Transcript Highlights:

• Banks, who's... ...numerous food banks in California and the California Association of Food Banks, who's
• Becky Silva with the California Association of Food Banks.
• We represent 41 food banks across with the California Association of Food Banks.
• So this is really serious for food banks.
• from the food bank.

Summary: The joint oversight hearing focused on food insecurity in California and how state and federal nutrition programs, agricultural production, and food distribution systems intersect. Assemblymembers emphasized that many Californians, including farmworkers, seniors, children, and communities of color, remain food insecure despite California’s agricultural abundance. Panelists and members discussed CalFresh, WIC, school meals, Sun Bucks, food banks, and the impact of federal policy changes, including possible nutrition cuts, tariffs, and immigration enforcement, on access to food and the agricultural workforce. Secretary Karen Ross described CDFA programs aimed at improving access to fresh food and supporting local agriculture, including the senior farmers’ market program, California Nutrition Incentive Program, Healthy Refrigeration Grant Program, Community Food Hubs, Farm to School, urban agriculture, and a proposed tribal food sovereignty program. She said these efforts help connect local producers to consumers, expand healthy food access, and build infrastructure such as refrigeration, mobile markets, and aggregation hubs. Department of Social Services Deputy Director Alexis Fernandez Garcia outlined CalFresh, CFAP, Sun Bucks, CACFP, emergency food programs, and tribal nutrition assistance, noting that CalFresh and related programs significantly reduce poverty and food insecurity, but participation gaps remain for non-English speakers, some Asian American communities, and undocumented households. PPIC researcher Tess Thorman presented data showing that 13% of California households experienced food insecurity in 2023, with higher rates among households with children and Latino, Black, and other households. She said nutrition programs reduce poverty and food hardship, but federal rules, income thresholds, immigration restrictions, and high living costs limit their reach. Members asked about simplifying applications, improving call center access, increasing outreach in multiple languages, and adjusting benefits for inflation. Officials said the state has used available federal options to streamline enrollment, improve customer service, and target outreach, but many core rules and benefit levels are set federally. The second panel shifted to food production and market access. A farmer, a UC food systems leader, and a produce distributor described efforts to connect small and medium farms with food banks, schools, universities, and Medi-Cal food-as-medicine programs. They highlighted programs such as Farms Together, the USDA Southwest Regional Food Business Center, Farm to School, food hubs, and climate-smart infrastructure grants as ways to create stable markets for local growers while improving food access. Speakers also raised concerns about land tenure, consolidation, regulatory burdens, labor constraints, and the loss of federal funding, and members discussed whether state investments and Prop. 4 funds could help sustain and expand these efforts.

Transcript Highlights:

• As of the report date, the bank reversed charges of $1,878, resulting in a loss of $262.
• So the bank recovered $1.5 million, leaving the $204,000, or I guess that—but it doesn't even...
• waiting until they do their bank reconciliation to look at those things, since this has been such a
• waiting until they do their bank reconciliation to look at those things, since this has been such a
• Just waiting until they do their bank reconciliation to look at those things, since this has been such

Committee: All LEGISLATIVE JOINT AUDITING-EDUCATIONAL INSTITUTIONS

Summary: The Legislative Audit Education Institution Subcommittee met to adopt the previous minutes and review 57 education audit reports, 52 of which had no findings and were filed as reviewed. The committee heard several findings involving school district spending and internal control issues, including Camden-Fairview’s use of operating funds for an employee awards banquet and unauthorized credit card charges, Forest City’s use of operating funds for an end-of-year celebration and entertainment event, Nettleton’s fraudulent vendor payment scheme involving $1.9 million in attempted transfers, Cedar Ridge’s misallocation of Title I funds and payroll/bank reconciliation errors, and Green County Technical’s diverted vendor check that was recovered. Three of the reports had been referred to the prosecuting attorney and attorney general. Members asked questions about whether district officials were present, how the questionable expenditures were broken down, and whether school boards had prior knowledge or approval. The committee deferred the Camden-Fairview, Forest City, and Nettleton reports to the June meeting and requested district representatives attend to answer questions. Cedar Ridge and Green County Technical were not deferred; Cedar Ridge was filed, and Green County Technical was reviewed without further action. Staff also discussed recurring fraud and banking-control issues seen in school audits, including altered checks, email-based banking changes, and the use of positive pay and in-person verification for deposit changes. Members encouraged better communication with school districts and noted that clean audits should be recognized. The committee then filed the remaining no-finding reports and adjourned with no new business.

Transcript Highlights:

• Those are land banking loans.
• So I want to talk about land banks and land banking just to kind of get you...
• I want to talk about land banks and land banking, just to kind of get you acclimated.
• Habitat for Humanity does land banking. Catholic Charities in eastern Washington does land banking.
• So land banks are not the answer to everything, but land banks can be a tool in the toolbox to get to

Committee: House Housing

Summary: The committee held a work session on land banking and shared homeownership models, with members and staff discussing ways to use public land and nonprofit partnerships to expand permanently affordable housing. Commerce’s Dave Anderson outlined recent policy changes that may support these models, including ADUs, middle housing, lot splitting, condominium reforms, church land housing, and public land transfer policies. He described community land trusts and limited equity housing cooperatives as ways for households to build some equity without owning land outright. Representatives asked about statewide numbers and implementation, and Commerce said it is preparing a guidebook for local planners. Pierce County staff described the Pierce County Community Development Corporation’s rapid acquisition fund, public-to-public land transfers, and land banking loans. They said the county used general fund and 1406 sales tax dollars to acquire properties, preserve a manufactured home park through resident ownership, and assemble public surplus and underutilized sites for future affordable housing. Committee members asked about the entity’s advantages over private developers, funding sources, coordination with housing authorities, and whether similar models exist elsewhere. The presenter said the main advantage is the ability to receive public property transfers at no cost and hold land while development plans are assembled. Amy Manning of the Spokane Regional Land Bank said land banks help move vacant, blighted, or underutilized properties into affordable housing and community use, but holding costs and taxes can make projects harder to finance. She described EPA brownfield assessments, Commerce planning grants, donated properties, and work with the City of Spokane on surplus and underutilized land. Victoria O’Beynion of the Northwest Cooperative Development Center then testified on limited equity cooperatives, especially in manufactured housing communities, saying they preserve affordability, support resident governance, and can build modest equity over time. She cited growth in cooperative acquisitions since 2020 and said recent legislation allowing manufactured homes in cooperatives to be titled as real property has improved access to traditional financing. The committee then shifted to maximizing existing housing stock. Dave Anderson reviewed the state’s recent housing laws and said implementation is still unfolding, with local code updates and planning cycles taking years. He noted growth in ADUs, room rentals, and multifamily production, but also concerns about short-term rentals and corporate ownership of single-family homes. Members asked for follow-up data on implementation timelines, vacancy, corporate ownership, and eviction patterns. Sightline’s Katie Gould presented on mobile dwelling units, arguing that RVs and tiny houses on wheels are a low-cost, fast-to-install housing option that is often blocked by zoning, and described cases where people were forced into precarious or illegal arrangements. AARP’s Kathy McCall closed by emphasizing aging in place, housing cost burdens on older adults, and the need for more accessible, lower-cost options such as ADUs, missing middle housing, and manufactured home community preservation.

Transcript Highlights:

• Those are land banking loans.
• So I want to talk about land banks and land banking just to kind of get you...
• So I'm here to talk about land banks and land banking, just to kind of get you acclimated.
• Habitat for Humanity does land banking. Catholic Charities in eastern Washington does land banking.
• So land banks are not the answer to everything, but land banks can be a tool in the toolbox to get to

Summary: The committee met for work sessions on land banking/shared homeownership and on maximizing existing housing stock. Members first heard an overview from Commerce on alternative homeownership models, including community land trusts, limited equity cooperatives, condominiums, accessory dwelling units, middle housing, church land for housing, and public land transfers. The discussion focused on how these models can help households build equity while keeping housing permanently affordable. Committee members asked about statewide counts of co-ops and land trusts, and Commerce said it does not track all of those entities directly. Pierce County staff then described the Pierce County Community Development Corporation’s rapid acquisition fund and its role in acquiring, holding, and transferring public land for affordable housing. They said the county used general fund and affordable housing sales tax dollars to buy properties, preserve a manufactured home park through resident ownership, and create a pipeline of sites for future development. Members asked about the advantages of a public development authority, funding sources, the use of surplus and underutilized public property, and how the model works with housing authorities. Spokane land bank staff followed with testimony that land banks can reduce blight, preserve affordability, and help nonprofits acquire land quickly, but that holding costs and taxes can make the work harder without state support. They also described brownfield assessments, donated properties, and work on Black homeownership and public surplus properties. The committee then heard from the Northwest Cooperative Development Center on limited equity cooperatives, especially in manufactured housing communities. The witness said Washington now has about 43 limited equity co-ops and that recent subsidy funding and legislation have accelerated resident purchases of manufactured home communities. Members asked how residents benefit from capped equity, how values are affected, and whether the model improves access to lending; the witness said the model stabilizes costs, allows modest equity gains, and that a recent law allowing manufactured homes in co-ops to be titled as real property should improve access to traditional financing. The committee also discussed House Bill 1974 from the prior session and possible updates to land banking legislation. In the second work session on maximizing existing housing stock, Commerce reviewed recent housing laws and implementation timelines, including ADUs, middle housing, condo liability reform, SEPA changes, tiny homes, and co-living. Members raised concerns about the long implementation horizon, vacancy data, corporate ownership of homes, and the need for better support for small landlords and first-time ADU owners. Sightline then testified on mobile dwelling units, arguing that RVs, tiny houses on wheels, and similar units are a low-cost, quick-to-install housing option that is often blocked by zoning; the witness said many Washington residents already live in these units, often informally. Finally, AARP discussed housing options for older adults, including ADUs, missing middle, manufactured home communities, co-living, universal design, and village-style support models, emphasizing aging in place and the need for more accessible, affordable housing choices.

Transcript Highlights:

• Banks, who's Numerous food banks in California and the California Association of Food Banks, who's become
• Becky Silva with the California Association of Food Banks. We represent 41 food banks across...
• We represent 41 food banks across Becky Silva with the California Association of Food Banks.
• So this is really serious for food banks.
• from the food bank.

Summary: The joint oversight hearing of the Assembly Human Services and Agriculture Committees focused on food insecurity in California, with members and witnesses discussing the state’s nutrition safety net, food access barriers, and the connection between agriculture and hunger. Opening remarks emphasized that California’s high agricultural output contrasts with widespread food insecurity, especially among families with children, communities of color, farmworkers, and other low-wage workers. Members also raised concern about federal policy changes, including possible cuts to nutrition programs, immigration enforcement impacts on farm labor, tariffs, and the need to protect state and federal food assistance resources. Testimony from the Department of Food and Agriculture highlighted several state programs aimed at improving access to fresh food and supporting local producers, including the California Nutrition Incentive Program, senior farmers’ market nutrition, healthy refrigeration grants, community food hubs, farm-to-school, urban agriculture, and a new tribal food sovereignty effort. Officials said these programs help stretch CalFresh and WIC dollars, expand healthy options in corner stores and farmers’ markets, and build infrastructure such as refrigeration, mobile markets, and aggregation hubs. The Department of Social Services described CalFresh, CFAP, Sun Bucks, CACFP, TEFAP, CalFood, emergency food boxes, and tribal nutrition grants, noting that CalFresh participation has risen to about 81% of eligible Californians and that the state has taken steps such as simplified applications for older adults and outreach in multiple languages. Witnesses and members discussed the need to reduce administrative barriers, improve call center service, and keep benefits aligned with inflation. Research testimony from PPIC said 13% of California households experienced food insecurity in 2023, with higher rates among households with children and Latino, Black, and other households of color. The researcher said CalFresh, school meals, and WIC reduce both food insecurity and poverty, but federal rules, immigration-related eligibility limits, and California’s high cost of living constrain their reach. In the second panel, farmers, food hub operators, and food system advocates described how local procurement, food banks, and institutional markets can support both hungry households and small farms. Speakers pointed to pandemic-era programs such as USDA’s food box and local food purchasing efforts as models, while warning that short-term funding and market consolidation threaten long-term resilience. No formal votes or legislative actions were taken during the hearing; members used the session for oversight, questions, and discussion of possible budget and policy follow-up.

Transcript Highlights:

• Adding even one more food bank to CDSS's workload will increase the Adding even one more food bank to
• It will shift resources from one food bank to another food bank.
• Luis Obispo Food Bank, Second Harvest of Silicon Valley, the Jacobs and Cushman San Diego Food Bank,
• and the Los Angeles Regional Food Bank.
• We have two food banks. San Diego Food Bank is about 52 to 54 million pounds of output.

Committee: Senate Human Services

Transcript Highlights:

• Both banks and non-banks already follow.
• </c> even more money to the big banks. Mr. even more money to the big banks. Mr.
• This is not like small banks. This this. This is not like small banks.
• </c> CFPB ordered Regions Bank is expired. CFPB ordered Regions Bank is expired.
• </c> community bank in my uh my district. community bank in my uh my district.

Transcript Highlights:

• Adding even one more food bank to CDSS's workload will increase the Adding even one more food bank to
• Food Bank, Second Harvest of Silicon Valley, the Jacobs and Cushman San Diego Food Bank, and the Los
• Angeles Regional Food Bank.
• That left the food banks.
• We have two food banks. Los Angeles. We have two food banks.

Summary: The committee first adopted a 4-0 consent calendar for SB 1345, SB 1410, and SB 1421. It then heard SB 1200 on child care, which would redefine infant and toddler age categories so providers could count 18- to 24-month-olds as toddlers without changing ratios. The author and family child care providers said the bill would better reflect child development, improve reimbursement, increase capacity, and help keep family child care businesses open; there was no opposition, and the bill passed 4-0 to Appropriations. The committee next approved SB 971, a permissive framework for counties to offer senior education and technology training through local public health systems and community partners. Supporters said it would help older adults with digital literacy, fraud awareness, health, and social connection, while remaining optional and locally tailored. There was no opposition, and the bill passed 4-0 to the floor. The committee also passed SB 1234, which requires fentanyl to be included in court-ordered drug testing in dependency cases when drug testing is already ordered. The author, an angel family member, and a sheriff’s office witness described child deaths and fentanyl exposure risks; the bill passed 4-0 to the floor. SB 1109, dealing with oversight of short-term residential therapeutic programs in small rural counties, drew substantial testimony. Supporters from Alpine County argued that two facilities there strain local emergency response and that annual review should be triggered by repeated serious citations or placement in counties lacking basic infrastructure. Opponents said the bill was too broad and could destabilize needed placement capacity. After discussion, the author accepted committee amendments, and the bill passed 4-0 to Appropriations as amended. The committee also passed SB 961, which would notify financial aid applicants that they may be eligible for CalFresh; students and advocates said it would reduce food insecurity and improve college success, with no opposition, and it passed 4-0 to Appropriations. Later, SB 1099, clarifying local governments’ authority to provide state or local public benefits to all residents under federal PRWORA exemptions, was heard and supported by local government attorneys; it was held on call after a 2-0 roll. SB 1190, creating licensing and safety rules for youth transport companies used in out-of-state residential placements, was supported by survivors and advocacy groups, with some support-if-amended testimony; it passed 4-0 to the Public Safety Committee. Finally, SB 1325, a narrow San Diego County measure to allow Feeding San Diego to participate in Cal Food under specific conditions, drew support from the author and Feeding San Diego but opposition from the California Association of Food Banks, which argued it would shift limited resources and add administrative burden. The transcript ends during committee discussion on SB 1325, before a final vote is shown.

Transcript Highlights:

• The territories of the five food banks that serve New Mexico.
• None of those funds flow into the food banks.
• Yes, many, many thanks from all of the food banks for that support.
• Obviously, all the food banks care very deeply about SNAP.
• Mexico's food bank partner agencies save over 7 million monthly thanks to food bank partnerships.

Committee: Joint Economic & Rural Development & Policy Committee

Transcript Highlights:

• ><c> commission</c> banking here, securities commission banking here, securities commission here.<00:
• Uh it could be banks a stable coin.
• </c> uh you know, credit card fees, um bank uh you know, credit card fees, um bank wire<00:19:27.520>
• But, you know, there will be times when some bank, probably a larger bank in New York and California,
• And so I banks?" They said, "Yeah."

Bills: HB259 , HB206 , HB207 , HB259 , HB206 , HB207

Committee: House Financial Services

Keywords: income tax credit, tax incentive, recruitment, remote work, remote worker, recruited worker, rural counties, small counties, county population tiers, opportunity zone, teacher recruitment, nurse recruitment, law enforcement recruitment, workforce development, economic development, relocation incentive, Alabama Department of Revenue, nonrefundable tax credit, tax carryforward, state income tax

Transcript Highlights:

• I will say a banking consultant who has a history in the lending side bank stop the deposit size of banks
• Every bank sets its rate according to its market. And there are 170 banks and the state of Florida.
• to bank to bank. >> You know, we're we've offered that floor, by the way we put in there because the
• It depends bank the bank.
• , people who bank with community banks, when we tie these rates to lending when we tie the rates for

Transcript Highlights:

• These are food banks and college campuses with basic needs centers.
• Food banks are already seeing increased demand.
• The food bank has a commitment to nutrition.
• The Food Bank also serves as San Diego's diaper bank, sponsors multiple school-based programs, and hosts
• They rely on food bank programs to bridge their meal gap.

Transcript Highlights:

• brokerages to frankly rebuild bank-owned insurance.
• To frankly rebuild bank-owned insurance brokerages, one of a major regional bank, and we rebuilt and
• It's not required, particularly if people take loans and banks.
• And the bank has a substantial financial issue.
• And the bank has a substantial financial issue.

Summary: The committee heard a work session on earthquake insurance, beginning with background from the Office of the Insurance Commissioner. OIC staff explained that earthquake and earth movement are generally excluded from standard property policies, that earthquake coverage is usually purchased through endorsements or standalone policies with high deductibles and relatively high premiums, and that surplus lines are a limited backstop market not covered by the state guarantee fund. They also described parametric insurance and captive insurance as more specialized products generally suited to commercial or governmental buyers rather than ordinary consumers. A second panel of insurance and banking experts focused on commercial earthquake exposure, especially for older buildings, collateralized loans, and potential knock-on effects to banks and consumers if a major quake caused widespread damage. Members asked about consumer impacts, mitigation incentives, inventories of vulnerable buildings, and whether legislation such as prior work on unreinforced masonry could help reduce risk. The Washington Bankers Association said earthquake insurance is expensive and that affordability is a major concern, while also noting banks participate in disaster-recovery planning and would be affected by major regional losses. No votes or formal actions were taken. The committee then received a presentation from the Washington State Institute for Public Policy on its cannabis and Initiative 502 research. WSIPP staff described the agency as a nonpartisan research institute that conducts legislative-directed studies and explained that its long-term I-502 assignment includes periodic reports leading to a final benefit-cost evaluation in 2032. Staff summarized findings from a 2023 report showing that cannabis possession convictions fell sharply after legalization, though some racial disproportionalities persisted, and that closer retail access was associated with higher reported adult cannabis use, more fatal traffic crashes involving drivers from nearby areas, and higher rates of cannabis use disorder diagnoses among Medicaid enrollees. A 2023 youth-focused report found that students attending schools near retailers were more likely to report cannabis use, had more unexcused absences, and were less likely to graduate on time. In the newest 2025 Medicaid study, staff said retail access was associated with higher probabilities of cannabis use disorder diagnoses, related hospitalizations, inpatient treatment, and co-occurring mental health diagnoses, with event-study analysis suggesting the increases appeared after retailers opened rather than before. Members asked about racial disproportionality, the meaning of cannabis use disorder diagnoses, THC and impairment, whether the findings reflected medical versus recreational use, and how the results should be interpreted in light of broader trends and data limitations. No formal committee action was taken.

Transcript Highlights:

• The bank must then comply with the requirements of the lender or the bank, I should say, to comply.
• I'm not aware of any of our state banks that are having trouble.
• and not so much the local, more local banks.
• Smaller banks would be held to the same law. Thank you for the question.
• OK, so this doesn't affect their own individual relationships with banks, Bank of America for instance

Bills: HB1245 , HB2588 , HB3024 , HB3172 , HB3279 , HB3919 , HB3306 , HB3383 , HB3431 , HB3435 , HB4352 , HB3883 , HB3942 , HB4193 , HB4203 , HB4303 , HB4311 , HB4484

Committee: House Government Oversight

Keywords: retirement, pension, public employees, Oklahoma Public Employees Retirement System, benefits, survivorship, contribution rates, disability retirement, owners associations, membership requirements, property ownership, board governance, residency requirements, salary increase, state employees, public finance, bonus limits, job performance, Fair Banking Act, financial institutions

Transcript Highlights:

• a bank or credit card or debit card.
• Banks and financial institutions are...
• They don't have a bank.
• bank, it would have a 4% fee.
• account or from some account tied... a bank account or from some account tied to a bank account to the

Bills: HB297

Committee: House Financial Services

Keywords: cash transactions, money transmission, regulatory compliance, criminal penalties, Alabama Securities Commission

Transcript Highlights:

• Good morning, Chris Richards, Chief Banking Services Officer at Cape Cod Five Cents Savings Bank in Hyannis
• Chris Richards, Chief Banking Services Officer at Cape Cod Five-Sense Savings Bank and Hyannis.
• When banks were more local, when banks were part of our community, and the issuing banks were part of
• “Processing bank. With the bank. Okay.
• federal banks.

Summary: The commission met to continue studying credit card payments, interchange fees, fraud, chargebacks, and the impact of card processing costs on small businesses, especially restaurants and retailers. Members heard extensive testimony from credit unions, retailers, restaurant owners, payment-industry representatives, and an airline trade group. Supporters of reform argued that swipe fees are a major and rising expense, that businesses are paying fees on sales tax and tips that are merely pass-through amounts, and that merchants have little negotiating power. Several restaurant and retail witnesses described thin margins, higher costs for card-not-present transactions, and chargebacks that they said usually favor cardholders and leave merchants absorbing losses and fees. Witnesses from the Cooperative Credit Union Association cautioned that state-level interchange regulation could reduce revenue used for fraud prevention, compliance, and member services, and could lead to higher rates or reduced access. Retail and restaurant representatives countered that fees have risen sharply, that statements are difficult to decipher, and that rewards programs and card-network pricing are subsidized by merchants and ultimately by all consumers. The Massachusetts Restaurant Association and independent operators urged legislation to bar fees on tax and tip portions of transactions and to allow businesses to pass along card fees if they choose, saying this would improve transparency and fairness and help keep small restaurants open. Other testimony came from the National Restaurant Association, which supported interchange reform and said modern point-of-sale systems can already separate tax and tip amounts, and from a payments-industry group that emphasized the broader economic benefits of digital payments and warned against state-by-state rules. Airlines for America opposed changes that could undermine airline credit card rewards programs. Commission members asked detailed questions about fee structures, card types, chargebacks, POS systems, and whether consumers paying cash are also affected. No votes or formal actions were taken at the meeting.

Transcript Highlights:

• supervision to large banks.
• Now, under the law, it is the Federal Reserve Bank that provides that same supervision for small banks
• , community banks, and state-chartered banks, and gives that sort of regulation.
• does is it provides Bank supervision to large<00:03:41.120><c> Banks</c><00:03:42.120><c> now</c><00
• </c> same supervision for small Banks same supervision for small Banks Community<00:03:52.519><c> Banks

Transcript Highlights:

• To your knowledge, does I-Bank have a good track record for their loans?
• To your knowledge, does I bank How do you measure the effectiveness?
• To your knowledge, does I-Bank have a good track record for their loans?
• Do we see the benefit of I-Bank?
• That's the way I work with the I-Bank.

Committee: Senate Rules

Transcript Highlights:

• to the community bank deposit program.
• I also coordinated between the 12 banks, the 12 district banks, as well as the OCC and the FDIC in that
• First is the Banking Development District Program, or BDD.
• I know this is the Banks Committee, but insurance.
• Who would know where the banking development deserts are more than DFS?

Committee: Senate Banks

Summary: The Senate Banking Committee met for its first meeting of the session, with Chair James Sanders Jr. and Ranking Member George Borrello opening the hearing and noting a collaborative approach to committee work. The committee first considered and advanced several bills: S.114, which would prohibit state-chartered banks from investing in or financing private prisons; S.2040, which would require money transmitters to provide a consumer warning; S.5473, which would require disclosures in advertisements involving virtual tokens; and S.8406, Sanders’ bill to amend the community bank deposit program. Each bill was moved and approved by committee, with S.8406 passing unanimously. The committee then heard from Caitlin Azar, Acting Superintendent of the Department of Financial Services (DFS), who outlined her background and DFS priorities. She emphasized affordability, consumer protection, stability, and innovation, and discussed DFS-led initiatives in the governor’s budget, including Banking Development Districts, non-bank mortgage CRA regulations, CDFI investment guidance, and consumer restitution. She also said DFS plans to issue buy-now-pay-later regulations in February, expand student lending protections and borrower education, and continue work on insurance affordability, including auto and homeowners insurance reforms, anti-fraud efforts, and discounts tied to telematics, dash cameras, and safe-driving courses. Members questioned Azar about the balance between regulation and access, especially in crypto, buy-now-pay-later, and insurance markets. She said DFS aims to preserve competition while preventing discriminatory or excessive practices, and described existing oversight of virtual currency, including coordination with federal regulators. Another member asked about AI in auto insurance underwriting and pricing; Azar said DFS requires transparency, bias review, governance controls, and consumer recourse, and that credit scores cannot be used to deny or increase rates. The chair also raised concerns about foreclosure in Southeast Queens, improving BDD paperwork and data collection, and increasing the number of state-chartered credit unions. Azar said DFS is working on process improvements, community input, and maintaining open communication with the committee, but no additional votes or formal actions were taken during the DFS hearing.

Transcript Highlights:

• In a fairly short period of time, Regional Farm to Food Bank has proven to be a strong and effective
• Regional Farm to Food Bank demonstrated that when food banks partner directly with New Mexico livestock
• Regional Farm to Food Bank created an additional viable market for ranchers while allowing food banks
• These are all items that are incredibly hard to get a hold of for food banks oftentimes.
• So we look forward to your support of the Regional Farm to Food Bank program. Thank you.

Committee: House House Agriculture, Acequias And Water Resources