Commissioner Alvarez Leaves Office On Friday - What Happens Next?

Recently,  Manuel P. Alvarez announced that June 18 will be his last day as Commissioner of the Department of Financial Protection & Innovation.  Until Governor Newsom appoints a successor, Chief Deputy Commissioner Chris Shultz will serve as the...

SOS Wins International Award

Last week, the California Secretary of State's Business Programs Division received the 2021 Merit Award from the International Association of Commercial Administrators (IACA) for its new eForms Online application.  According to its website, the...

Can You Name The DFPI's Small Business Liaison?

In 2006, the California legislature reestablished the requirement that certain state agencies designate a small business liaison.  Cal. Gov't Code § 11148.5 added by Cal. Stats.  2006, Ch. 234.   A state agency is subject to this requirement if...

How To Kvetch About And To The DFPI

In 1997, the California legislature enacted the Citizen Complaint Act of 1997.  Cal. Gov. Code §§ 8330-8332.  The Act requires that  state agencies make available on their Internet websites a form through which individuals can register complaints or...

California Bill Would Require Climate-Related Financial Risk Reports

Earlier this month, I wrote about a California bill, SB 260, that would impose greenhouse gas emissions disclosure obligations on "publicly traded domestic corporations" and "publicly traded foreign corporations".   That bill will is now set for...

DFPI Wants To Know: Whom Shall We Regulate?

Last year, California enacted AB 1864, Cal. Stats. 2020, Ch. 157, creating the California Consumer Financial Protection Law (CCFPL) under Division 24 of the Financial Code.  Remarkably, the legislature left it up to the Department of Financial...

But Is It A Loan?

Earlier this week, California' Department of Financial Protection & Innovation announced that it had entered into memorandums [sic] of understanding with five earned wage access companies.  If you haven't heard of a "earned wage access company"...

DFPI Rings In The New Year By Issuing A Dozen Subpoenas

Yesterday, the Department of Financial Protection and Innovation announced that it had issued "subpoenas to a dozen companies with significant California customer bases, representing the first major action to be taken under the expanded oversight...

It's Time To Get Started On CFL/PACE/RSDL Annual Reports

Pursuant to Financial Code Section 22159(a), licensees under the California Financing Law (CFL), the Property Assessed Clean Energy (PACE) Financing Program, and the Responsible Small Dollar Loan (RSDL) pilot program must submit annual reports for...

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