California Bill Redoing Financial Agency in CFPB Image Advances (Corrected)

Sept. 1, 2020, 5:52 AM; Updated: Sept. 1, 2020, 10:40 PM

California’s legislature passed a bill to beef up the state financial regulator’s powers to oversee financial technology companies, payday lenders, debt collectors, and other service providers that aren’t currently regulated by the agency.

The California Consumer Financial Protection Law (AB 1864), cleared Monday by the state Assembly and Senate, is meant to help the regulator go after abusive or predatory consumer finance companies. Gov. Gavin Newsom (D) is expected to sign the bill, having included its initiatives in his budget proposal earlier this year.

The bill would restructure the Department of Business Oversight under a new name—the Department ...

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