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    What Would Willie Sutton Say?

    In August 2019, I never would have imagined that a banking regulator would be required customers to wear masks.  In today's changed world, banking regulators are doing just that.  The California Department of Business Oversight in its August monthly...

    Banking and Financial Institutions, Department of Business Oversight

    Will California License Virtual Currency Issuers?

    The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq.  The Act currently defines "money transmission" as any of the following:

    Banking and Financial Institutions, Department of Business Oversight

    DBO Tables Financial Institutions' Central Locations For Service Of Legal Process

    Six years ago, I wrote about the enactment of legislation, AB 2364 (Wagner) intended to make it easier to levy on bank accounts.  The law requires a bank or financial institution with more than nine branch offices within California to designate one...

    Banking and Financial Institutions

    I-Bank Bill Becomes A Study Bill

    I have written several posts on SB 528 (Hueso), a bill that I considered a potential "sleeper". In my parlance, a "sleeper" is a bill that doesn't attract much attention but results in big changes.  SB 528 would have chartered the California...

    Banking and Financial Institutions

    The IBank May Someday Be California's Bank

    Yesterday, I wrote about legislation that would authorize local governments to form their own local or regional public banks.  Senator Ben Hueso has a somewhat different idea.  He has introduced a bill, SB 528, that would establish the California...

    Banking and Financial Institutions

    Did A Non-Existent Committee Move To Update Corporations Code?

    In April, I kvetched about numerous outdated references in the California Corporations Code.  For example, several provisions of the Code continue to refer to the "Internal Revenue Code of 1954" more than three decades after the enactment of the...

    Legislation, SB 363, Banking and Financial Institutions, Senate Insurance