In an article in Law360, litigation & enforcement partners Amy Jane Longo and Rocky Tsai, and associate Tristan Lim examined key regulatory developments in California’s banking and financial services sector.
The authors highlight the advancement of S.B. 825, which, if signed, would expand the California Department of Financial Protection and Innovation’s (DFPI) authority to pursue enforcement actions against licensed entities for unfair, deceptive, or abusive acts or practices.
They also discuss proposed amendments to the Money Transmission Act and Corporate Securities Law, which would modernize compliance requirements for broker-dealers and investment advisers and clarify officer certification rules for money transmitters.
Notable enforcement actions include settlements with Caliber Home Loans and Wise US Inc. for regulatory violations.
The authors note that, in light of these developments, financial institutions should review their compliance programs, internal controls, and consumer-facing practices to ensure alignment with evolving state requirements and heightened regulatory expectations.
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