The DFPI can issue guidelines for enrollment of covered people involved with the business enterprise of providing or supplying a customer product that is financial solution

The DFPI can issue guidelines for enrollment of covered people involved with the business enterprise of providing or supplying a customer product that is financial solution

UDAAP Authority

The CCFPL provides the DFPI the UDAAP that is same authority Dodd-Frank Title X provides the CFPB: The DFPI usually takes enforcement action against covered people for UDAAP violations and that can issue regulations regarding UDAAP.10

The CCFPL additionally allows the DFPI to carry procedures pursuant towards the Dodd-Frank Title X provisions state that is authorizing to enforce Title X and any laws promulgated because of the CFPB pursuant to Title X.11 The DFPI may bring these procedures against both covered persons under the CCFPL along with current DBO licensees, including California-licensed banking institutions, cost cost cost savings and loans and credit unions, California Financing Law licensees, and California household Lending Act licensees.

The DFPI will need to offer advance notice into the CFPB if it utilizes this authority to create actions against current licensees. Continue reading “The DFPI can issue guidelines for enrollment of covered people involved with the business enterprise of providing or supplying a customer product that is financial solution”