SACRAMENTO, Calif. (AP) – California is creating what supporters call its own nation-leading, state-level version of the federal Consumer Financial Protection Bureau after critics said the Trump administration significantly weakened national protections.
The legislation Gov. Gavin Newsom signed into law Friday changes the existing Department of Business Oversight into the Department of Financial Protection and Innovation.
The current department regulates a significant part of the financial services industry, including banks and credit unions.
But the expanded version will add oversight authority over debt collectors, debt settlement, credit repair and check cashing services, consumer credit reporting, retail sales financing and rent-to-own contracts.
