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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...

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...

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

Money, Money, Money . . .

Last Friday's post was inspired by a recent article written by Daniel Sanches entitled"Bitcoin vs. the Buck: Is Currency Competition a Good Thing?Economic Insights (Vol. 3, Issue 2, p. 9) in which he observes:

"Indeed, for 150 years, U.S....

Financial Institutions

Author Wagers Prize Linked Savings Accounts Are Not Lotteries

Recently, I wrote about  Senator Josh Newman's attempt to legalize prize linked savings accounts in California.  Senator Newman's bill,  SB 1055 , would allow a bank or credit union to offer prizes if, among other things depositors are not required to...

Financial Institutions

Is A Prize-Linked Savings Account A Lottery?

In 2014, the United States Congress enacted the American Savings Promotion Act, P.L. 113–251 (DEC. 18, 2014) permitting financial institutions to offer savings accounts, with the added feature of offering chances to win prizes.  According to this...

Financial Institutions

California Proposes To End Bylaw Amendment Reviews

Credit Unions got their start in Nineteenth Century Germany.  In 1909, Roman Catholic textile workers opened the first credit union in the United States, St. Mary's Cooperative Credit Association (later, renamed La Caisse Populaire Ste.-Marie).  At...

10 CCR 30.105, Financial Code, NCUA, Uncategorized, amendment, Bylaws, Commissioner of Business Oversight, Credit Union, Financial Institutions, state charter

How Independent Is The SEC And How Independent Should It Be?

Can the President say "You're Fired!" to an SEC Commissioner?

Legal History, Broc Romanek, SEC, 44 U.S.C. Sec. 3502(5), Davis Polk, Financial Institutions, for cause removal, Free Enterprise Fund v. PCAOB, independent regulatory agency, Justice Stephen G. Breyer, Securities and Exchange Commission

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
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