New California Financial Watchdog Would Take Aim At Predatory Lenders Amid Pandemic

Lawmakers in California are rushing to create a new financial protection watchdog agency by the end of the month. They say it's needed because, under the Trump administration, the main federal regulator has been paralyzed.

And they say that during the pandemic that is leaving millions of Americans who are in dire financial straits more vulnerable to predatory lenders, get-out-of-debt-scams and other wrongdoing.

One study last year found that the federal Consumer Financial Protection Bureau's enforcement activity plunged by 80% from 2015. And money returned to consumers dropped by 96%.