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Adam Wright joins CA DFPI’s Office of Financial Technology Innovation; meetings available during weekly office hours

CFPB Monitor

AB-1864, which took effect on January 1, 2021 and significantly expanded the powers of the California Department of Financial Protection and Innovation, required the DFPI to establish a “Financial Technology Innovation Office.”. These discussions may include regulatory questions.

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CADFPI announces hiring of Christina Tetreault to lead Office of Financial Technology and Innovation

CFPB Monitor

The California Department of Financial Protection and Innovation announced earlier this month that it has hired Christina Tetreault to lead the new Office of Financial Technology and Innovation. Tetreault most recently served as Manager of Financial Policy for Consumer Reports.

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California Dept. of Financial Protection and Innovation announces plans to exercise expanded powers under Consumer Financial Protection Law

CFPB Monitor

The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021. The DFPI is “preparing to open a new Office of Financial Technology Innovation that will engage with new industries and consumer advocates to encourage consumer friendly innovation and job creation in California.

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California Legislature Passes AB-1864 Setting the Stage for the “Department of Financial Protection and Innovation” and the California Consumer Financial Protection Law

CFPB Monitor

We previously wrote about California Governor Newsom’s 2020-2021 Budget and an accompanying trailer bill that would rename the Department of Business Oversight (“DBO”) and significantly increase its ability to oversee financial services providers in the state. California Consumer Financial Protection Law. Register here.

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This week’s podcast: California’s new Consumer Financial Protection Law (CFPL): a look at the California Department of Financial Protection and Innovation’s (DFPI’s) implementation plans

CFPB Monitor

We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints. We are joined by Bret Ladine, the DFPI’s General Counsel.

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Report: Data Key To Credit Union Member Retention

PYMNTS

According to PYMNTS’ Credit Union Innovation Index , 65 percent of CU members said they chose a CU as their primary financial institution (FI) because they trusted it, as opposed to 45 percent of non-CU members who said the same. How California Coast Credit Union is Transforming in the Digital Age. billion in assets.

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CA and NY governors propose expansion of state consumer financial protection regimes

CFPB Monitor

The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. California. Establishing a new Financial Technology Innovation Office. million Financial Protection Fund and 44 positions in 2020-21, growing to $19.3

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