California’s top financial regulator would get broader powers over additional businesses that have been primarily overseen by the federal Consumer Financial Protection Bureau, under legislation advancing in the state Senate.
Backers say the bill (SB 825) would allow the state Department of Financial Protection and Innovation to fill holes in enforcement left by President Donald Trump’s effort to dismantle the CFPB, which is being challenged in court. The Senate Banking and Financial Institutions Committee approved the bill Wednesday on a party-line vote of 5-2. It heads next to the Senate Judiciary Committee.
The measure would expand the California ...