Nancy Thomas spoke to Law360 about the state of California passing legislation that would revamp its financial services regulator in the image of the U.S. Consumer Financial Protection Bureau (CFPB), signaling an increased focus on fintech in particular.
“The [Department of Business Oversight] had the authority to enforce specific laws,” said Nancy. “Now, the focus is on the kind of products and services that are being offered without having to tie the agency’s authority to a particular statute, and that gives the new [Department of Financial Protection and Innovation] broader authority to reach products and services that the agency couldn’t reach before now.”
She added: “This change is modeled on what the Dodd-Frank Act’s Title X did for the CFPB. Instead of an agency that has authority to enforce particular laws, it’s an agency focused on consumer financial products and services.”
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