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...

Governor Proposes Hefty Increase In DFPI Budget

Pursuant to Article IV, Section 12(a) of the California Constitution, today is the deadline for the Governor to submit a proposed balanced budget.  The next step is for the budget to be introduced into both houses of the legislature in identical...

DFPI Posts Florilegium Of New Legislation

"Gather ye Rose-buds while ye may"

The DFPI And Insider Trading

All securities transactions by members and employees of the Securities and Exchange Commission must comply with 5 CFR § 200.735-5 which in turn requires compliance with 5 CFR § 4401.102.  In general, § 4401.102 adopts a "possession" standard for...

DFPI To Hold "Listening Sessions" On CCFPL

The California legislature renamed and expanded the powers of the Department of Business Oversight with virtually no opportunity to comment on the legislation.  On August 25, 2020, Assembly Member Monique Limón gutted AB 1864 and amended it not only...

A Rash Of License Impersonators?

In the last several weeks, California's Department of Financial Protection and Innovation (fka the Department of Business Oversight) has issued a number of consumer alerts involving companies fraudulently claiming to hold a DFPI license.  For...

DFPI's Suit Against PHEA Finds No Purchase

The California Student Loan Servicing Act (the "CSLSA") requires all student loan servicers that service student loans in California to be licensed by the California Department of Financial Protection and Innovation (fka the Department of Business...

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