Californians Need Robust Consumer Protections

In the face of the current COVID-19 recession, mayors from California’s largest cities are urging the state’s lawmakers to protect consumers and small businesses by enforcing laws prohibiting financial companies from engaging in unfair, abusive, and deceptive practices. Governor Gavin Newsom’s proposal to overhaul the Department of Business Oversight as the Department of Financial Protection and Innovation would stand up a consumer watchdog with the teeth to protect Californians from the worst excesses of the financial system.

Mayors Eric Garcetti of Los Angeles, Sam Liccardo of San Jose, London Breed of San Francisco, Darrell Steinberg of Sacramento, Libby Schaaf of Oakland, Robert Garcia of Long Beach, and Michael Tubbs of Stockton penned the July 31st letter to California’s Senate President pro Tempore Toni G. Atkins, Speaker Anthony Rendon, and Budget Committee Chairs Holly Mitchell.

See full press release here.