New legislation, California SB 825 has been introduced in California to counteract the recent changes to the Consumer Financial Protection Breau (CFPB). The bill would grant the California Department of Financial Protection and Innovation (DFPI) the authority to enforce the prohibition of unfair, deceptive, or abusive acts against businesses.
Introduced in late February, California SB 825 was referred to the Committee on Banking and Finance where it passed with amendments and was referred to the Committee on Judiciary. Should this bill pass, it would increase the DFPI’s independence. Opponents argue that this could lead to redundant investigations for business that already fall under the regulation of other state agencies.
Americollect will continue to monitor California SB 825 and the impact it has on medical revenue recovery.
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