On Sept. 25, 2020, California Gov. Gavin Newsom signed into law the California Consumer Financial Protection Law (CCFPL), which was passed by the California Legislature Aug. 31, 2020. The provisions of the CCFPL become effective Jan. 1, 2021.
The stated intent of the CCFPL is to “strengthen consumer protections by expanding the ability of the State of California to improve accountability and transparency in the California financial system, provide consumer financial education, and protect consumers from abusive practices.” The CCFPL identifies certain “vulnerable populations,” including “military service members, seniors, students, low-and moderate-income individuals, and new Californians.”
Click here to read the full GT Alert, “California’s Adoption of ‘Mini-CFPB’ Will Transform Consumer Financial Services Regulation in the State.”