What You Need to Know About California's New Consumer Financial Protection Laws

On January 1, 2021, a trio of new California laws will increase enforcement and regulatory risks for anyone doing business in the state. At the same time, opportunities for innovators may exist. This is your chance to take in the top level in one hour.

California Governor Gavin Newsom recently signed three laws that will significantly impact financial service providers doing business in the state. One of those bills renames the state’s Department of Business Oversight—now the Department of Financial Protection and Innovation (DFPI)—and gives the agency broad jurisdiction and sweeping new authorities that closely resemble those of the Consumer Financial Protection Bureau. The two other major laws require debt collectors to be licensed in California and establish a Student Loan Borrower Bill of Rights.

In this webinar, we will provide a comprehensive overview of the three laws, with a special focus on the scope of the DFPI’s jurisdiction and its new authorities; discuss how the three laws will impact industry; and consider whether other states are likely to adopt similar approaches.