Newsom Signs Bills for Consumers
Citing inaction by the administration, California Governor Gavin Newsom signed a consumer protection bill on Friday, giving state regulators more remarkable ability to fight predacious debt collectors and lenders.
Intended as a junior version of the federal Dodd-Frank Act, Newsom said the bill is a warning to financial service providers known to target Californian’s oldest and most vulnerable populations. In a virtual signing ceremony, Newsom claimed California would establish the “nation’s strongest” consumer watchdog agency and enforce portions of the Obama-era act as Congress initially intended.
“We need the state to lead as the federal government is pulling away from financial protection,” the Democratic governor said.
Assembly Bill 1864 officially creates the Department of Financial Protection and Innovation, focusing on rooting out unfair, deceptive and…