On September 25 of this year, the state of California approved a decree by which the "Department of Business Supervision" is replaced by the "Department of Financial Protection and Innovation", as stated California Legislative Information. The approval of the aforementioned decree would not only bring about the change of the entity's name, but it would also empower the entity to improve responsibility and transparency in the financial system of the state of California.
In that sense, the aforementioned department will now have the power to monitor and sanction illegal, unfair, deceptive or abusive acts or practices related to consumer financial products or services. Likewise, the Department of Financial Protection and Innovation will monitor financial services that are not currently subject to regulatory oversight, including industries that currently exist unregulated in California or also new products and / or services that may enter the market in California. future.
In addition, said department may also license and regulate financial services, including state-licensed banks, money transmitters, stock brokers, investment advisers, non-bank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, and franchisors.