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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.”

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Photo of Carl A. Fornaris Carl A. Fornaris

Carl A. Fornaris is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. With 27 years of legal experience, Carl advises a broad range of financial services firms – banks and their holding companies, money services businesses, investment advisers, securities broker dealers, gaming

Carl A. Fornaris is Co-Chair of the firm’s Financial Regulatory and Compliance Practice. With 27 years of legal experience, Carl advises a broad range of financial services firms – banks and their holding companies, money services businesses, investment advisers, securities broker dealers, gaming firms, Fintechs, cryptocurrency firms and other institutions – on all aspects of their business. These include formation and licensing, capital-raising transactions, acquisitions and divestitures, USA PATRIOT Act/BSA/AML compliance and OFAC sanctions programs, cryptocurrency regulation, mobile money and FinTech, federal and state agency enforcement proceedings, Dodd-Frank Act compliance and COVID-19/CARES Act economic stimulus program advice (ranging from Small Business Administration PPP loans to Federal Reserve Main Street program loans). Throughout his career, Carl has counseled clients in their dealings with the Federal Reserve, OCC, FDIC, FinCEN, SEC, FINRA, Florida Office of Financial Regulation, New York Department of Financial Services and other state supervisory authorities.

Carl is also active representing lenders and credit parties in financing transactions, particularly credits to non-U.S. loan parties, asset-based credits, acquisition financing and stand-by letters of credit.

Carl is a past General Counsel of the Florida International Bankers Association and sits on its Board of Directors. Previously, he served as Head of Legal and Compliance for the Latin America region of Barclays Bank PLC, with responsibility for managing legal and compliance matters throughout the region. Carl is an adjunct professor in the Business Law Department of the University of Miami Business School.

Photo of Jeffrey Leacox Jeffrey Leacox

Jeffrey Leacox has represented businesses and trade associations before the California Legislature, the Governor and state agencies for more than two decades. He has wide-ranging public policy experience in business regulation, civil justice and tort reform, corporate governance, employment, health care, insurance, taxation…

Jeffrey Leacox has represented businesses and trade associations before the California Legislature, the Governor and state agencies for more than two decades. He has wide-ranging public policy experience in business regulation, civil justice and tort reform, corporate governance, employment, health care, insurance, taxation and technology.

Photo of Lisa M. Simonetti Lisa M. Simonetti

Lisa M. Simonetti focuses on the defense of complex litigation, with broad experience representing clients in the financial services industry, including regional and national banks, credit card issuers, mortgage bankers, various types of loan servicers, consumer finance companies and third-party collectors. She serves

Lisa M. Simonetti focuses on the defense of complex litigation, with broad experience representing clients in the financial services industry, including regional and national banks, credit card issuers, mortgage bankers, various types of loan servicers, consumer finance companies and third-party collectors. She serves as trial and appellate counsel in courts across the country and routinely counsels financial services clients on compliance with state and federal laws and regulations.

Photo of Marina Olman-Pal Marina Olman-Pal

Marina Olman-Pal advises foreign and U.S. financial institutions on a broad range of regulatory matters including licensing, acquisitions, divestitures, compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs. Marina counsels…

Marina Olman-Pal advises foreign and U.S. financial institutions on a broad range of regulatory matters including licensing, acquisitions, divestitures, compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs. Marina counsels a wide range of companies in the financial services sector including, domestic and foreign banks, gaming companies, money services businesses including money transmitters, cryptocurrency businesses, Fintech companies and digital payment companies. Throughout her career, Marina has represented clients before U.S. regulators such as the Federal Reserve, OCC, FDIC, FinCEN, OFAC, the Florida Office of Financial Regulation and other state supervisory authorities.

Marina also regularly develops anti-money laundering programs for a wide range of financial services businesses and non-financial services businesses including, U.S. and foreign companies active in industries such as real estate, hospitality, automotive and artificial intelligence, among many others.

Photo of Rosemarie "Rosy" Aleman Rosemarie "Rosy" Aleman

Rosemarie Aleman is an associate in the Corporate Practice in Greenberg Traurig’s Miami office. She advises clients on mergers and acquisitions, joint ventures, and private offerings.