California

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

New Enterprise Bank would focus on venture capital and private equity firms that are involved in investment between China and the San Francisco area.

The state's financial regulator sent a subpoena to an auto-title lender seeking information about its partnership with a Utah bank, marking the first public disclosure of an investigation into efforts to evade a 2019 law capping interest rates on many consumer loans.

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.

The Los Angeles company will remain a community development financial institution when it acquires the parent of City First Bank in Washington.

The agency said national banks could close offices “at their discretion” as a safety precaution if they are affected by fires in California and Colorado.

The company will pay $156 million for a bank with a large Small Business Administration lending platform.

Treasurer Ma has championed programs to give minority and women-owned businesses a seat at the table throughout her career. A mission of the Treasurer is increasing diversity to increase equitable outcomes.

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.