SACRAMENTO, Calif. (CN) — Citing inaction by the Trump administration, California Governor Gavin Newsom on Friday signed a consumer protection bill giving state regulators greater 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 will 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, which will focus on rooting out unfair, deceptive and…