SACRAMENTO, Calif. – The California Bankers Association (CBA), issued the following statement today in response to the announcement that the Department of Business Oversight will be restructured and renamed the Department of Financial Protection and Innovation:

“As part of this restructuring, we understand that there will be increased emphasis on consumer protection and innovation relative to financial technology and products. The association has long advocated for an effective state regulator that works collaboratively with state chartered banks to advance the success of their customers, communities and the state of California.

As details emerge, the association looks forward to reviewing the proposal and is committed to being a resource to the governor and Legislature as this proposal advances.”

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