Monique Limón
- Democratic
- Senator
- District 19
Existing law establishes the Department of Financial Protection and Innovation, which is under the direction of the Commissioner of Financial Protection and Innovation. Existing law makes the department responsible for administering various laws relating to financial institutions, including banks and credit unions. Existing federal law, the Home Mortgage Disclosure Act (HMDA) , requires specified financial institutions, including certain banks, savings associations, and credit unions, to compile and make available to the public for inspection specific data about mortgage loans. Existing federal law, the Community Reinvestment Act (CRA) , also requires regulated financial institutions, as defined, to be subject to certain assessments by federal agencies to ensure those financial institutions are acting consistently to meet the credit needs of the communities in which they are chartered. This bill would require the Department of Financial Protection and Innovation to conduct an analysis of whether nonbank lenders licensed by the department are meeting the credit needs of underserved communities, as compared to depository institutions currently subject to the CRA. The bill would require the analysis to be made available to the public and posted on the department's internet website. The bill would require the department to seek information from regulators in other states that have enacted laws modeled after the CRA and analyze whether those laws have resulted in an increase in lending to underserved communities, compared to states that have not enacted similar state laws. The bill would require the above-described information and recommendations to be summarized and made available to the public and posted on the department's internet website. The bill would require the department to also review its statutory authority, regulations, and processes related to the examination of a licensee and determine whether the department has adequate authority to examine a licensee for how well the licensee meets the financial services needs of underserved communities. The bill would require the department to provide summary reports of its findings pursuant to the above provisions to the respective chairpersons of specified legislative committees. The bill would include related legislative findings.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 31. Noes 8. Page 3922.) Ordered to the Assembly.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 5. Noes 1. Page 3786.) (May 19).
Set for hearing May 19.
May 9 hearing: Placed on APPR suspense file.
Set for hearing May 9.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 2. Page 3514.) (April 26). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 0. Page 3456.) (April 20). Re-referred to Com. on JUD.
Set for hearing April 26 in JUD. pending receipt.
Set for hearing April 20.
April 6 hearing postponed by committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 6.
From printer.
Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Bill Text Versions | Format |
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SB1176 | HTML |
02/17/22 - Introduced | |
03/30/22 - Amended Senate | |
05/19/22 - Amended Senate |
Document | Format |
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04/18/22- Senate Banking and Financial Institutions | |
04/22/22- Senate Judiciary | |
05/06/22- Senate Appropriations | |
05/19/22- Senate Appropriations | |
05/23/22- Sen. Floor Analyses |
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