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SACRAMENTO -- Gov. Gavin Newsom signed a bill Friday creating a new consumer protection watchdog in California, the Department of Financial Protection and Innovation (DFPI). The bill will overhaul the existing Department of Business Oversight into the new agency, which will have expanded oversight of companies, including debt collectors and credit reporting agencies.
Claudia Deeg, CALPIRG associate, issued the following statement in response:
“California has needed stronger consumer protections for years, and the DFPI’s creation comes at a truly crucial moment to provide it. Since the start of the COVID-19 pandemic, we have seen a significant increase in financial threats to consumers, from price gouging to scams to predatory lending.
“At the national level, the Trump administration gutted the Consumer Financial Protection Bureau (CFPB), leaving consumers vulnerable just as the COVID-19 pandemic has produced the greatest financial challenge to consumers in a generation. By creating this new agency, California has stepped up to the plate for financial protection.
“This is a major victory for every Californian, and we applaud Gov. Newsom, Assemblymember Monique Limón, and Sen. Holly Mitchell for their leadership and dedication to move this proposal across the finish line. We look forward to working with the DFPI to ensure that all Californians are protected from threats to their financial safety and security both during this pandemic and long after.”
California Public Interest Research Group (CALPIRG) is a statewide non-profit that works to protect consumers and public health from threats to our health, safety, and financial wellbeing. For more information on CALPIRG visit www.CALPIRG.org.
CALPIRG is part of The Public Interest Network, which operates and supports organizations committed to a shared vision of a better world and a strategic approach to social change.
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