California

Shane Saunders will succeed Tracey Kerr, who has led the Modesto, Calif.-based institution since 1999.

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.

The credit union, formerly known as Kern Schools FCU, selected an internal candidate to take the helm once Stephen P. Renock, IV, retires in July.

The California company said Russell Colombo "is committed to remaining in the job as long as needed."

Combining the two Southern California-based institutions will create the state's eighth-largest credit union. The deal is also a homecoming of sorts of Xceed CEO Teresa Freeborn, who was previously an executive at Kinecta.

The Los Angeles company said Chang Liu, who runs its bank, will succeed Pin Tai, who is retiring.

He co-founded California Rural Legal Assistance, Public Advocates and the Greenlining Institute.

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

After drawing industry opposition, legislation that would have added broad new borrower protections during the pandemic failed to advance out of the state Assembly.

The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year.