California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020. The proposed budget amendments include substantial cuts to compensate for the anticipated impact to state revenue due to job losses and business closures caused by the COVID-19 pandemic. The funding allocated to the revamping of the Department of Business Oversight (DBO) was not impacted, however. … Continue Reading
CA and NY governors propose expansion of state consumer financial protection regimes
By Alan S. Kaplinsky on
Posted in CADBO, NYDFS, Regulatory and Enforcement
The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. Both governors have framed their proposals as a response to what they describe as the CFPB’s “rollback” of its efforts to protect consumers.
California. Governor Newsom’s proposals are part of his 2020-2021 proposed budget. … Continue Reading