California, the nation’s foremost technology hub, could soon become home to one of the nation’s most potent financial services regulators under new proposals from Gov. Gavin Newsom.
Newsom released Friday the details of his fiscal 2020-2021 budget, including a proposal to remake the California Department of Business Oversight into a direct regulator of fintech companies, debt collectors, credit reporting agencies and others.
The agency, which would be renamed the Department of Financial Protection and Innovation (DFPI), would also see its powers expanded to police “abusive” acts and practices, in addition to existing standards for unfair and deceptive acts and practices ...
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