Column: Newsom to unveil plan for California consumer financial watchdog agency
After years of the Trump administration steadily rolling back federal consumer financial protections, California has decided enough is enough.
According to materials shared with me by the governor’s office, the proposed California Consumer Financial Protection Law would overhaul the existing Department of Business Oversight and rename it the Department of Financial Protection and Innovation, or DFPI.website The governor’s office told me this would include “dozens of new staff,” greater scrutiny of consumer markets “to identify patterns of abuse,” and increased outreach to people frequently targeted for questionable financial practices, such as veterans and immigrants.
The reality is there’s a long history of states stepping up when federal authorities shirk their responsibility. The legalizing of marijuana is one such example.
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