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

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The DFPI can issue guidelines for registration of covered individuals involved with the business enterprise of providing or supplying a customer product that is financial 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 will issue regulations regarding UDAAP.10

The CCFPL additionally allows the DFPI to bring procedures pursuant towards the Dodd-Frank Title X conditions authorizing state regulators to enforce Title X and any laws promulgated because of the CFPB pursuant to Title X.11 The DFPI brings these procedures against both persons that are covered the CCFPL in addition to 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. Read More