The governors of California and New York have both introduced plans to expand their states’ oversight of the credit and collections industry. This appears to be driven by the states’ perception that the Consumer Financial Protection Bureau (CFPB) has “rolled back” its oversight and enforcement activities, thereby creating a need for the states to step-in. It’s going to be a busy year!
California Proposes Mini-CFPB
On January 10, 2020, California’s Governor proposed a budget for 2020-2021 which contemplates the passage of a new California Consumer Financial Protection Law. The new law will essentially overhaul the Department of Business Oversight and transform it into the Department of Financial Protection and Innovation (“DFPI”). Simply put, the DFPI would be California’s version of the CFPB.
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