As part of the implementation of one of the most expansive consumer protection laws in the country, Commissioner Cloey Hewlett testified on May 4 to a joint hearing of the State Senate Banking and Financial Institutions Committee and Assembly Banking and Finance Committee. Commissioner Hewlett was joined by Chief Deputy Commissioner Chris Shultz, Senior Deputy Commissioner Suzanne Martindale, and Deputy Commissioner Christina Tetreault, head of the DFPI Office of Financial Technology Innovation.
The report to the Legislature is required as part of the California Consumer Financial Protection Law (CCFPL), effective as of Jan. 1, 2021. The first year of operation resulted in the DFPI collecting close to $1 million in restitution for consumers, fielding hundreds of additional complaints related to the law, and launching more than 100 investigations using its expanded authority under the California Consumer Financial Protection Law (CCFPL).
To accompany the testimony, the DFPI released the 2021 California Consumer Financial Protection Law (CCFPL) Annual Report on March 23 summarizing DFPI’s activities during its first year including major enforcement actions, consumer complaint statistics, and communications and outreach metrics.