An effort by California to create a powerful state consumer protection bureau could have a significant impact on banks, debt collectors and other financial firms as Gov. Gavin Newsom seeks to fight against the Trump administration's regulatory rollback.
The new agency, modeled on the federal Consumer Financial Protection Bureau, is being pushed by former CFPB Director Richard Cordray and several other former agency officials. If approved by California's legislature, it would create a new office of innovation within the agency and subject more financial firms to state oversight.