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More than 65 Percent of SSBCI Funding Available for California Small Businesses

The California State Small Business Credit Initiative still had 69 percent of its current funding disbursement available for small business lending and investment through Dec. 31 2013, according to the U.S. Treasury Department’s quarterly SSBCI report. Nationally, the SSBCI program has disbursed $1 billion of the total SSBCI allocation to participating states since the program began in 2010. The new report also found that states accelerated their use of SSBCI funds in 2013, more than doubling the amount reaching small businesses or investment funds.

Compliance Bulletin

Employers Must Reimburse for Required Telephone Use
August 18, 2014

A California appellate court found an employer liable to pay the reasonable costs of its employees’ cell phone bills if use of their phones was necessary to discharge their duties. This outcome does not depend on whether an employee’s phone plan includes limited or unlimited minutes. The case, Cochran v. Schwan’s Home Service Inc., was a class action suit. See CBA’s Regulatory Compliance Bulletin for more information.

Compliance Bulletin

New Bill Enhances the Process of Paying off HELOC at Closing
September 15, 2014

AB 1770 seeks to address situations where a lender fails to close a HELOC prior to close of escrow, which may result in the innocent buyer and new lender inheriting the underlying loan and lien. The bill creates a new form “Borrower’s Instruction to Suspend and Close Equity Line of Credit” that, when signed by the borrower and delivered to the lender, instructs the lender to suspend the line of credit for at least 30 days. If the borrower also satisfies the payoff demand, then the lender must close the line and release or reconvey the property.

Compliance Bulletin

New Bill Authorizes Disclosure of State Agency Accounts
September 15, 2014

A new bill, SB 898, allows banks to divulge to the State Treasurer’s Office certain information related to accounts held by state agencies and departments. The purpose of the bill is to help the treasurer’s office to monitor state monies not deposited within the centralized state treasury system. See CBA’s Regulatory Compliance Bulletin for more information.

Press release

The California Bankers Association and Beacon Economics Release California Banking Industry Intelligence Report
Report provides an overview of the banking sector, current interest rate environment and expected Federal Reserve action

Sacramento, Calif. — The California Bankers Association (CBA), one of the largest state banking trade associations, and Beacon Economics have released a fifth California banking report that examines important issues currently affecting California’s banks and the overall economy. The report is authored by Chris Thornberg, Ph.D., founding partner, and Jordan Levine, economist and director of economic research, at Beacon Economics.

Profile

Louise Walker – Immediate Past Chair
President & CEO, First Northern Bank

Louise Walker has served as president and CEO of First Northern Community Bancorp and its subsidiary, First Northern Bank, since January 1, 2011. She joined First Northern Bank in 1979, and has been a member of the Senior Management Team since 1989. Walker is a member of the following board of directors oversight committees: asset/liability, asset management and trust, audit, compensation, directors loan, information services steering, nominating and corporate governance, preferred stock dividend, and profit sharing.