CALIFORNIA GOV. GAVIN NEWSOM (D) signed several consumer protection measures into law Tuesday, including one that prohibits some banks and credit unions from charging insufficient fund fees in the state.
- The law (AB 2017) only applies to state-chartered financial institutions, but reporting requirements enacted in 2022 have revealed that a small number of such banks and credit unions are making millions of dollars in insufficient fund fees annually.
- Newsom also signed a measure (SB 1061) prohibiting consumer credit reporting agencies from including medical debt on credit reports.
- Both laws are similar to federal rules proposed by ...