The DFPI can issue guidelines for enrollment of covered people involved with the business enterprise of offering 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 offering 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 may take enforcement action against covered people for UDAAP violations and may issue regulations regarding UDAAP.10

The CCFPL additionally allows the DFPI to carry procedures pursuant towards the 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, savings and loans and credit unions, California Financing Law licensees, and California household Lending Act licensees.Continue reading