SACRAMENTO, Calif. (AP) — California on Friday created what supporters call its own nation-leading, state-level version of the federal Consumer Financial Protection Bureau after critics said the Trump administration significantly weakened national protections.

The legislation that Gov. Gavin Newsom signed into law changes the existing Department of Business Oversight into the Department of Financial Protection and Innovation in what proponents said is the first such move by any state.

The current department regulates a significant part of the financial services industry, including banks and credit unions. But the expanded version will add oversight authority over debt collectors, debt settlement, credit repair and check cashing services, consumer credit reporting, retail sales financing and rent-to-own contracts.

“We need the state to lead as the federal government is pulling away from financial protection,” Newsom said. Read More..