California wants to create its own state consumer finance protection agency because the federal Consumer Financial Protection Bureau (CFPB) is in “retreat,” Democratic Gov. Gavin Newsom says.

The state has begun reorganizing the agency that regulates its financial institutions and this week passed a bill that may grant the agency powers to protect state consumers similar to those wielded by the CFPB.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...