In an article published by Law360, Consumer Finance Litigation and Regulatory Compliance Partners Stuart Richter and Eric Hail provide a look at the noteworthy legal updates to regulations in the banking and financial services businesses from Q3. California continues to lead in enhancing regulation, with recent legislative actions aimed at protecting consumers from hidden fees and unfair practices. Governor Gavin Newsom signed A.B. 2017 and S.B. 1075 into law, prohibiting certain nonsufficient funds fees and setting limits on overdraft fees, reflecting similar federal efforts by the Consumer Financial Protection Bureau. The California Department of Financial Protection and Innovation (DFPI) has also been active, targeting student loan debt relief scams and increasing oversight of cryptocurrency assets. The DFPI's actions include enforcement against crypto scams and implementing the Digital Financial Assets Law to regulate crypto kiosks, emphasizing consumer protection and responsible innovation. As California continues to implement these reforms, banks, credit unions, and fintech companies must stay vigilant to ensure compliance with evolving regulations.
"Calif. Banking Brief: All the Notable Legal Updates in Q3," Law360, October 4, 2024
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