Transcript Highlights:

• Banks are not operating these accounts at a loss due to banking regulations.
• I am the CEO of Winter Park National Bank.
• You've got treasury management services, you've got fraud protection services.
• You can go more recently in history; look at Signature Bank. Look at Silicon Valley Bank.
• And the reason that they're typically banking in the community bank is because of the personal relationship

Transcript Highlights:

• This is the Assembly Budget Subcommittee No. 2 on Human Services hearing on human services issues.
• , legal services, and more.
• I'm with Sacramento Food Bank.
• services.
• truly servicing the pilot.

Transcript Highlights:

• </c> traditional banks these non-bank traditional banks these non-bank entities<00:09:08.640><c> don't
• Most of the banks have opted to be a state-chartered bank, which is great.
• Bank, one of the large national banks? Thank you.
• The larger banks, so Wells Fargo, U.S. Bank, are federally chartered.
• </c><00:45:39.520><c> one</c><00:45:39.640><c> of</c> banks at Wells Fargo or US Bank one of banks at

Committee: House Commerce Finance and Policy

Transcript Highlights:

• Private banks have come and gone. Private banks have come and gone.
• from establishing public banks.
• Section 6-700I specifically mentions a depository bank. A depository bank accepts deposits.
• Section 6-700I specifically mentions a depository bank. A depository bank accepts deposits.
• I do sit on banking committees.

Committee: House Economic Development, Growth, and Household Impact

Transcript Highlights:

• </c> faithful service. faithful service.
• </c> technology and services supply chain. technology and services supply chain.
• </c> Services. Oh, I'm sorry, Mr. Speaker. Services. Oh, I'm sorry, Mr. Speaker.
• </c> tellers and employees of the banks. tellers and employees of the banks.
• </c> services because of seniority. services because of seniority.

Transcript Highlights:

• It's accounting, banking, and brokerage. It's legal services.
• Northeast Bank was established in 1947 by a handful of local business people who believe banking services
• , including but not limited to five specific banking services.
• , including but not limited to five specific banking services.
• banking services.

Committee: House Taxes

Transcript Highlights:

• It's not going to involve a bank. These kiosks only receive cash. They don't transact with a bank.
• out $20,000 in cash, that transaction may be frozen by the bank.
• They got everything that she had in the bank.
• They got everything that she had in the bank.
• The Bank of America is the only bank I know, and I have three banks that does this.

Summary: The committee met with a quorum and heard five bills. HB 1097 would rename the Florida Catastrophic Storm Center at FSU as the Florida Center for Excellence in Insurance and Risk Management, transfer the public hurricane loss projection model from FIU to FSU, and provide recurring and nonrecurring appropriations to support independent insurance research and collaboration with OIR and other universities. Members discussed university roles, model oversight, independence from industry funding, and student/workforce benefits. The bill passed favorably on a roll call vote. HB 319 would create a regulatory framework for virtual currency kiosk businesses, requiring registration with the Office of Financial Regulation, consumer disclosures, and penalties for violations. Much of the discussion focused on fraud prevention, especially for seniors, and whether the bill should include transaction caps or stronger recovery tools; AARP supported the bill but urged additional protections. The bill passed favorably. CS/HB 385 made technical changes to the Florida Trust Code and Community Property Trust Act, including decanting, trustee claims, redemption by satisfaction, and homestead transfer treatment; an amendment conforming to the Senate version was adopted, and the bill passed favorably. CS/HB 97 would allow service of process for exploitation injunctions against unascertainable scammers through the same communication method used to contact the victim, such as text or social media, and would let courts freeze funds temporarily while the matter is heard. Testimony from elder law practitioners and AARP supported the bill as a tool against scams, while some members raised due process and overreach concerns; the bill passed favorably. HB 839 would shorten the overpayment recovery window for claims submitted to psychologists and HMOs to match other health providers, with the goal of improving parity and access to mental health care; an amendment was adopted, and the bill passed favorably. The meeting concluded with adjournment after the final roll call votes.

Transcript Highlights:

• Is the bank being held harmless?
• While credit unions may look like banks in our products and services, there are substantial differences
• While credit unions may look like banks in our products and services, there are substantial differences
• on the bank?
• on the bank?

Committee: House Financial Institutions

Transcript Highlights:

• Is the bank being held harmless?
• While credit unions may look like banks in our products and services, there are substantial differences
• While credit unions may look like banks in our products and services, there are substantial differences
• Is it the bank who buys the paper?
• on the bank?

Committee: House Financial Institutions

Summary: The committee first met in executive session on House Bill 2116, which drew comments about children’s education and an amendment offered by Representative Hinman. Hinman explained the amendment would phase out the Missouri tax subtraction for contributions to non-Missouri 529 plans for new users beginning January 1, 2027, while allowing existing users to continue. The committee adopted the amendment, rolled it into a substitute, and then voted the House Committee substitute do pass by a vote of 11 yeas, 3 nays, and 1 present. Hinman also noted concerns from the investment community about the absence of an advisor-sold 529 option and urged the department to work toward restoring it. In public hearing, Representative Lane Roberts presented House Bill 1870, a garnishment and exemption update that would modernize long-outdated exemption amounts, tie some amounts to CPI adjustments, increase the homestead exemption, and create new procedures for garnishment of financial institution account funds. The Missouri Bankers Association supported the bill, saying it was the product of extensive work with stakeholders and would improve efficiency and reduce legal risk for banks, while also protecting debtors’ rights. Questions focused on joint accounts, business accounts, and notice to account holders; a private attorney speaking in opposition argued the bill could improperly shift burdens onto non-debtor account holders and raised concerns about tenancy by the entirety, corporate accounts, and equitable garnishment. Representative Castile then presented House Bill 2586, which would lower the minimum credit union membership share from $25 to $1 and allow credit union board and committee meetings and voting by electronic means. The Missouri Credit Union Association supported the bill, saying it would improve access for members who need the $25 and help boards meet despite weather or distance, while also aligning state law more closely with federal practice. Finally, Representative Oehlerking presented House Bill 3107, the “Safe Harbor” bill, which would shield financial institutions from civil liability under state law when they act in good faith reliance on written guidance from regulators, while excluding fraud, intentional misconduct, willful wrongdoing, and gross negligence. Credit union and banking representatives supported the measure as a defense against costly litigation based on compliance with required forms and guidance, while an opposing attorney argued the bill relied on nonpublic agency guidance, raised separation-of-powers concerns, and could leave consumers without recourse; witnesses also discussed possible examples such as overdraft fee litigation and the need for any guidance to be public and reviewable.

Transcript Highlights:

• Also noting that the Department of Health Care Services and Department of Social Services are here to
• Also noting that the Department of Health Care Services and Department of Social Services are here to
• Or they could be community service, which I can think of many community service groups that go out into
• We also know that food banks and other community organizations, ...health services.
• health services.

Committee: Senate Budget and Fiscal Review

Summary: The Senate Budget and Fiscal Review Subcommittee held an oversight hearing on the impacts of H.R. 1 on California’s safety net, focusing on Medi-Cal and CalFresh. The chair and vice chair framed the discussion around major federal changes to work requirements, eligibility redeterminations, immigrant eligibility, and financing rules, while noting the state’s own structural budget deficit and the need for a second hearing later in March on county and safety-net impacts. The first panel included the Legislative Analyst’s Office, the Department of Finance, the UC Berkeley Labor Center, and the Food Research and Action Center. LAO and Finance described H.R. 1 as driving major enrollment losses and cost shifts. LAO estimated that Medi-Cal work requirements and six-month redeterminations could affect 3.5 million people, with 1 to 2 million potentially disenrolled, while CalFresh changes could subject more than 800,000 people to work requirements and cause over 600,000 to lose food assistance. They also highlighted new ineligibility for certain non-citizens, reduced federal matching for emergency Medi-Cal services, tighter provider tax rules, and higher state and county administrative costs for CalFresh. Finance said the governor’s budget reflects about $1.4 billion in new General Fund costs in 2026-27 and a $2.4 billion reduction in federal funds, with larger out-year impacts and up to 2 million Medi-Cal disenrollments by 2029-30. The UC Berkeley Labor Center projected up to 3 million Californians could lose full-scope Medi-Cal by 2028 when H.R. 1 is combined with state budget changes, though it said the state could limit losses by choosing not to apply some new requirements to state-funded populations and by keeping some immigrants in full-scope state-funded coverage. The Food Research and Action Center argued that CalFresh cuts and time limits would increase hunger, homelessness risk, and health costs, while also hurting local economies and increasing administrative burden. Committee members from both parties questioned the fiscal sustainability of Medi-Cal growth, the 11% CalFresh error rate and possible $2 billion penalty, county indigent care costs, and the effect of work requirements; several Democratic members argued the federal changes and state cuts would disproportionately harm low-income Californians, immigrants, and communities of color, while Republican members emphasized program growth, work incentives, and the need for budget restraint. No votes were taken in the portion provided.

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:

• During the COVID-19 pandemic, the Department of Developmental Services authorized remote services for
• Most importantly, virtual services preserve connection, routine, continuity of services, and choice.
• Because of remote service, So accessing in-person services has become a real challenge for us.
• Ninety-two percent of food banks reported that their average service numbers increased during the shutdown
• Thank you for your service. ...veteran and strong support. Thank you for your service.

Committee: Senate Human Services

Transcript Highlights:

• from establishing public banks.
• No public banks have been created.
• Section 6-700I specifically mentions a depository bank. A depository bank, a depository bank...
• A depository bank is a bank that accepts deposits.
• I do sit on banking committees.

Summary: The Assembly Committee on Economic Development, Growth, and Household Impact heard several bills focused on trade, affordability, and public finance. AB 2745 (Fong) would update California’s international trade and investment strategy, add a public advisory process, and allow regional trade hubs; supporters from the California Asian Pacific Chamber of Commerce and California Forward said it would help California compete globally and attract investment, while no opposition testified. AB 2366 (Avila Farías) would require state agencies to analyze cost-of-living impacts when adopting regulations and direct the LAO to develop guidance; supporters from the New California Coalition and the California Manufacturers and Technology Association argued it would improve transparency and help address affordability, while members noted concerns about implementation and unintended consequences. The committee also heard AB 2243 (Haney), which creates a commission to study whether California should establish a state public bank and how it might be structured. Supporters from the California Public Banking Alliance, climate groups, and other organizations said a public bank could reduce borrowing costs and finance housing, climate, and small business needs; the California Bankers Association and credit unions opposed the bill, arguing it could compete with private banks, duplicate prior studies, and raise unresolved regulatory and cost issues. Several committee members said they would support the study concept but wanted the bill amended so any final decision would return to the Legislature, and the author agreed to clarify that point and remove language related to extending local public bank licensing timelines. The committee also took up consent items AB 2048 (Calderon), AB 2583 (Hoover), and ACR 129 (Haney), which were approved without opposition. After quorum was established, the committee voted AB 2366 out on a 7-0 basis to Judiciary, AB 2745 out on a 7-0 basis to Appropriations, and AB 2243 out on a 7-0 basis to Finance, with the consent calendar also approved.

Transcript Highlights:

• This issue was brought to the attention of the bank in August 2023.
• If we've got cash deposited in a bank in a normal regular bank account and the amount is in excess of
• So the bank has to provide that collateral? That's great.
• So, for example, if they have, say, half a million dollars in the bank, then that bank has to have the
• The employee had a break in service.

Committee: All LEGISLATIVE JOINT AUDITING-STATE AGENCIES

Summary: The committee first approved the minutes from the prior meeting. It then heard audit reports from Tom Bullington, including two reports with findings and three without findings, which were filed without objection. The Department of Public Safety FY24 audit had two findings: a duplicate vendor payment of nearly $3,700 that was later recouped, and a $2.5 million collateral shortfall tied to bank-held cash funds because securities were not properly pledged in the State Police’s name. Agency representatives from Arkansas State Police and the Department of Public Safety answered questions, and members discussed how collateralization works for deposits above FDIC coverage. The committee next reviewed the Department of Transformation and Shared Services FY24 audit, which contained five findings. These included an $800 career service overpayment caused by a rehire data entry error, delayed deactivation and inventory issues for assets including stolen cameras, a double count of more than $940,000 in year-end cash records, $10.3 million in health claims that should have been recorded as fiscal year 2024 payables, and repeated deficiencies in vehicle mileage logs. Agency officials explained that the stolen cameras were recovered through restitution, that inventory reviews are being expanded, and that the vehicle log problems are expected to be addressed through a statewide electronic GPS/telematics system. Members asked about the scope of audit testing, asset tracking, vehicle oversight, and whether the new vehicle system would allow monitoring of use, fuel purchases, geofencing, and possible sharing of vehicles across agencies. Shared Administrative Services said it would administer the statewide system, with departments retaining operational responsibility and access controls. After discussion, the committee filed the report without objection and adjourned, noting the next meeting would be held June 4.

Transcript Highlights:

• And these banks that they're purchasing, they're not struggling banks. These are healthy banks.
• Williamsburg... purchased a bank um first state bank of purchased a bank um first state bank of Middlesborough
• c><00:15:04.240><c> that</c><00:15:04.399><c> they're</c> banks um and these banks that they're banks
• And this isn't a huge bank. This is a $400 million bank. And this isn't a huge bank.
• </c> psychiatric services. psychiatric services.

Summary: The Interim Joint Committee on Banking and Insurance met for its first interim meeting, established a quorum, approved routine opening items, and welcomed a new committee assistant and a legislative intern. The committee first heard a Kentucky Bankers Association presentation from Tim Shank and John Cooper focused on the state’s housing shortage, which they described as affecting all 120 counties and especially low- and moderate-income and workforce housing. They urged support for a proposed $20 million banker-backed revolving fund, paired with tax credits, to finance new housing construction; they said the program would be flexible, could support alternatives such as manufactured housing, and would use below-market loans with tax credits vesting over five years only after units are completed. They also asked for extension of the historical tax credit carryforward from five to seven years and for continued support of new market tax credits, arguing that supply-chain delays make the longer period necessary for historic rehabilitation projects. The bankers also raised concerns about credit unions, arguing that because credit unions do not pay the same taxes as banks, they should not be allowed to acquire healthy state-chartered banks or hold state and local deposits. They cited the recent purchase of First State Bank of Middlesborough as an example, saying the transaction would reduce state, county, and city tax revenue and weaken local tax bases. In response to committee questions, the presenters said local regulations, zoning, parking, sidewalk, and utility easement issues can significantly delay housing projects, and they emphasized that state policy and infrastructure support are needed to help address affordability and development barriers. The committee then shifted to a Department of Insurance presentation by Commissioner Sharon Clark on how to read KRS 6.948 health mandate and federal cost defrayal impact statements. Clark explained that the mandate statements were created in 1998 so legislators would have actuarial estimates of how proposed health insurance mandates would affect administrative costs, premiums, and total costs, and she noted that later legislation added federal cost-defrayal analysis. She also reviewed the background of the Affordable Care Act’s essential health benefits framework and said the department’s statements are intended to help lawmakers make informed decisions on proposed health coverage mandates. No votes or formal actions were taken during the portion of the meeting provided.

Transcript Highlights:

• It relates to the regulation of state banks.
• Members, Texas banks can be placed under supervision by the Department of the Banking, Department of
• Banking.
• Members, Texas banks can be placed under supervision by the Department of the Banking Commissioner determines
• the bank is in a precarious financial position.

Bills: HB431 , HB1522 , HB1922 , HB2467 , HB2468 , HB3228 , HB3229 , HB3306 , HB3803 , HB3804 , HB3805 , HB3806 , HB4219 , HB4238 , HB4344 , HB4386 , HB4739

Committee: Senate Business & Commerce

Summary: The committee first took up pending business and favorably reported several House bills without opposition, including HB 11, HB 132, HB 1041, HB 1606, HB 2286, and HB 5061. Each was moved out of committee with a recommendation that it do pass and be printed, and several were also recommended for the local and uncontested calendar. The committee then heard HB 3306, which would extend existing construction-contract indemnity exceptions to electric infrastructure construction, maintenance, and vegetation management work for electric utilities and transmission and distribution utilities. The sponsor said the bill would reduce litigation and insurance costs for ratepayers, while construction industry witnesses argued it would shift liability onto subcontractors and create broad-form indemnity in a way Texas law has generally prohibited since 2011. HB 3306 was left pending. The committee also heard HB 4739, a Comptroller-requested cleanup bill to repeal an outdated Finance Code provision requiring remittance of a portion of certain delinquency charges to the state, and HB 3803, HB 3804, and HB 3806, all Department of Banking-requested cleanup bills dealing with confidentiality and supervision rules for perpetual care funds, state banks, and trust companies. Those bills were briefly explained and left pending without testimony. HB 4219, aimed at improving Public Information Act compliance by requiring timely notice when records do not exist or are being withheld, allowing complaints to the Attorney General, and imposing training and fee consequences for noncompliance, drew support from a journalist and a policy analyst and was also left pending. The committee then heard HB 4238 on coerced debt and identity theft. The sponsor explained that the committee substitute narrows the bill to court-ordered findings of identity theft/coerced debt, gives collectors seven business days to stop collection activity, and removes a section to avoid litigation over court orders. A law professor and a family violence advocate testified in strong support, describing coerced debt as a barrier for domestic violence and elder abuse survivors trying to rebuild credit and access housing, jobs, and utilities. The bill was left pending. HB 1522, which would require local governments to post meeting notices three business days in advance and make budget materials more accessible online and in physical form, also drew support, though a school business officials representative raised concerns about the timing language, proposed-budget wording, and taxpayer impact statements for school districts; the bill was left pending after discussion. Later, the committee heard additional pending bills, including a PUC background-check bill that would expand the commission’s authority to check current employees and contractors and obtain FBI criminal history information, HB 3805 updating money services business regulation, HB 431 extending HOA solar-panel protections to solar tiles, and HB 3228 and HB 3229 on wind and solar recycling financial assurance and recycler solvency. HB 3228 received support from a Sierra Club witness who said recycling and disposal plans are needed for end-of-life renewable energy equipment, and HB 3229 was described as requiring recyclers to show financial resources at 125 percent through a letter of credit or bond. These bills were heard and left pending.

Transcript Highlights:

• This issue was brought to the attention of the bank in August 2023.
• If we've got cash deposited in a bank in a normal regular bank account and the amount is in excess of
• So the bank has to provide that collateral? That's great.
• So, for example, if they have, say, half a million dollars in the bank, then that bank has to have the
• The employee had a break in service.

Committee: All LEGISLATIVE JOINT AUDITING-STATE AGENCIES

Transcript Highlights:

• </c><00:23:42.799><c> and</c> look Banking and look Banking and business<00:23:45.600><c> banking</c>
• <00:23:46.039><c> businesses</c> business banking businesses business banking businesses together<00:
• So we like state-chartered banks.
• We have 40 member banks, consisting of state charter banks and out-of-state chartered banks, such as
• Denovo is when a bank starts up.

Summary: The meeting began with introductory remarks for new and returning members of the House Commerce Committee, led by Chairman John Hunt. Members briefly introduced themselves and their backgrounds, and several noted the committee’s bipartisan, collegial tone. Hunt explained the committee’s structure and traditions, including the division into three subcommittees: banking and business, consumer protection, and liquor commission matters, with insurance now handled as a single area. He also reviewed basic hearing procedures, including decorum, questions for information only, and the committee’s practice of moving bills through subcommittees before full committee executive sessions. The committee then heard an overview from the New Hampshire Insurance Department, led by Commissioner DJ Bettencourt and staff. The department described its mission as promoting a safe and competitive insurance marketplace and emphasized consumer protection, market competition, and affordability. Officials outlined the department’s responsibilities, including licensing insurers, producers, adjusters, and TPAs; reviewing insurance forms; regulating companies and market conduct; overseeing financial solvency; and investigating insurance fraud. They also noted that the department is self-funded through assessments on insurers, collects premium taxes and fees for the state, and returned more than $2.7 million to companies in fiscal year 2024 due to underspending. The presentation also covered the broader regulatory framework for insurance, including the role of the National Association of Insurance Commissioners in promoting uniform standards across states and territories. Officials said New Hampshire licenses about 1,200 insurance companies and roughly 245,000 producers and adjusters, and that the department’s financial examinations are part of an accreditation system used nationwide. No votes or formal committee actions were taken in the portion provided; the session was primarily organizational and informational, with the insurance department presentation beginning the committee’s substantive work for the term.

Transcript Highlights:

• </c> Human Services program. Human Services program.
• with the US Postal Service, the US Secret<00:54:05.359><c> Service,</c> Secret Service, Secret Service
• </c> from the bank. from the bank.
• Wire transfers through banks to virtual asset service providers for purchase of digital assets.
• </c> levels of public service levels of public service human<01:32:55.120><c> services</c><01:32:55.680

Committee: House Fraud Prevention and State Agency Oversight Policy

Transcript Highlights:

• When the cut was proposed to services, When the cut was proposed to services, the gentlewoman, myself
• and try to get on the bank signature card.
• Some of them is authorizing the ACHs to go, and they do that through the banks to authorize the banks
• Some of them is authorizing the ACHs to go, and they do that through the banks to authorize the banks
• And the only other thing, just to the banking side, because I... ...the banking side, because I used

Committees: House Local Government , House Local Government, Elections and Pensions