California’s vague new financial regulation law

In abstract

California has a brand new monetary regulation legislation however its attain is obscure and awaits extra definition.

Assembly Bill 1864 didnt get a lot media or public consideration because it zipped by way of each homes of the Legislature on the final day of the 2020 session.

Superficially, it appeared merely to reconfigure the states monetary regulatory companies into a brand new entity known as the Division of Monetary Safety and Innovation.

Nonetheless, these in Californias huge monetary business had been paying a number of consideration as a result of the invoice creates a completely new regulatory regime with broad powers, together with fines of as much as $1 million a day, to police monetary gamers that hitherto have had little oversight.

click hear for more Finance Updates

Follow by Email