California: State approves 'mini-CFPB' expanding regulatory authority
On September 25, 2020, the Governor of California signed a package of bills into law aimed at protecting consumers in the state from financial predators and abusive business practices. Included in the package is AB 1864, which establishes the Department of Financial Protection and Innovation (DFPI) and adds 90 positions over the next three years to transform the agency into California’s version of the federal Consumer Financial Protection Bureau (CFPB).
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