At the request of the California Bankers Association, the California Department of Child Support Services (DCSS) asked the California attorney general’s office to issue an opinion to clarify whether banks should “stack” statutory exemptions when responding to DCSS garnishment orders. Both the Family Code and the Code of Civil Procedure require banks to exempt specified amounts from garnishment orders so that the obligor/accountholder is able to preserve funds for basic necessities.
Two important banking cases that originated in California, which CBA has reported on previously in the Monday Courier, are now working their way to the U.S. Supreme Court. In Casasola v. Greene, an appellate court allowed the bank and branch personnel to be sued by a person who was the subject of a police report despite the immunity that banks enjoy under the Annunzio-Wylie Anti-Money Laundering Act.
The Consumer Financial Protection Bureau’s (CFPB) first major enforcement action based on racial discrimination came against one of the largest auto finance lenders in the country. Ally Financial Inc., and its subsidiary Ally Bank, made automobile loans through a network of 12,000 dealers and had total assets of $182 billion. The CFPB and Department Of Justice’s joint consent order faulted the lender for failing to control the use of dealer markups in which dealers were given discretion to vary Ally’s minimum buy rates.
Last May, the regulatory agencies proposed several changes to the call report to provide additional data for safety and soundness and other public purposes. The proposed effective date of some of the changes has been delayed until December 2013 and March 2014. Basel III has been approved and the regulatory changes to risk weightings and capital will affect the call report. All current proposed revisions will be reviewed. Additionally, any subsequent changes proposed by the regulators affecting the 2014 call report will be covered in the session.
Now in its 12th year, the Directors Certification Program is the most comprehensive bank director training program offered in California. The program was developed as a collaborative effort between the California Bankers Association and the Bankers’ Compliance Group, Inc. (BCG). It is updated every year to reflect the most recent developments and legislation to include the new risks and responsibilities bank directors are faced with. The program will be lead by Mark E. Aldrich, Esq., principal of Aldrich Bonnefin & Moore, P.L.C. and chairman of Bankers Compliance Group.