A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community.
Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.
New plans for a ballot initiative in November 2020 threaten to overturn concessions that financial institutions, tech firms and other companies have won from state lawmakers.
A legislative measure would have made the Golden State the first in the nation where aggrieved borrowers could sue their servicers. The bill was delayed until 2020 after banks and other financial companies expressed opposition.
Under a state proposal, annual percentage rates would have to be disclosed on nonbank commercial loans of $500,000 or less. Lenders' responses have been mixed depending on their business model.
New data from the state shows that payday loans fell to a 12-year low in 2018. But the trend does not necessarily mean that consumers are paying less to borrow.
Readers weigh in on Wells Fargo's latest efforts to mollify regulators, debate the value of a "mini CFPB" in California, consider proposed changes to the Community Reinvestment Act and more.
