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

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

UDAAP Authority

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

The CCFPL additionally allows the DFPI to bring procedures pursuant towards the Dodd-Frank Title X conditions state that is authorizing to enforce Title X and any regulations promulgated because of the CFPB pursuant to Title X.11 The DFPI may bring these procedures against both persons that are covered the CCFPL along with current DBO licensees, including California-licensed banks, cost cost savings and loans and credit unions, California Financing Law licensees, and California Residential Lending Act licensees. Continue reading “The DFPI can issue guidelines for enrollment of covered people involved with the business enterprise of providing or supplying a customer financial item or solution”