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Banks Governor Newsom

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

The proposal includes a shift to a single-sales-factor apportionment formula for financial institutions, aiming to increase tax revenue starting in tax year 2025. Update: On May 14, 2025, Governor Newsom released the May...more

Hudson Cook, LLP

Featuring BizFinLaw - November 2024

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In Texas Bankers Association v. Consumer Financial Protection Bureau, the U.S. District Court for the Southern District of Texas denied a summary judgment motion by the Texas Bankers Association and other plaintiffs to set...more

Sheppard Mullin Richter & Hampton LLP

California Enacts Law Prohibiting State Banks and Credit Unions from Charging NSF Fees

On September 24, the Governor of California signed AB 2017 (the “Act”) into law. The Act prohibits state-chartered banks and credit unions from charging consumers non-sufficient fund fees (“NSF fees”) when they initiate...more

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

Allen Matkins on

A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Morrison & Foerster LLP

Governor Newsom Signs Blockchain Executive Order Intended to Support Web3 Businesses and Provide Regulatory Clarity

Following President Biden’s March 9, 2022 “Executive Order on Ensuring Responsible Development of Digital Assets,” on May 4, 2022, California Governor Gavin Newsom issued his own “Blockchain Executive Order to Spur...more

Allen Matkins

Is Zero-Fee, Zero Penalty Banking In California's Future?

Allen Matkins on

Last month, Governor Newsom signed AB 1177, the California Public Banking Act.  The law's title is more impressive than accurate, for it does not actually create a public bank.  Rather, the law requires the Treasurer to...more

Davis Wright Tremaine LLP

How Well Do You Know California's Newest Financial Regulator?

Under recent landmark legislation, California will enhance its oversight of consumer financial products and services. This law, known as the California Consumer Financial Protection Law (CCFPL), replaces the Department of...more

Allen Matkins

When, If Ever, Will California Charter A Public Bank?

Allen Matkins on

 A little over a year ago, California Governor Gavin Newsom signed  legislation, AB 857 (2019 Cal. Stats. ch. 442) local agencies to establish so-called "public banks", subject to approval by the Department of Financial...more

Buchalter

Newly Enacted California Consumer Financial Protection Law (AB 1864) Reorganizes and Renames Financial Institutions Regulator for...

Buchalter on

California has enacted a new California Consumer Protection Law (CCFPL), California Financial Code Section 90001 et seq. The CCFPL will convert the Department of Business Oversight (DBO) into a new Department of Financial...more

Foley & Lardner LLP

Managing the Commercial Impact of the Coronavirus: Sixteen Counties and Three Cities in California Under Shelter In Place Order or...

Foley & Lardner LLP on

On March 19, 2020, California Governor Gavin Newsom issued an Executive Order requiring Californians to “stay at home or at their place of residence” until further notice except as needed to maintain continuity of 16...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

Moore & Van Allen PLLC on

The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

Stoel Rives LLP

COVID-19 Legal Update: How Are Evictions And Lien Foreclosures Impacted Following California Executive Order N-28-20?

Stoel Rives LLP on

On March 16, 2020, Governor Gavin Newsom issued Executive Order N-28-20 (“Order”) regarding evictions and foreclosures in California. This Order is relevant to every person and business involved in the rental, ownership, or...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

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A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

White & Case LLP

Key Regulatory Developments Impacting the California Lending and Payments Space

White & Case LLP on

The State of California is home to almost 40 million consumers and the world’s fifth largest economy. It represents a key exposure to most financial services companies’ US footprint. In recent years nonbank financial services...more

Allen Matkins

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

Allen Matkins on

Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

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