California Governor Plans State Version of CFPB

Jan 10, 2020

California Gov. Gavin Newsom is proposing a state version of the Consumer Financial Protection Bureau (CFPB) as part of his 2020-2021 budget.

According to a report by Los Angeles Times business columnist David Lazarus, Newsom is proposing the reinvention of California’s Department of Business Oversight and as the Department of Financial Protection and Innovation. The current agency is already engaged in consumer protection via the oversight of state-licensed financial institutions, and its successor agency will continue that work while taking on new regulatory power and enforcement responsibility.

Newsom, a Democrat who was previously the mayor of San Francisco, promised to add “dozens of new staff” to the proposed agency and add state oversight of debt collectors, which is now the exclusive domain of federal regulators.

“As the Trump administration undermines and weakens the rules that protect consumers from predatory businesses, California is filling the void and stepping up to protect families and consumers,” said Newsom in an e-mail to Lazarus.
Newsom did not provide a timeline for when the new agency would go into effect or an estimated operating budget.

About the author

Phil Hall

Link copied

Published

Jan 10, 2020

Regulation and Compliance

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Fannie Mae’s artificial intelligence and machine-learning governance requirements take effect Thursday, Aug. 6, giving approved seller/servicers a final deadline to formalize how the technology is used across mortgage origination and servicing.The requirements apply when a s...

Analysis and Data

Higher Mortgage Rates Shrink Purchase Demand, Expand Buyer Leverage

Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers

Higher mortgage rates are thinning the purchase pipeline, even as lower asking prices and reduced competition give borrowers still in the market more leverage.Seasonally adjusted U.S. pending home sales totaled 322,739 during the four weeks ending July 26, their lowest level...

Nov

California Mortgage Expo – Pasadena

Pasadena, CA

More from

Regulation and Compliance

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3

Regulation and Compliance

Jul 24, 2026

TRUE Releases AI Governance Guide Ahead Of Fannie Mae Deadline

Guide focuses on tracing mortgage data from borrower documents through AI validation, human review, and final LOS entry

Regulation and Compliance

Jul 22, 2026

AD Mortgage Warns Condo Eligibility Changes Could Restrict Conventional Financing

Wholesale lender cites internal loan data to urge regulators to monitor whether new condominium eligibility standards reduce access to conventional financing

Regulation and Compliance

Jul 20, 2026

CHLA Says Direct Payments Are Key To Small FHA Loans

The lender group says mortgages below $100,000 routinely lose money, while LO compensation rules could prevent federal incentives from reaching originators

Regulation and Compliance

Jul 17, 2026

Solidifi Clears FHA Certification For UAD 3.6 Integration

The appraisal management company says it is the first to complete certification for FHA’s modernized EAD platform, giving lender clients an early path toward implementation

Regulation and Compliance

Jul 16, 2026

Popular