Richard Cordray, former director of the Consumer Financial Protection Bureau (CFPB), is back in the spotlight. According to the Los Angeles Times, Cordray advised California's Governor Gavin Newsom on the creation of the state's own "mini-CFPB."
The idea of a mini-CFPB in California first came to light in April 2019, when a California Assemblywoman explored the idea at a press conference with Cordray. This month, almost exactly nine months later, the proposition for the mini-CFPB made its way into the Governor's proposed budget for 2020-2021. Lauren Valenzuela, Corporate Counsel for Performant Financial Corp., wrote an article for insideARM on the issue and summarized what role of the mini-CFPB:
The DFPI would have expanded enforcement authority to pursue “unfair and deceptive practices” and would give DFPI jurisdiction to supervise debt collectors, credit reporting agencies, FinTech companies, and other financial services providers previously unlicensed and unregulated by the Department of Business Oversight.
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