SB 1176

  • California Senate Bill
  • 2021-2022 Regular Session
  • Introduced in Senate Feb 17, 2022
  • Passed Senate May 25, 2022
  • Assembly
  • Governor

Department of Financial Protection and Innovation: loan-related activities: data analysis and practices.

Abstract

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.

Bill Sponsors (1)

Votes


Actions


Jun 02, 2022

Assembly

Referred to Com. on B. & F.

  • Referral-Committee
Com. on B. & F.

May 26, 2022

Assembly

In Assembly. Read first time. Held at Desk.

May 25, 2022

Senate

Read third time. Passed. (Ayes 31. Noes 8. Page 3922.) Ordered to the Assembly.

May 23, 2022

Senate

Read second time. Ordered to third reading.

May 19, 2022

Senate

Read second time and amended. Ordered to second reading.

Senate

From committee: Do pass as amended. (Ayes 5. Noes 1. Page 3786.) (May 19).

May 13, 2022

Senate

Set for hearing May 19.

May 09, 2022

Senate

May 9 hearing: Placed on APPR suspense file.

Apr 29, 2022

Senate

Set for hearing May 9.

Apr 27, 2022

Senate

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.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Apr 20, 2022

Senate

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.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on JUD.

Apr 05, 2022

Senate

Set for hearing April 26 in JUD. pending receipt.

Apr 04, 2022

Senate

Set for hearing April 20.

Mar 31, 2022

Senate

April 6 hearing postponed by committee.

Mar 30, 2022

Senate

From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.

  • Amendment-Passage
  • Committee-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on B. & F.I.

Mar 22, 2022

Senate

Set for hearing April 6.

Mar 02, 2022

Senate

Referred to Coms. on B. & F.I. and JUD.

  • Referral-Committee
Coms. on B. & F.I. and JUD.

Feb 18, 2022

Senate

From printer.

Feb 17, 2022

Senate

Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.

Senate

Introduced. Read first time. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB1176 HTML
02/17/22 - Introduced PDF
03/30/22 - Amended Senate PDF
05/19/22 - Amended Senate PDF

Related Documents

Document Format
04/18/22- Senate Banking and Financial Institutions PDF
04/22/22- Senate Judiciary PDF
05/06/22- Senate Appropriations PDF
05/19/22- Senate Appropriations PDF
05/23/22- Sen. Floor Analyses PDF

Sources

Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.

If you notice any inconsistencies with these official sources, feel free to file an issue.