CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION

97

CHAPTER 162

Statutes of 2025

[ Approved by Governor October 1, 2025. Filed with Secretary of State October 1, 2025. ]

Introduced by Assembly Member Chen

February 14, 2025

An act to amend Section 90018 of the Financial Code, relating to financial institutions.

Vote: majority   Appropriation: no   Fiscal committee: yes   Local program: no

LEGISLATIVE COUNSEL’S DIGEST

The California Consumer Financial Protection Law requires the Commissioner of Financial Protection and Innovation to prepare and publish on the Department of Financial Protection and Innovation’s internet website an annual report detailing actions taken during the prior year under the law and requires the report to include information on actions taken with respect to, among other things, the activities of the Financial Technology Innovation Office.

This bill would additionally require the report to include information on actions taken with respect to the Office of the Ombuds.

The people of the State of California do enact as follows:

SECTION 1.

Section 90018 of the Financial Code is amended to read:

90018.

(a) The commissioner shall prepare and publish on the department’s internet website an annual report detailing actions taken during the prior year under this law.

(b) The report described in subdivision (a) shall include, but not be limited to, information on actions taken with respect to all of the following:

(1) Rulemaking, enforcement, oversight, consumer complaints and resolutions, education, and research.

(2) The activities of the Financial Technology Innovation Office.

(3) The activities of the Office of the Ombuds.

(c) The report may include recommendations, including those intended to result in improved oversight, greater transparency, or increased availability of beneficial financial products and services in the marketplace.