The news that California Assemblywoman Monique Limón is making efforts to make a "mini-CFPB" in California has bubbled to the surface several times over the past year or so. For a while, the mini-CFPB was included in California's proposed budget but eventually was cut. Now, according to NPR and supported by the Assemblywoman's tweet, Limón is seeking to get the mini-CFPB—known in long-form as the Department of Financial Protection and Innovation—on the legislative table before August 31, the legislative deadline.
The NPR article notes that "[t]he new agency would give the state broader power and ability to police aggressive debt collectors, credit repair schemes, predatory lenders and other shady financial practices. The mini-CFPB gained support from the Consumer Financial Protection Bureau's Former Director Richard Cordray, who advised California's Governor on the matter.
insideARM Perspective
View this content by subscribing
Please register to unlock this content
I already have an account. Log in
