The State of California is home to almost 40 million consumers and the world's fifth largest economy. It represents a key exposure to most financial services companies' US footprint. In recent years nonbank financial services companies have been subject to increased scrutiny by the California state legislature and the Department of Business Oversight ("DBO"), which regulates and supervises the financial services industry. As a result, companies that operate, or intend to operate, in California must often navigate a complex regulatory landscape, subject to swift change and transformation. In an effort to help companies adapt and respond to the state's rapidly evolving regulatory environment, we highlight in this survey recent and upcoming legislative and regulatory developments relevant to companies operating in the financial services sector in California. Notably, this survey reviews developments relevant to consumer financial protection regulation and enforcement, consumer and commercial lending, money transmission, data privacy and security, and cannabis banking.
In this Client Alert:
- Consumer Financial Protection: Governor's Budget Proposes Revamp of Financial and Consumer Protection Oversight
- Consumer Lending: California Legislature Caps Interest Rates on Certain Consumer Loans
- Commercial Lending: California Legislature Imposes Consumer-Like Disclosures for Commercial Financings
- Money Transmission: DBO to Clarify Scope of Exemption from Money Transmission Licensing
- Data Privacy & Security: Attorney General Publishes Proposed Regulations to Implement the California Consumer Privacy Act
- DBO Offers Guidance on Cannabis Banking
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