The DFPI can issue rules for enrollment of covered individuals involved with the company of providing or providing a customer financial item or solution

The DFPI can issue rules for enrollment of covered individuals involved with the company of providing or providing a customer financial item or solution

UDAAP Authority

The CCFPL provides the DFPI the exact same UDAAP authority that 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 to your Dodd-Frank Title X conditions authorizing state regulators to enforce Title X and any laws promulgated by the CFPB pursuant to Title X.11 The DFPI may bring these procedures against both covered people under the CCFPL along with current DBO licensees, including California-licensed banking institutions, cost cost savings and loans and credit unions, California Financing Law licensees, and California household Lending Act licensees.

The DFPI will need to provide advance notice to your CFPB if it depends on this authority to create actions against current licensees. Continua a leggere

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