California to unveil plan for consumer financial watchdog agency

Source: David Lazarus, L.A.Times (Paid Registration)

After years of the Trump administration steadily rolling back federal consumer financial protections, California has decided enough is enough. 

Details at this point are scant. But it appears what California is trying to do is create a state version of the Consumer Financial Protection Bureau. A 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. Tthe new law also would give the state oversight of debt collectors — a regulatory function now limited to federal authorities.

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