California

Credit union parity bill signed
Sept. 6, 2018 — Today, California Gov. Jerry Brown (D) signed a California Credit Union League-sponsored bill, AB 2862, which updates the California state credit union charter. The measure includes five provisions to clean up the code and give state-chartered credit unions parity with federally-chartered credit unions.

The provisions include:

  • Allowing state-chartered credit unions to purchase and sell whole loans.
  • Allowing investments in charitable donation accounts (CDAs).
  • Clearly exempting credit unions from the California escrow law.
  • Authorizing investments for employee benefits plan obligations without prior approval by the California Department of Business Oversight (DBO).
  • No longer requiring savings capital structure policies.

The bill is effective January 1, 2019.

Broad privacy measure gives consumers right to request data
July 10, 2018 — A sweeping privacy measure, the California Consumer Privacy Act of 2018, recently passed both the State Assembly and the Senate without any opposition and was signed into law by Gov. Jerry Brown. When it goes into effect in 2020, the law will give consumers the right to request all the data businesses are collecting on them, as well as the right to request that businesses not sell any of their data.

The law also comes with strict disclosure rules about data collected by businesses, and it empowers the California Attorney General to fine businesses for non-compliance.

The bill was passed to prevent voters from passing stricter rules in November. Californians for Consumer Privacy, a group headed by real estate developer Alistair Mactaggart, had been preparing a ballot initiative to that would have gone even further than AB 375.

State fills deputy commissioner’s job
Jan. 17, 2018 — Caitlin Sanford is the new deputy commissioner of the division of credit unions for the California Department of Business Oversight (DBO), and will take the job Feb. 1. The appointment to the position was announced by Gov. Edmund G. “Jerry” Brown Jr. Dec. 29. A user experience researcher for mobile financial services at Facebook since 2016, Sanford previously held positions for Bankable Frontier Associates, a consulting firm specializing in finance solutions for low-income people. Among her roles at the firm were director of consumer insights, acting director and associate. Prior that, she was a research intern at the World Bank in Brazil, and a program assistant at the United Nations Poverty Environment Initiative in Panama and in Kenya.

 

 

 

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