AB 2674

Existing law generally regulates financial institutions, including the California Consumer Financial Protection Law that, among other things, requires the Department of Financial Protection and Innovation to exercise nonexclusive oversight and enforcement authority under California consumer financial laws. This bill would require a depository institution, as defined, to take certain actions that would help protect its customers from financial abuse and deception, as defined, including by requiring a depository institution that suspects financial abuse or deception with respect to any transaction to employ certain preventive measures, as prescribed, except as specified.