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.

The last bank where he was CEO, Opus Bank, ran into trouble largely because it made too many acquisitions in too short a time span. This time around, Gordon will take a more methodical approach.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

Stephen Gordon would become chairman and CEO of Genesis Bank, which is looking to raise $53 million in initial capital.

One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.

One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.

Some credit unions have closed branches as demonstrations continue following the death of George Floyd last week.

The company will incur an upfront fee but will save $7 million a year by walking away from a deal with the Los Angeles Football Club.

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.

Industry groups also supported Democrat Christy Smith in a special election in California, though it appeared likely she would lose the bid.

In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight.