'A major, major initiative’: California looks to create its own Consumer Financial Protection Bureau
Frustrated with federal inaction, California aims to build a “mini” version of a federal agency that is tasked with consumer protection.
Billing it as California’s version of the Consumer Financial Protection Bureau (CFPB), Governor Gavin Newsom revealed in his proposed 2020-2021 state budget that the new entity — a Department of Financial Protection and Innovation — intends to “cement California’s consumer protection leadership amidst a retreat on that front by federal agencies including the [CFPB]” and “provide consumers greater protection from predatory practices.”
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