SACRAMENTO – A bill introduced Tuesday would require the California Department of Financial Institutions to consolidate back into the Department of Corporations, where credit union lobbyists fought so hard to separate it from just 10 years ago.
AB33 was introduced by Assemblyman Pedro Nava (D-Santa Barbara), who chairs the Assembly Banking and Finance Committee, and requires the state's Department of Financial Institutions, Department of Corporations and Department of Real Estate to "develop a framework to consolidation operations," said Keri Bailey, league director of state government affairs.
"This bill would require the Secretary of Business, Transportation and Housing, in conjunction with the Commissioner of Financial Institutions, the Commissioner of Corporations, and the Real Estate Commissioner, to develop a plan to consolidate the operations and licensing frameworks of the three departments into a single department by January 1, 2015," reads the bill.
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"We worked so hard to get one professional regulator, one that has firewalls in place, allows input from the credit union community, and allows our top regulator to be a credit union professional, so the uniqueness of credit unions is considered in regulatory process," Bailey said.
The bill hasn't seen the assembly floor yet; Government Relations Committee Chairman Ron McDaniel will arrive in Sacramento Monday to review the bill, and the entire GRC will meet the first week in January, Bailey said.
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