovation to define unfair, deceptive, and abusive acts and practices in...

California Fingers Digital Financial Asset Businesses For Licensing

Last week, Assembly Member Grayson gutted and amended AB 2269 so as to create a "Digital Financial Assets Law".   This law would require persons engaging in digital financial asset business activity to be licensed or registered with the California...

OAL Approves DFPI Commercial Financing Disclosure Rules - But Who Got Stuck With The Check?

Yesterday, the California Office of Administrative Law approved the Department of Financial Protection and Innovation’s (DFPI) proposed commercial financing disclosure regulations.  The DFPI adopted these regulations pursuant to SB 1235 (Glazer),...

OAL May Soon Decide Fate Of California's Proposed Commercial Financing Rules

In September 2018, then Governor Jerry Brown signed SB 1235 into law.  SB 1235 added a new division to the Financial Code imposing specific loan disclosure requirements on providers of commercial financings.  These disclosures include:

California Regulator Seeks Comments On Crypto Asset Related Financial Products

In accordance with Governor Gavin Newsom's executive order, California's Department of Financial Protection & Innovation is soliciting coments concerning crypto asset related financial products.  The DFPI's invitation for comments seeks input  on...

Looking For Cryptocurrency In All The Wrong Places . . .

"But love is blind and lovers cannot see the pretty follies that themselves commit"

The DFPI's Curiously Named "Office Of The Office"

In 2021, the California Department of Financial Protection and Innovation established the Office of Ombuds [sic].  According to the Department, the purpose of the office is "to act as an independent, impartial, and confidential resource to ensure...

California Governor Orders DFPI To Initiate Enforcement Actions

As was widely noted last week, California Governor Gavin Newsom issued a lengthy executive order with respect to blockchain technology.  According to the Governor's press release, the order aims to "aims to create a transparent regulatory and...

President Biden Nominates Former DOC (AKA DBO & DFPI) Attorney To SEC

On Wednesday, President Biden announced that he has nominated Mark Uyeda to serve as a member of the Securities and Exchange Commission.   Mark's work history as an attorney at the SEC should equip him well to serve as a Commissioner.  He previously...

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