News Topic: california

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets. ... Read full article

New Enterprise Bank, which would focus on serving "innovative firms," plans to open next year. ... Read full article

The state's financial regulator sent a subpoena to an auto-title lender seeking information about its partnership with a Utah bank, marking the first public disclosure of an investigation into efforts to evade a 2019 law capping interest rates on many ... Read full article

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms. ... Read full article

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur. ... Read full article

The Los Angeles company will remain a community development financial institution when it acquires the parent of City First Bank in Washington. ... Read full article

The agency said national banks could close offices “at their discretion” as a safety precaution if they are affected by fires in California and Colorado. ... Read full article

The company will pay $156 million for a bank with a large Small Business Administration lending platform. ... Read full article

Treasurer Ma has championed programs to give minority and women-owned businesses a seat at the table throughout her career. A mission of the Treasurer is increasing diversity to increase equitable outcomes. ... Read full article

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it. ... Read full article

The California company said Russell Colombo "is committed to remaining in the job as long as needed." ... Read full article

The Los Angeles company said Chang Liu, who runs its bank, will succeed Pin Tai, who is retiring. ... Read full article

He co-founded California Rural Legal Assistance, Public Advocates and the Greenlining Institute ... Read full article

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms. ... Read full article

After drawing industry opposition, legislation that would have added broad new borrower protections during the pandemic failed to advance out of the state Assembly. ... Read full article

The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year. ... Read full article

The last bank where he was CEO, Opus Bank, ran into trouble largely because it made too many acquisitions in too short a time span. This time around, Gordon will take a more methodical approach. ... Read full article

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer. ... Read full article