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[co-author: Michael Buckalew]
On April 27, 2021, DWT s Department of Financial Protection and Innovation (DFPI) Taskforce hosted a discussion with the DFPI s General Counsel, Bret Ladine, to get his perspective about what s on the horizon for the financial services industry in California. Mr. Ladine provided insights on what has changed since the passage of the California Consumer Protection Law (CCFPL), including the DFPI s initial priorities, the scope of its jurisdiction, and its enforcement approach.
Among the other topics outlined below, Mr. Ladine signaled that the DFPI intends to utilize its authority under California Financial Code §326. This code section contains very broad authority for the DFPI to enforce anything within its jurisdiction, including the provisions of the Consumer Financial Protection Act of 2010 (12 U.S.C. Sec. 5481 et seq.), or regulations issued by the federal Consumer Financial Protection Bureau thereunder, with respect to an entity that is licensed,