California to Create its Own Consumer Financial Protection Bureau

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Apparently, California still has more tricks up its sleeves to potentially drive out businesses and residents.  As part of his annual state budget, California Governor Gavin Newsom included a proposal for the state to establish its own Consumer Financial Protection Bureau.  According to the LA Times, the proposal would overhaul the existing Department of Business Oversight and rename it the Department of Financial Protection and Innovation.  In addition, they report that the Governor’s office said no new funding will be required.  Indeed…

“Details at this point are scant. But it appears what California is trying to do is create a state version of the Consumer Financial Protection Bureau. That’s the federal agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in 2010.”

Click here to read the full story at the LA Times.

 

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Director of Education & Outreach, National Real Estate Investors Association

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