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CA League Reviews Bills as 2,600 Pieces of Legislation are Filed

Friday evening of last week was the deadline for state lawmakers in the California State Legislature to introduce bills — and they did not hold back. Between the assembly and senate, more 2,600 bills were introduced, which is the most in over a decade.

Of these 2,600 bills, more than 1,000 are “spot bills,” meaning they do not have substantive language in each bill. These spot bills must be amended by the middle of March to be considered this year.

The California Credit Union League has been reviewing bills that were introduced, but the full impact of this legislative session will not be known until the spot bills are amended. There are a handful of financial literacy bills that have been introduced, as well as a bill that would hold financial institutions liable for financial elder abuse (Senate Bill 278) — whether they assisted knowingly or unknowingly.

Additionally, a bill (Assembly Bill 39) in the assembly seeks to establish a new licensing regime for digital currency service providers operating in the state. Aimed at preventing losses for digital asset investors, the Digital Financial Assets Law (if passed and adopted) would require virtual currency companies to seek a license with the California Department of Financial Protection and Innovation (DFPI). The League supported last year’s version of this bill and will be supporting this year’s version as it advocates for protection of credit union members.

The League will be formulating positions on all applicable bills to credit unions through its Legislative Advocacy Committee in the coming weeks. If you have questions regarding any legislation, please email Leagues Senior Vice President of State Government Affairs Robert Wilson.

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