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California Creates a New State-Level Financial Protection Bureau

Assembly Bill 1864 was passed by California legislature in late August that creates a Department of Financial Protection and Innovation and bolsters legal protections for consumers. Intended to be a state-level version of the Consumer Financial Protection Bureau (CFPB), the Department has investigative authority and can demand documents, reports, and information from the entities it supervises. It also has been granted rule-making authority over certain areas, including state licensure requirements, reporting requirements, and identifying unlawful, unfair, deceptive, or abusive facts or practices. Another section of the bill passed the California Consumer Financial Protection Law, which generally proscribes engaging in or proposing to engage in unlawful, unfair, deceptive, or abusive act or practice with respect to consumer financial products or services.

 

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Post By Ken Shafton (887 Posts)