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.
Last week CBA reported on the enactment of our sponsored measure Assembly Bill 1393, which extends important tax relief on the forgiveness of mortgage debt by conforming California law to federal law for the 2013 tax year. Please see CBA’s analysis of the bill for more information.
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.
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.
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.
On May 12 and 13, Finovate returns with FinovateSpring, a two-day showcase of the best innovations in financial and banking technology from a mixture of leading established companies and hot young startups.
Though there are many reasons to attend this year’s event, here are the top five reasons to register for FinovateSpring 2015:
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.
Sean Foley is executive vice president and regional president of Southern California for U.S. Bank. Prior to joining U.S. Bank, Sean was executive vice president and group manager of commercial banking for Mellon First Business Bank and held senior positions at Bank of America.
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.