State Government Relations
State Government Relations
Welcome to the CBA State Government Relations section, where you’ll find the latest information on state banking legislation.
CBA State Government Relations Department: Advocacy
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.
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.
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.
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.
CBA-Sponsored AB 1393 Regulatory Compliance Bulletin
August 4, 2014
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.
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.