California

A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks.

The deal was announced in August and would have created a $1.3 billion-asset institution.

The Long Beach, Calif.-based institution can now serve workers from the healthcare industry in six counties.

The Providence, R.I., bank recently installed a new regional head in California to oversee a commercial banking expansion into five western states. The bank says it’s trying to craft a successful growth strategy while reassuring investors it isn’t overreaching.

The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.

A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community.

The California-based institution can now serve more than 3.2 million people.

The San Diego-based institution changed its name in attempt to reach wider audience.

The institution also remained well capitalized and its membership rose in the first half of the year.

A growing number of institutions offer concierge services for staff members as a way to boost employee retention.