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California Law Requires Banks To Disregard Notice of Adverse Claims To Accounts

In an all too familiar story, an insurance company's managing agent was tricked into transferring nearly $2 million into the fraudster's account at Wells Fargo Bank.  The plaintiffs then sued the bank alleging that after receiving actual knowledge...

Financial Institutions

DBO Issues Guidance To Banks And Credit Unions Serving Cannabis Related Businesses

In the early 1970s, I worked as a petroleum transfer engineer (aka service station attendant).  In those halcyon days, we actually pumped the gas for customers, washed their windows and offered to check the oil.  I remember one customer who was a...

Financial Institutions

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

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 Corporation. 

When I first ...

Financial Institutions

Marijuana Bank Legislation On Hold But May Take Effect Next Year

Last January, I wrote about Senator Robert Hertzberg's introduction of a bill, SB 51, that would authorize the licensing and regulation of cannabis limited charter banks and credit unions under the oversight of the Commissioner of Business...

Financial Institutions

I-Bank Bill Advances Despite Manifold Issues

A California bill that would charter the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution passed out of the Senate Banking and Financial Institutions Committee yesterday.  If the I-Bank becomes a...

Financial Institutions

The "Other" EDGAR

Did you know that some companies with securities registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 do not file their periodic reports and proxy materials on EDGAR?  Section 12(i) of the Exchange Act vests the Federal...

Financial Institutions

Despite Skepticism California's I-Bank Bill Moves Forward

Recently, I have written about Senator Ben Hueso's proposal to convert the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution.  As a depository bank, the I-Bank would hold and lend taxpayer dollars. 

...

Financial Institutions

Bank Directors Appointed By Politicians - What Could Possibly Go Wrong?

I recently wrote about proposed legislation (SB 528) that would establish the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution.  The I-Bank, despite its name, does not currently accept deposits.  The bill ...

Financial Institutions

Would You Bank On Los Angeles?

On Monday, California Assemblymembers Miguel Santiago and David Chiu announced that they intend to author a bill that would allow local governments to form their own local or regional public banks.  The announcement refers to AB 857, but that bill...

Financial Institutions

California Legislature Mulls Cannabis Bank Charters

One of the first bills introduced in the current California legislative biennium proposes to enact a Cannabis Limited Charter Banking and Credit Union Law.  Authored by Senator Robert M. Hertzberg, SB 51 is an attempt to address the fact that...

Financial Institutions

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
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