How California is changing its FinTech regulation.

The legislation: AB 1864 (2020 | CA)

The revamped state regulatory body: California Department of Financial Protection and Innovation

What powers will California have that it did not before? The power to enforce laws against unregulated industries

What does the regulator say about innovation and fintech? The agency will have the ability to “Spur innovation in financial services by clarifying regulatory expectations for emerging products and services.”

California Department of Financial Protection and Innovation (DFPI) | California Consumer Financial Protection Law