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" until...
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...
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...
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...
"Gather ye Rose-buds while ye may"
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...
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...
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...
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...