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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.

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