Bloomberg Tax
Jan. 9, 2020, 6:22 PM

N.Y., California Look to Lead Way in Consumer Finance Oversight (1)

Evan Weinberger
Evan Weinberger
Assistant Managing Editor
Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

New York and California are taking steps to give their consumer financial protection regulators more power as they say federal oversight withers under the Trump Administration.

New York Gov. Andrew Cuomo (D) on Jan. 8 released proposals that would increase the state’s Department of Financial Services authority to bring enforcement actions, and increase oversight of the debt collection industry. California Gov. Gavin Newsom (D) is expected to announce on Jan. 10 legislation to entirely revamp and supercharge that state’s consumer financial protection efforts.

Though the reach of New York and California’s regulations stop at their borders, the sheer size and ...

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