State of California

Bill would create California public bank


Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments.


California settles with point-of-sale lender Afterpay


The Australian firm agreed to pay around $1 million in connection with allegations that it broke the law by operating without a license in the nation's largest state.


Public banking gets green light in California


A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community.


California gives more cover to firms banking pot businesses


Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.


California data privacy compromise in peril


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.


The derailment of California's payroll advance law


A first-in-the-nation bill that drew unanimous support from the state Senate failed to get over the finish line this year. What happened?


Calif. Senate approves interest rate cap for installment loans


The vote Friday was a victory for consumer advocacy groups that have been pushing for years to rein in lenders that charge triple-digit rates.


Student borrower protection bill stalls in California


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.


Praise and scorn for California's new business loan disclosure plan


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.