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Committee advances bill to clarify DFPI authority to pursue consumer-financial violations (SB 825)
Summary
The Assembly Banking and Finance Committee on Oct. 26 advanced SB 825, a measure to clarify the Department of Financial Protection and Innovation's authority to pursue consumer-financial violations under state law, and sent the bill to Appropriations.
The Assembly Banking and Finance Committee on Oct. 26 passed SB 825 (presented by the Senate pro tem designee) to the Appropriations Committee. Supporters said the bill clarifies the Department of Financial Protection and Innovation's authority to remedy legal violations against California consumers directly under state law and argued the change is needed after recent federal shifts in enforcement.
The bill's sponsor told the committee the measure does not create new obligations for financial institutions but allows the DFPI to "say to…
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