Sacramento, CA 1 September 2020 – In the aftermath of two failed consumer protection bills in both the state assembly and senate, the California legislature did manage to pass a bill that will create its own version of the Consumer Financial Protection Bureau. State Governor Gavin Newsom, who spearheaded the bill, is poised to sign the bill into law. As part of the 2020-21 budget, Governor Gavin Newsom set in motion a reorganization and significant expansion of the authority of the California regulator, the Department of Business Oversight (DBO). This reorganization includes:
California Legislature Approves its Own State Level CFPB – Consumer Financial Protection Bureau – CFPB
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