Topline Q3 2014
Successfully enacted three CBA-sponsored measures to: 1) amend Article 9 of the Uniform Commercial Code, pertaining to secured transactions involving commercial loan business borrowers; 2) extend important tax relief to residential mortgage borrowers receiving principal reduction resulting from a short sale or loan modification; and 3) correct an ambiguity in the law stemming from legislation in 2013 amending California’s Uniform Principal and Income Act that unintentionally caused a redirection of distributions from mutual fund proceeds to principal rather than income.
Reviewed and monitored the 2,260 active legislative measures introduced during the 2013-2014 legislative session. With 601 identified as having a potential impact on or of interest to the financial services industry. Of the 35 measures we strongly opposed, 33 were amended to our satisfaction or defeated within the legislative process and one measure was vetoed by the governor.
Successfully defeated measures regarding wage garnishment restrictions on private student loans, automated license plate recognition systems, property taxation: change in ownership and electronic disbursement of student aid.
Successfully negotiated amendments for bills relating to home equity lines of credit, release of account information to the state treasurer for state money held in deposit accounts outside the state treasury system, voiding of real property documents, data breaches and real property sales auctions.
Provided legislative briefings to the National Association of Bank Advocates, California State Bar Financial Institutions Committee and the law firm of Manatt, Phelps and Phillips.
Conducted one district meeting with a member of the state Senate and one district meeting with a member of the Assembly.
Co-hosted the 12th Annual Joint Washington, D.C. Visit in September. Eleven CBA members were joined by their Florida Bankers Association and North Carolina Banker Association colleagues and participated in the visit. The three associations met with six members of the House of Representatives, three U.S. senators, and two regulators. Issues discussed included the proposed liquidity capital ratio regulation (Regulation WW), mortgage lending reform/regulatory relief, elimination of the credit union tax exemption, opposition to expansion of the credit union business lending authority, support for re-authorization of the Export-Import Bank, GSE reform and support for re-authorization of the Terrorism Risk Insurance program.
Held one Federal Reserve Bank Roundtable meeting in San Francisco with 22 bankers attending.
CBA members attended three district events for federal legislators.
Hosted events for two state senators and two assembly members, and participated in 18 Sacramento fundraisers for members of the California Legislature and state legislative candidates.
Conducted two meetings with federal legislative candidates and two meetings with state legislative candidates.
Raised an additional $9,813 for the CBA State PAC (2014 total: $189,236-102 percent of goal) and an additional $9,433 for the CBA Federal PAC (2014 total: $68,659-64 percent of ABA goal).