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Consumer advocates urge stronger state financial oversight if federal protections are reduced
Summary
The executive director of the Consumer Federation of California told the Little Hoover Commission that the state’s Department of Financial Protection and Innovation should be resourced and prepared to fill gaps if federal consumer‑finance enforcement is curtailed, citing recent federal personnel cuts and new state crypto licensing mandates.
Robert Harel, executive director of the Consumer Federation of California, told the Little Hoover Commission on April 24 that the proposed reorganization should preserve and strengthen state consumer‑financial oversight—particularly the Department of Financial Protection and Innovation (DFPI).
Harel noted that DFPI’s remit already includes state‑chartered banks and a wide range of nonbank financial services, and he urged the commission to consider resourcing DFPI to meet a changing enforcement landscape. “Last week, the new leadership at the Federal Consumer Financial Protection Bureau … attempted to do an…
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