by Nancy R. Thomas and Joseph Gabai - Morrison Foerster

On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law (CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority, UDAAP authority mirroring the authority of the CFPB, and expanded enforcement authority. But important amendments adopted by the legislature will exempt many regulated entities from the scope of the law and will impose limits on the new Department of Financial Protection and Innovation’s (DFPI) exercise of its authority.

by Jason Zuckerman and Matthew Stock - The National Law Review

To promote the Consumer Financial Protection Bureau’s mission of preventing consumer harm, the CFPB is working with Congress to advance legislation that would create a whistleblower reward program. The draft legislation creating a CFPB whistleblower reward program is similar to the SEC whistleblower reward program. Under the proposed program, a whistleblower who provides original information to the CFPB relating to a violation of Federal consumer financial law that results in an enforcement action yielding at least $1,000,000 in monetary sanctions would be eligible for an award of 10 to 30 percent of the collected monetary sanctions. The Consumer Financial Protection Act of 2010, which created the CFPB includes a provision protecting whistleblowers against retaliation for reporting violations of CFPB rules, but it does not authorize awards to whistleblowers.

CFPB California Style: The California Consumer Financial Protection Law Brings More Providers of Consumer Financial Products and Services Into the Regulatory Tent

CFPB Proposes Consumer Protection Whistleblower Reward Program