Leawood, KS – September 26, 2020: The California legislature, on August 31, 2020, passed the Department of Financial Protection and Innovation Bill (“DFPI”). The legislation changes the name of the California Department of Business Oversight to the DFPI and empowers the DFPI with administration of the California Consumer Financial Protection law. The DFPI earned the nick-name “Mini-CFPB” because the legislation granted the DFPI similar rights and duties that the Dodd-Frank Act delegated to the CFPB
For Text of Bill:
About the Bill Status: The DFPI legislation was passed by the California Legislature on August 31, 2020. Governor Newsom signed the bill on September 25, 2020. It’s effective date is January 1, 2021.
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