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SACRAMENTO, Calif. – The California Bankers Association (CBA) released the following statement regarding the recent wildfires burning across the state, and the recurring public safety power shutoffs (PSPS):
“California banks are deeply committed to the communities that we serve. We stand ready to assist and help our customers who have been impacted by the recent wildfires or public safety power shutoffs.
SACRAMENTO, Calif. – The California Bankers Association (CBA), issued the following statement today in response to Governor Newsom signing Assembly Bill 857 into law:
SACRAMENTO, Calif. – The California Bankers Association (CBA) released the results of a poll conducted by FM3 Research that shows the vast majority of Californians oppose government getting into the business of banking. Currently, there is a measure before the California Legislature, Assembly Bill 857, authored by Assembly Members David Chiu of San Francisco and Miguel Santiago from Los Angeles, which allows for the creation of government-run public banks at the municipal level.
CBA’s state advocacy is multi-faceted. We are the only banking trade association in California with a full-time state legislative advocacy team dedicated to protecting our members’ interests. We are in the capitol every day talking with legislators, key staff, policy committee consultants, regulators and executives in the governor’s office. We submit comment letters and deliver testimony on measures that our members have identified as priorities. We build coalitions with other entities that share our view.
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.
The California Bankers Association (CBA) is pleased to provide you with our review of the 2010 primary election. This document summarizes the key legislative, congressional and ballot races in California focused on by CBA. We hope that you will find this document useful, and please do not hesitate to distribute it within your institution.