The governors of New York and California are proposing significant expansions of state regulatory power over consumer financial services, saying federal oversight has become lax under the Trump administration. The expanded state agencies, the Democratic governors say, would help compensate for what they see as a lack of enforcement by the federal Consumer Financial Protection Bureau. President Obama and congressional Democrats created the CFPB in the wake of the financial crisis to help consumers harmed by problems involving...

Source: Wall Street Journal March 16, 2020 09:22 UTC