FINANCIAL INSTITUTIONS WILL
COME TO ORDER GOOD MORNING IN
RESPONSE TO THE CODE NINETEEN
EMERGENCY AND TO PROTECT THE
PUBLIC LEGISLATORS AND
EMPLOYEES WE MUST LIMIT
NONESSENTIAL GATHERINGS AND IT
HERE TO SOCIAL DISTANCING AND
FACE COVERING GUIDELINES IN
COMPLIANCE WITH THOSE ORDERS
THE SENATE HAS MADE NECESSARY
ADJUSTMENTS TO NORMAL PRACTICES
IN ORDER TO ENSURE THAT THE
PUBLIC CONTINUES TO HAVE ACCESS
TO THE LEGISLATIVE PROCESS. TO
ALLOW THE PUBLIC ACCESS WE HAVE
ADMITTED MEMBERS OF THE PUBLIC
THE TWO HEARING ROOMS TO THE
EXTENT THAT SOCIAL DISTANCE
REQUIREMENTS ALLOW AND WILL BE
USING A TELECONFERENCE SERVICE
FOR THOSE INDIVIDUALS WHO WISH
TO TESTIFY TODAY FOR ALL
INDIVIDUALS WISHING TO PROVIDE
PUBLIC COMMENTS THE PARTICIPANT
TOLL FREE NUMBER. AND ACCESS
CODE IS POSTED ON OUR COMMITTEE
WEBSITE IT WILL BE DISPLAYED ON
THE SCREEN AND IT I WILL
ANNOUNCE IT TODAY TODAY'S
PARTICIPANT NUMBER IS. EIGHT
SEVEN SEVEN THREE THREE SIX
FOUR FOUR FOUR ZERO AND THE
ACCESS COE IS ONE SEVEN TWO
ONE FOUR ONE SEVEN FOR DETAILED
INSTRUCTIONS ON HOW THE
TELECONFERENCES TO WORKS PLEASE
REFER TO THE SENATE AND OR
COMMITTEE WEBSITE. WHEN WE
MOVED TO PUBLIC COMMENT YOU
WILL BE PROMPTED BY A MODERATOR
TO DIAL ONE THEN IF ZERO FOR
SUPPORT AND OPPOSITION PRESS
THIS ONLY ONE TIME AND WAIT
PATIENTLY FOR THE OPETH
OPERATOR TO ASSIGN YOU A LINE
NUMBER THIS CAN BE A SHORT
WAIT. ONCE YOU RECEIVE YOUR
LINE NUMBER YOU WILL WAIT IN
THE QUEUE FOR THE MODERATOR TO
CALL YOUR LINE NUMBER AT THAT
TIME HE WILL BE UNLIMITED AND
YOU ARE NOW READY TO ADDRESS
THE COMMITTEE PLEASE NOTE THAT
IN ORDER FOR US TO HEAR YOU
CLEARLY AND TO AVOID ACOUSTIC
FEEDBACK YOU MUST MEET THE
DEVICE YOU ARE. IN THE HEARING
ON PRIOR TO GIVING TESTIMONY
OVER THE PHONE IT IS IMPORTANT
THAT WE HEAR FROM YOU AND WE
THANK YOU FOR YOUR PATIENCE I
WILL MAINTAIN DECORUM DURING
THE HEARING AS IS CUSTOMARY AND
ANY INDIVIDUAL WHO IS
DESTRUCTIVE MAY BE REMOVED FROM
THE REMOTE THINGS. HAVE CONNECT.
WELL EVERY EFFORT HAS BEEN MADE
TO STREAMLINE THE HEARING
PROCESS AND CONDUCT OUR
HEARINGS IN AS CLOSE TO MANNER
AS IS CUSTOMARY THERE MAY BE
SOME LOG LONG LAG TIMES FOR
PARTICIPANTS WHO ARE ADJUSTING
TO THE NEW USE OF ONLINE TOOLS
OR TECHNOLOGY PLEASE BE
RESPECTFUL AND PATIENT SO ALL
INTERESTED PARTIES CAN BE
HEARD. NOW ON TO OUR COMMITTEE
BUSINESSES BUSINESS WE HAVE
FOUR BILLS ON THE AGENDA TODAY
BEFORE WE HEAR PRESENTATION ON
THE BILLS LET'S ESTABLISH
QUORUM CONSULTANT PLEASE CALL
THE ROLL. LET ALONE HERE WELL
KNOWN HERE PHOTO ABOVE.
BRADFORD BRADFORD HERE CARRIER
OF. DALLY HERE DAILY HERE THERE
ALSO YEAH RIGHT THROUGH HERE
WHAT'S SO. MAN HERE MEN HERE
FORTINO HERE FORTINO HERE.
THANK YOU THE CONSULTANT NOTES
THAT A CRIME HAS BEEN
ESTABLISHED FOR FIRST BUSINESS
ITEM LET'S TAKE UP THE CONSENT
CALENDAR THERE IS ONE ITEM ON
THE CONSENT CALENDAR THAT'S
FILE ITEM NUMBER TWO EIGHTY
FIVE ONE ONE DO I HAVE A MOTION
TO THE CONSENT CALENDAR. WE
HAVE SENATOR JOE RASO WHO HAS
MADE THE MOTION TO. MAY THE
MOTION A CONSULTANT PLEASE CALL
THE ROLL. THE MOTION IS TO
ADOPT THE CONSENT CALENDAR LOAN
HI LOAN HI PHOTO ABOVE.
BRADFORD R. BRADFORD I COVER
EURO. DALLY. DURACELL YEAH I
DRAW SO I WAS SO. MAN I MEAN I
FORTINO NINE FOURTEEN L. I.
SURVIVAL TO PUT THE CONSENT
CALENDAR ON CALL OKAY NOW WE
ARE GOING TO START WITH OUR
FIRST AUTHOR ASSEMBLYMEMBER
STONE YOU MAY BEGIN WHEN YOU
ARE READY THANK YOU MADAM CHAIR
AND MEMBERS I'M HERE PLEASE TO
PRESENT A B. FOR TWENTY FOUR
WHICH IS DEALING WITH PRIVATE
STUDENT LOANS AS YOU KNOW WE'VE
BEEN WORKING QUITE A BIT ON
STUDENT LOANS IN GENERAL. AND
FOR PRIVATE STUDENT LOANS AS OF
A YEAR AGO THERE WERE SIX
HUNDRED FIFTY THOUSAND
CALIFORNIANS BOEING TEN POINT
THREE BILLION DOLLARS IN DEBT
SO THIS IS A VERY SIGNIFICANT
ISSUE. AND WHAT OFTEN HAPPENS
IS THESE BORROWERS WHO MAY COME
INTO TROUBLE ON THEIR DEBT AT
SOME POINT AS HAPPENS WHEN THEY
DO WHAT THE SERVICER OF THESE
LOANS WILL OFTEN DO. IS CREATE
A BIT OF A HOPE OF A QUICK AND
DIRTY PROCESS TO FILE SUIT
AGAINST THESE BORROWERS IN
COURT AND THE BORDERS IF THEY
ARE NOT REPRESENTED BY COUNSEL
IN 91% OF THESE BORROWERS AS
THEY GO THROUGH THIS PROCESS
ARE NOT REPRESENTED BY COUNSEL
DON'T ALWAYS KNOW WHAT TO DO.
AND THE COURTS WILL THEN ENTER
A DEFAULT JUDGMENT NOW ONCE A
DEFAULT JUDGMENT IS ENTERED.
ANY PROBLEM OR DEFICIENCIES IN
THE FILING IS REALLY OVERCOME
BECAUSE THERE IS A DEFAULT
JUDGMENT THAT IS ENTERED IN TWO
AGAINST THE BORROWER. AND THEN
THAT DEFAULT JUDGMENT BECOMES
ENFORCEABLE BUT IN MANY MANY OF
THESE CASES WE HAVE FOUND THAT
IT'S NOT EVEN CLEAR THAT THE
PARTY BRINGING THE CASE HAS THE
RIGHT TO BRING THE CASE THEY
HAVE INSUFFICIENT
DOCUMENTATION. THEY CAN'T EVEN
ANSWER THE PROOF THAT THEY ALL
KNOW WELL THEY DIDN'T HAVE ANY
NECESSARILY CAN'T PROVE THAT
THEY SERVE IT ON THE RIGHT
INDIVIDUAL AND YET DEFAULT
JUDGMENTS HAVE BEEN ENTERED
INTO. ALL THIS BILL DOES IS IT
ESTABLISHES A MINIMUM
EVIDENTIARY STANDARD. FOR A
LENDER OR A NEWS SERVICE OR WHO
WANTS TO FILE A SUIT AND GOING
TO COURT ASKING FOR SUMMARY
JUDGMENT TO MEET SOME CERTAIN
STANDARDS OF DOCUMENTATION
DOCUMENTING THE LONE
DOCUMENTING THAT THE PERSON
INVOLVED IN ENSURING THAT THAT
IF THEN A DEFAULT JUDGMENT IS
GOING TO BE ENTERED INTO IT IS
CORRECT THAT THEY HAVE THE
RIGHT TO DO THIS THEY OWN THE
LOAN THAT THEY HAVE THE RIGHT
TO BE FILING SUIT SO WE'RE
ASKING THAT DAY. MAINTAINS
RECORDS. AND WE'RE GIVING THE
BORROWERS RATES OF ENFORCEMENT
OF THIS MECHANISM WHICH IS VERY
IMPORTANT BECAUSE REMEMBER
MOSTLY SUCKS AT THE TIME OR NOT
REPRESENT. SENATE BY COUNCIL
AND WE WANT TO MAKE SURE THAT
THE SERVICERS ARE BEING AS
RESPONSIBLE AS POSSIBLE. NOW A
LOT OF THE LENDERS AND WE'RE
WORKING WITH THE BANKING
INDUSTRY AND THE CREDIT UNION
INDUSTRY WHO ARE NOT GENERALLY
THE ONES WHO ARE FILING THESE
SORT OF. THESE KINDS OF
LAWSUITS AND IN THIS KIND OF
REPETITIVE MULTIPLE LAWSUITS TO
WORKING WITH THEM ON AMENDMENTS
AND MADAM CHAIR I WOULD
APPRECIATE THE ANALYSIS IN THE
WORK THAT YOU HAVE DONE AND-
YOUR STAFF IS DONE TO HELP US
WITH THIS AND PROVIDE SOME
GUIDANCE. TO ENSURE THAT WE'RE
GOING AFTER THE CORRECT PARTIES
HERE SO WE'RE WORKING WITH THE
OPPOSITION. AND TRYING TO MAKE
SURE THAT WE CAN ALLOW THEM TO
PURSUE THE LEGITIMATE DEBTS
THAT THEY ARE OWED THAT'S THAT
WE'RE NOT TRYING TO INTERFERE
WITH THAT. YET BUT TO THE
EXTENT THAT THEY ARE ENGAGED IN
STUDENT LOAN SERVICING THAT
THERE AT LEAST SOME MINIMUM
STANDARDS THERE'S A WORK I
THINK WE'VE GOT SOME AMENDMENTS
FROM THEM THAT WERE PROCESSING
WITH OUR BOUNCERS MAKING SURE
THAT. WE HAVE THE RIGHT MIX SO
I THINK WE'RE MAKING SOME SOME
PRETTY GOOD PROGRESS THERE THIS
IS AN IMPORTANT BILL FOR
CALIFORNIANS. TO ENSURE THAT
THEY HAVE. THAT THAT IF THERE'S
A JUDGMENT ENTERED AGAINST THEM
IT IS THE CORRECT JUDGMENT THAT
IS BASED ON THE APPROPRIATE
DOCUMENTATION. THAT'S REALLY
WHAT THIS BILL DOES AND I
RESPECTFULLY ASK FOR YOUR I.
BOATS. AND WITH ME OR MY PEERS
FROM THE STUDENT BAR OR-
PROTECTION CENTER AND ROBIN
SMITH FROM THE LEGAL AID
FOUNDATION OF LOS ANGELES.
TESTIFYING IN SUPPORT AND CAN
HELP EXPLAIN SO THAT YOU
UNDERSTAND THE ENVIRONMENT THAT
WE'RE DEALING WITH AND TRYING
TO AFFECT IN THIS CASE THANK
YOU. THANK YOU SO MUCH. BUT WE
WILL GO AHEAD AND HEAR FROM MY
PEERS FROM THE STUDENT BAR
PRODUCTION CENTER MIKE YOU MAY
BEGIN YOUR TESTIMONY. THANK YOU
SO MUCH THANK YOU CHAIR VICE
CHAIR MEMBERS OF THE COMMITTEE
MY NAME IS MIKE PIERCE ON THE
POLICY DIRECTOR AT THE STUDENT
BAR PROTECTION CENTER. WHERE
NATIONAL NONPROFIT COMMITTED TO
ENDING THE STUDENT DEBT CRISIS.
I'M HERE TODAY BECAUSE OUR
ORGANIZATION TO SPONSOR AND
SUPPORTER MAYBE FOR TWENTY
FOUR. EIGHTY FOUR TWENTY FOUR
BUILDING IMPORTANT GAP THAT
REMAINS THE CALIFORNIA CONSUMER
LAW. THE FATE OF PRIVATE
STUDENT LOAN BORROWERS IN
DEFAULT. AND THE COMMITTEE TO
WEAR GET COLLECTORS AND
COLLECTIONS LAWSUITS WERE
BEYOND THE SCOPE MR STERN
LANDMARK STUDENT BARBELL
UPRIGHT AND TWENTY SIXTEEN TO
LAUNCH EVERYTHING ACT HI. AS A
RESULT SIX HUNDRED AND FIFTY
THOUSAND CALIFORNIA STUDENT
LOAN BORROWERS WHO ARE MORE
THAN- MORE THAN TEN BILLION
DOLLARS IN PRIVATE STUDENT LOAN
DEBT. REMAIN VULNERABLE TO
ABSOLUTELY SHOCKING RANGE OF
USES. THAT FALL BEHIND ON THE-
MY COLLEAGUE ROB SMITH ALSO
FROM TODAY WHAT'S YOUR MORE
DETAIL ON THIS. PARTICULAR THE
ABUSE OF CALIFORNIA. BUT CREDIT
TO LOW CREDITORS TO BORROWERS
WITHOUT PROOF. AND YOU DEPEND
ON BAR REPEATEDLY DEFEND
THEMSELVES TO GET YOUR
JUDGMENT. THESE LATEST. BEFORE
I CO FOUNDED THE STUDENTS ARE
PROTECTION CENTER I SPENT SEVEN
YEARS AS AN ATTORNEY AT THE
FEDERAL CONSUMER FINANCIAL
PROTECTION BUREAU. WHAT WE
BROUGHT IN FORCE IN ACTION
AGAINST THE BIGGEST ABUSER
CALIFORNIA COURTS. NATIONAL
COLLEGIATE LOAN TRUST. NCSL P.
ALONG WITH BIG OUT OF STATE
NONBANK CREDITORS LIKE NAPPIES.
HAVE FILED THOUSANDS OF
LAWSUITS IN CALIFORNIA COURTS
OVER THE PAST FIVE YEARS. THE
CFPB LANDMARK LAWSUIT AGAINST
NPSL PETE WITH EUROPE AND THE
TRUCKS WHILE PAUL DAVIS. THE
COURTS AND LACKED DOCUMENTS TO
BACK. A FIFTEEN THOUSAND CASES.
RECENT RESEARCH BY A PARTNERS
YOU SEE- IRVINE CONSUME LAW
CLINIC SURE THE ACTIONS BROUGHT
BY NCLT IN ITS PEERS IN
CALIFORNIA. FULLY 90% OF CASES
FARMERS LACK LEGAL COUNSEL.
THESE TWO ISSUES IN COMBINATION
THE LACK OF LEGAL COUNSEL AND
YOUR VIEWS OF CALIFORNIA COURT.
CREATED UNMITIGATED DISASTER
FOR THE MOST VULNERABLE
BORROWERS TO MANY WHO DISCOVER
AFTER THE FACT THE REASON FOR
GARNISHING PROJECTS THAT WERE
UNDOCUMENTED FOR IN DALLAS. I
UNDERSTAND THE CALIFORNIA
BANKERS AND CREDIT UNION HERE
TODAY IN OPPOSITION BUT I WANT
TO EMPHASIZE THAT WE ARE
ENGAGED IN CONSTRUCTIVE
DIALOGUE I LOOK FORWARD TO
CONTINUING THIS PRACTICE
SESSIONS. TO THAT END I WANT TO
CONCLUDE BY EMPHASIZING THE
MAJOR DRIVERS OF THESE ABUSES
ARE NOT CALIFORNIA BANKS OF
CALIFORNIA CREDIT. AND HE HE IS
NOT A BANK AT ALL. BUT THE
LOAN. STAR TRUST WITH ME BY THE
BIGGEST BANKS IN THE WORLD.
JPMORGAN CHASE BANK OF AMERICA
AND THE WEST BANK. BIG BANKS
MADE SOME PRIME STUDENT LOANS
FOR PAST UP TO INVESTORS.
BARBER STRUGGLE TO RETAIN
DECADES LATER THESE CASES
CONTINUE TO CALL CALIFORNIA
COURTS. IN HER CALIFORNIA
FAMILY. THANKS AREN'T BARLEY
WATCHES. THESE WATCHES REMAIN A
LEGACY OF PREDATORY LENDING BIG
OUT OF STATE AND NATIONAL BANKS
AND NON BANKS. FORTUNATELY
EIGHTY FOUR TWENTY FOUR- AND
YOU COULD BE USED AS A
CONSTRUCTION SCRAPPED WE
STRONGLY SUPPORT THIS BILL I'M
HONORED AND I HEARD ON EIGHTY
FOUR TWENTY FOUR. CALIFORNIA
STUDENT LOAN BORROWERS CANNOT
AFFORD TO WAIT ANY LONGER THANK
YOU. THANK YOU MR PEERS NEXT WE
HAVE ROBIN SMITH FROM THE LEGAL
AID FOUNDATION FROM LOS ANGELES
ROBIN. YOU MAY BEGIN WHEN YOU
ARE READY. YES GOOD MORNING MY
NAME IS ROBIN SMITH AND I AM A
SENIOR ATTORNEY AT THE LEGAL
AID FOUNDATION OF LOS ANGELES.
I HAVE BEEN REPRESENTING BARTON
PRIDE IN ONE COLLECTION ACTION
SINCE TWENTY THIRTEEN. I HAVE
SEEN OVER AND OVER AT THE
ABUSES THAT ARE ADDRESSED BY
EIGHTY FOUR TWENTY FOUR. WHEN A
LOW INCOME BORROWERS BASED
COLLECTION OF PRIVATE LOANS
THEY ARE OFTEN CONFUSED.
USUALLY HAVE NEVER HEARD AT THE
COLLECTOR OR THE LOAN HOLDERS
THAT ARE ASKING THEM TO MAKE A
PAYMENT. BECAUSE THE LOAN
HOLDERS ARE NOT TYPICALLY BE
ORIGINAL CREDITORS MEAN GETTING
A LOAN AGREEMENT. THEY USUALLY
DON'T HAVE A COPY OF THE LOAN
AGREEMENT. OR A PAYMENT HISTORY
AND SOMETIMES THEY DON'T EVEN
KNOW THEY HAD TAKEN OUT THE
PRIVATE NON BECAUSE THEY'RE
COMPETING VIEWS ABOUT THE
DIFFERENCE BETWEEN FEDERAL AND
PRIVATE LOANS. EIGHTY FOUR
TWENTY FOUR IS A VERY SIMPLE
AND COMMON SENSE SOLUTION THAT
START TO. LEVEL THE PLAYING
FIELD IN THE POWER BETWEEN
FIREWORK ANYONE COLLECTORS BY
BY. REQUIRING AT A MINIMUM AND
THAT THE LOAN COLLECTORS ALONE
HOLDERS PROVIDE THEM WITH BASIC
COLLECTOR LOAN HOLDER SHOULD BE
COLLECTING A PRIVATE LOAN
WITHOUT AND THESE ARE THE
ACTUAL LOAN AGREEMENT SO THE
PAYMENT HISTORY. AND APPROVED
THAT THE NEW CREDITORS WHOEVER
THEY ARE ACTUALLY ALONE AND ARE
ABLE TO COLLECT ON THE LOAN-
BECAUSE THEY'RE NOT NAMED IN
THE PRODUCT. HOW DOES A PARENT
KNOW THAT. THEY'RE ACTUALLY THE
CORRECT PERSON TO PAY- I WANT
TO GIVE A COUPLE AND YOU. OF
CASES THAT WE HAVE DEALT WITH
THE ILLUSTRATE PROBLEM. SOLVER
IN THE SINGLE MY SUPPORT TO
CHILDREN A LOW. JOB INTO SIX.
TO TWENTY FIVE JUDGMENT AT
THREE THOUSAND DOLLARS WAS
ENTERED AGAINST HER FOR A
PRIVATE LOAN SHE OBTAINED TO
ATTEND NATIONAL UNIVERSITY IN
TWO THOUSAND SEVEN. EVEN THOUGH
THE PLAINTIFF LACKED EVIDENCE
THAT OWNED AND HAD A RIGHT TO
COLLECT ON THE LANDS. HE'S
ALREADY CONTACTED OUR OFFICE
FOR HELP BECAUSE HER EMPLOYER
HAD TWO CARS A 25% OF HER
DISPOSABLE PAPER OVER TWO
YEARS. AND AS A RESULT HE WAS
STRUGGLING TO PAY HER RENT AND
OTHER BASIC LIVING EXPENSES. WE
DISCOVERED THAT HER EMPLOYER
HAD A QUITE INCORRECT PARTITION
FORMULA AND THEY LEGALLY
GUARDED OVER NINE THOUSAND
DOLLARS. BUT WE WERE ABLE TO
GET THE THING THAT WE FIND IT
IN STOCK OVER GARNISHMENT. ALL
OTHER INTEGRATED PLEASE STILL
BE GARNISHED BECAUSE HER
PAYMENTS ARE NOT LIKELY TO
COVER THE ANNUAL INTEREST AS IT
ACCRUES. BUT THAT WILL GROW
EVEN AFTER WAGES ARE GARNISHED
HE CANNOT BE CHARGED IF. THE
SPEAKING AT A BANK RECEIPT.
SHE'S BAKING LITERALLY A LIKE
KIND OF WAGE GARNISHMENT. IN
TWO THOUSAND SIX ANOTHER CASE
BAILEY ASKING TO TWENTY ONE
THOUSAND DOLLAR PRIVATE MINE
WITH A 40% ANNUAL PERCENTAGE
RATE FROM THE BANK. TO ATTEND
CAL STATE AND IT WAS CO SIGNED
BY HER MOTHER. MS BAILEY AND
HER MOTHER ARE LOW INCOME
AFRICAN AMERICAN WOMEN WHO HAD
NEVER MADE ANY PAYMENTS ON THE
LOAN IF THEY COULD NOT AFFORD
THEM AND NO AFFORDABLE
REPAYMENT OPTIONS. AFTER TWELVE
YEARS LATER BOSNIAN BAILEY AND
HER MOTHER WERE SERVED WITH A
COMPLAINT FILED BY A PRIVATE
STUDENT LOAN TRACK. YOU CAN
DAMAGES AT FORTY FIVE THOUSAND
DOLLARS FOR BREACH OF CONTRACT.
HE REPRESENTED BOTH MEN FAILING
AND HER MOTHER AND THE THIRD IN
VARIOUS FENCES INCLUDING
STATUTE OF LIMITATIONS THE
PLAINTIFFS LACK STANDING. TO
SUE. INABILITY TO PROVE THAT IT
HAS BEEN ASSIGNED AT THE
INDIVIDUAL LEVEL. AFTER THE
THIRD EXTENSIVE DISCOVERY KNOWS
THE DEFINITION PLAINTIFF.
BLOCKING WE EARN YOUR VOTE YES
VOTE ON A B. TWENTY FORTY. FOUR
TWENTY FOUR CRUCIAL TO ENSURING
THAT LOW INCOME BORROWERS MOST.
OF WHOM ARE UNABLE TO OBTAIN
LEGAL RECORD AND- DO NOT EIGHT
AND WHY KIND OF WAGE GARNISH.
PEOPLE CAN. PEOPLE JACKET FOR
DEATH THEY DO NOT LEGALLY AT
THANK YOU. THANK YOU VERY MUCH.
NOW LET'S IF WE HAVE ANY
WITNESSES HERE IN THE- SCENE NO
WITNESS IN THE WE WILL MOVE
WITNESSES IN ROOM TWELVE. C. NO
WITH IN ROOM ONE TWELVE WILL
MOVE- WHO'S AS IF I SUPPORT OF
A B. TWENTY FOUR I WILL MOVE
WITNESS- VIA TELECOM SERVICE
MODERATOR IF YOU WOULD PLEASE
PROMPT ANY INDIVIDUALS WAITING
TO TESTIFY IN SUPPORT OF AB
FOUR TO FOUR WE WILL BEGIN.
THANK YOU THANK YOU TESTIFIED
TO POOR PLEASE PRESS ONE ZERO.
OUR FIRST LINE IS LINE TWENTY
THREE PLEASE GO AHEAD. NINE
TWENTY THREE YOUR LINE IS OPEN.
HI THIS IS KIRTI ANANYA PROGRAM
DIRECTOR OF STUDENT DEBT
CRISIS- WE ARE NONPROFIT THAT
REPRESENTS TWO MILLION STUDENT
LOAN BORROWERS ACROSS THE
COUNTRY AND MANY HERE IN
CALIFORNIA I'M CALLING TO
SUBMIT MY STRONG SUPPORT FOR A.
B. FOR TWENTY FOUR. ONE TWENTY
ONE PLEASE GO AHEAD. GOOD
MORNING MADAM CHAIR NUMBER TURN
LYING ON TOP OF THE CITY AND
COUNTY OF SAN FRANCISCO INTO
PROJECT PLANNING THANK YOU.
LINE THIRTY SIX PLEASE GO AHEAD.
GOOD MORNING SAMANTHA THING
WITH TEXTING CALIFORNIA CROWD
COULD SPONSOR OF EIGHTY FOUR
TWENTY FOUR IN STRONG SUPPORT.
THANK YOU LINE FORTY PLEASE GO
AHEAD. MORNING MADAM CHAIR
MEMBERS CHRIS RESPONSES PARK
AFTER QUESTIONS ON ALL PARTY OR
A STRONG SUPPORT OF THIS NATURE.
LINE THIRTY EIGHT PLEASE GO
AHEAD. GOOD MORNING THIS IS
REPAIRING THE DIRECTOR OF
LITIGATION AND COMBINED WITH
THE PUBLIC LOCKED INTO-
INFERENCE CURRENTLY IN THERE IN
THE CORNER OF EIGHTY FOUR
TWENTY FOUR. THANK YOU BYE
TWENTY EIGHT PLEASE GO AHEAD.
GOOD MORNING BEAUTIFUL PEOPLE
CARTER WITH THE CALIFORNIA
ASSOCIATION OF NONPROFIT
INSTRUCT THE PART. LINE TWENTY
PLEASE GO AHEAD. DANIEL
GUTIERREZ ON BEHALF OF THE
CONSUMER FEDERATION OF
CALIFORNIA IN SUPPORT. LINE
THIRTY THREE PLEASE GO AHEAD.
GOOD MORNING MY NAME IS DANIEL
RODRIGUEZ CALLING ON BEHALF OF
THE CALIFORNIA STUDENT AID
COMMISSION INSTRUCT THE PORT OF
P. B. FOURTEEN FOURTEEN PM.
LINE TWENTY NINE PLEASE GO
AHEAD. GOOD MORNING THIS IS
NATALIA ABRAMS DIRECTOR OF
STUDENT DEBT CRISIS IN STRONG
SUPPORT FOR A. B. TWO FOUR TWO
FOUR EXCUSE ME FOR A. B. FOUR
TO FOUR. THE NINE THIRTY ONE
PLEASE GO AHEAD. GOOD MORNING
JACK RECORDER WITH THE
CALIFORNIA DENTAL ASSOCIATION
WE ARE ALSO IN SUPPORT OF THE
B. FOUR TO FOUR THANK YOU.
THERE ARE NO OTHER LINES IN
SUPPORT. THANK YOU. RACC NO
ADDITIONAL HEARING NO
ADDITIONAL WITNESSES IN
SUPPORT- WE WILL BEGIN WITH OUR
WITNESSES IN PPOSITION OUR
FIRST WITNESS IN OPPOSITION IS
MELANIE QUOTAS FROM THE
CALIFORNIA BANKERS ASSOCIATION
MELANIE PLEASE PROCEED WHEN
YOU'RE READY. GOOD MORNING
MADAM CHAIR AND MEMBERS THANK
YOU FOR THE OPPORTUNITY TO
PARTICIPATE VIRTUALLY IN
TODAY'S HEARING. I AM NOT
ANYTHING THAT WOULD BE
CALIFORNIA BANKERS ASSOCIATION
FIRST WE WOULD LIKE TO THANK
THE AUTHOR AND A PROPONENT FOR
THEIR COMMITMENT TO ADDRESS OUR
HIGHEST PRIORITY CONCERN. AND
WE ARE PLEASED TO REPORT TODAY
IF YOU NEED IT WE HAVE COME TO
AGREEMENT ON ONE OF THOSE
ISSUES AND WE DO LOOK FORWARD
TO CONTINUING NEGOTIATIONS ON.
THAT REMAIN OUTSTANDING WHICH
ARE CENTERED AROUND THE
FEASIBILITY OF THE NOTIFICATION
REQUIREMENT. THAT GOES ON THE
MEASURE AND THEN I HEARD THE
IMPACT ON THE ABILITY TO
COLLECT ON DOLLARS YOU DON'T
WANT THAT FOR THE CREDITOR TO
BE MADE WHOLE AFTER LANDING. AT
THIS TIME YOUR REMAIN IN
OPPOSITION TO EIGHTY FOUR TO
FOUR ADMITTED ENTERING. THE
FUNDERS WHO OINTED TO ISSUES
WITHOUT THANK YOU DON'T LOAN
SERVICERS THOSE WERE NOT THE
ORIGINAL CREDITORS AS WELL AS
NON. BANK LENDERS HOWEVER IT IS
NOT YOUR- CURRENTLY FAR MORE
BROAD. AND THE MAJORS. IN
FRANCE THE GENTLEMAN THAT WOULD
BE COMPLETELY IN. DUE TO SOME
HUMAN. INCLUDING MINOR ERRORS
IN PAPERWORK OR DOCUMENTATION.
INCLUDING WE APPRECIATE THE
DIALOGUE THAT WE- ARE THE
PROPONENTS AND WE LOOK FORWARD
TO WORKING WITH THE AUTHOR IN
FINE TUNING THE IMPACT OF THAT
NATURE. AND STILL IN
NEGOTIATIONS BUT WE'VE MADE
MEANINGFUL PROGRESS IN MEETING.
THE AUTHOR FOR WORKING WITH US
THANK YOU. THANK YOU OUR SECOND
WITNESS AN OPPOSITION IS CLIFF
BURKE REPRESENTING THE
CALIFORNIA ASSOCIATION OF
COLLECTORS CLICK PLEASE GO
AHEAD AND BEGIN WHEN YOU'RE
READY. WITH THANK YOU MADAM
CHAIR CLOSE BERKELEY CALIFORNIA
ASSOCIATION OF COLLECTORS. WE
ARE CLOSE TO THE BILL WE ARE
WORKING WITH THE AUTHOR ON
OPERATIONAL ISSUES WE ARE VERY
EMPATHETIC WITH. EARNS
REGARDING STUDENT DEBT BUT I
THINK YOU NEED TO RECOGNIZE
THAT A SUBSTANTIAL NUMBER THE
VAST BULK OF STUDENT DEBT
ACCOUNTS DO NOT WIND UP IN
LAWSUITS- THE DISABILITY
EXPENSE EXPANDING DEFINITIONS
FROM THE LINE- THAT FIRES AFTER
THAT BUYERS OR INVESTORS INVEST
IN DEBT NOT COLLECTORS- THERE'S
THREE BILLS THAT ARE TRYING TO
DO THAT. ZERO CASKEY TREATMENT
IN THIS ONE- WE NEED TO GET
DEFINITIONS AND LANGUAGE THAT
IS OPERATIONALLY CORRECT WE
HAVE CONCERNS ABOUT THE
DISCLOSURES WE HAVE CONCERNS
ABOUT THE NOTICE REGARDING
BANKRUPTCY- BUT WE ARE WORKING
WITH THE AUTHOR. AND BOOK TO
RESOLVE THESE ISSUES THANK YOU.
THANK YOU MAY BERG NOW WE WILL
SEE IF WE HAVE ANY WITNESSES IN
OPPOSITION THE GALLERY SCENE NO
WITNESSES IN OPPOSITION IN THE
GALLERY WILL GO TO ROOM ONE
TWELVE. WE HAVE NO WITNESSES TO
AN OPPOSITION IN ROOM ONE
TWELVE WE WILL GO. TO THE
WITNESSES TESTIFYING VIA
TELECONFERENCE MODERATOR IF YOU
WOULD PLEASE PROMPT THE
INDIVIDUALS WE NEED TO TESTIFY
IN OPPOSITION OF AB FOUR TWO
FOUR WE WILL BEGIN. IF YOU
WOULD LIKE TO TESTIFY IN
OPPOSITION PLEASE PRESS ONE
ZERO AT THIS TIME. IT'LL BE
JUST A MOMENT. OUR FIRST PERSON
THANK YOU.
NINE THIRTY TWO
PLEASE GO AHEAD. MORNING CARE
MEMBER ROBERT WILSON THE
CALIFORNIA CREDIT UNION THEY
JUST WANT TO ECHO THE COMMENTS
FROM MY COLLEAGUE WITH THE
BANKERS ASSOCIATION I THANK THE
AWKWARD CONVERSATION BUT WE
ARE. MADE UP OF THE BELL THANK
YOU. I'LL BE JUST A MOMENT FOR
NEXT. OPPOSITION ONE WOMAN.
THANK YOU BYE FORTY TWO PLEASE
GO AHEAD. NINE FORTY TWO PLEASE
GO AHEAD. YOUR LINE IS OPEN.
OKAY THERE ARE NO MORE
HEADLINES AND PUT IN OPPOSITION
PLEASE CONTINUE THANK YOU THANK%
YOU MODERATOR WE WILL NOW MOVE
TO QUESTIONS AND COMMENTS FROM
MEMBERS MEMBERS ANY QUESTIONS
OR COMMENTS US SENATOR CAPITO.
THANK YOU VERY MUCH MY- MADAM
CHAIR- ASSEMBLYMEMBER STONE I
AM I REALLY APPRECIATE THIS
BILL AND UNDERSTAND- WHERE
YOU'RE GOING WITH IT I JUST HAD
ONE QUESTION AND I AND I AND I
WANT TO ENCOURAGE- YOU TO
CONTINUE WORKING ON IT
OBVIOUSLY DONE A REALLY GREAT
JOB OF. OF TRYING TO MEET THE
NEEDS OF SOME OF THE- SOME OF
THE OPPOSITION PARTICULARLY
BECAUSE NOT ALL LOANS ARE. ARE
GRANTED EXACTLY THE SAME AND
HAVE DIFFERENT REQUIREMENTS AND
SO SOMETIMES ONE SIZE DOESN'T
FIT ALL I JUST WANT TO MAKE
SURE THAT I HAVE IT STRAIGHT-
IT DOESN'T CALL OUT IN THE
ANALYSIS- THAT THERE IS A
PRIVATE PRIVATE ABOUT SHIN THIS
BEING CREATED BY THIS BUT IF.
THERE IS IT AM I CORRECT. YES
YOU ARE CORRECT. OKAY AND I
JUST WANTED TO BE SURE BECAUSE
IT IT'S KIND OF GET SOME. AS I
READ I HAD TO GO BACK AND READ
THE BILL AND THAT'S AND THAT'S
WHERE I FOUND IT SO THANK YOU
VERY MUCH I APPRECIATE THAT. I
WILL BE SUPPORTING THE BILL
TODAY. THANK YOU. THANK YOU.
DID SOMEONE MOVE THE BILL. AT
WE HAVE SENATOR MAN WHO HAS
MOVED THE BILL MEMBERS ANY
OTHER QUESTIONS OR COMMENTS.
SEE NO ADDITIONAL QUESTIONS OR
COMMENTS WE DO I HAVE A MOTION
BY SENATOR MAN I JUST WANT TO
THANK THE AUTHOR FOR BRINGING
THIS FORWARD I KNOW THAT
THROUGH MY EXPERIENCE WORKING
WITH YOU ON A STUDENT LOAN AND-
ISSUES- I KNOW YOU HAVE A
HISTORY OF REALLY LOOKING AT
THIS POLICY AREA. I ALSO KNOW
THAT IT'S SO IMPORTANT TO NOT
JUST ADDRESS THIS THROUGH THE
LENS OF STUDENT LOANS BUT ALSO.
LOOK AT THE WAYS THAT WE CAN
REDUCE DEBT ALL TOGETHER SO WE
DON'T HAVE. SO MUCH STUDENT
LOAN DEBT BUT WHEN STUDENTS DO
NEED TO TAKE OUT THESE LOANS I
THINK IT'S REALLY IMPORTANT NOT
TO PUT THE PROTECTIONS UP FRONT
BEFORE A LAWSUIT IS FILED- AND
CERTAINLY- A THINK THAT-
PROTECTING THE STUDENTS MAKING
SURE. THAT WE HAVE
OPPORTUITIES FOR STUDENTS WHO
CAN'T HIRE AN ATTORNEY TO
ADDRESS SOME OF THESE ISSUES- I
THINK IT'S ABSOLUTELY. A GOOD
THING TO DO SO- I DO ENCOURAGE
YOU TO CONTINUE WORKING WITH
OPPOSITION YOU'VE ADDRESSED A
NUMBER OF ISSUES AND- WHENEVER
THE APPROPRIATE TIME IS I WOULD
LOVE TO BE ADDED AS A CO
AUTHOR. SO WITH THAT- I- WILL
ALLOW YOU TO CLOSE IF YOU HAVE
ANY CLOSING COMMENTS THANK YOU
MADAM CHAIR AND SENATORS WE
HAVE BEEN WORKING WITH. THE
OPPOSITION AND WE'RE HOPING
THIS BILL IS GOING TO SENATE
JUDICIARY NEXT IF IT GETS OUT
OF. THE THIS COMMITTEE WITH
YOUR GRACE AND WE'RE HOPING TO
MEET BE ABLE TO MEET THE
DEADLINES FOR. GETTING
AMENDMENTS IN THE SENATE
JUDICIARY SO YOU'LL HAVE A
CHANCE AND WE WILL HAVE A
CHANCE TO SEE IT THERE AS WELL
AND NC. HOPEFULLY THE PROGRESS
THAT WILL BE ABLE TO MAKE BY
THAT WE HAD VERY GOOD
CONVERSATIONS I THINK THE
OPPOSITION OR SAID WHAT WE'RE
TRYING TO DO AND WE WERE TRYING
TO MAKE SURE WE UNDERSTAND.
THAT THE DETAILS OF WHAT
THEY'RE DOING BUT THE FACT OF
THE MATTER REMAINS ARE A LOT OF
LAWSUITS SECOND FILED. TO THE
DETRIMENT. ART. AND THEN THAT'S
WHO WERE TRYING TO. HERE THANK
YOU FOR FROM. THE TESTIMONY OF
THOSE WHO ARE REPRESENTED.
LAWYERS CAN FIND THE FLAWS. BUT
WE'RE TRYING TO MAKE SURE THAT
PROCEDURALLY. THROUGH THE
EVIDENCE PROCESS THAT DOES THAT.
WHEN THE CLAIM IS MADE LEADING
TO A POTENTIAL DEFAULT JUDGMENT
THAT IT IS CORRECTLY BROUGHT
BEFORE THE COURT. THAT'S REALLY
ALL WE'RE DOING I APPRECIATE
THE CONVERSATION AND THE
QUESTIONS THEN I ASK THE
ARRIVAL. THANK YOU VERY MUCH
THE MOTION IS DO YOU PASS THAT
FIRST REFERRED TO THE COMMITTEE
ON JUDICIARY CONSULTANT PLEASE
CALL THE ROLL. THE MOTION IS TO
PASS THE FIRST BE REFERRED TO
THE COMMITTEE ON JUDICIARY LOAN
HI THE MON HI PHOTO ABOVE.
BRADFORD BRADFORD HI COPYRIGHT
HI WOI DALLY. THEY'RE ALSO ON
THE ROSTER HI WEST SO. MAN FIVE
MEN HI FORTINO NINE FORTINO HI.
THE BILL HAS SIX VOTES WE WLL
PUT THE BILL ON CALL THANK YOU
VERY MUCH ASSEMBLY MEMBER STUDY
CENTERS. NOW WE WERE HERE ALL
OF US WE ARE HERE FROM OUR NEXT
AUTHOR ASSEMBLYMEMBER WEEKS. A
SUMMER WEEKS YOU BEAT YOU MAY
BEGIN WHEN YOU ARE READY THANK
YOU MADAM CHAIR MEMBERS AND I
CERTAINLY HOPE YOUR LITTLE ONE
IS SLEEPING WELL AT NIGHT WE
MISS YOU OVER THE ASSEMBLY. AND
ALSO YOUR WONDERFUL STAFF- I
WANT TO START BY THANKING THE
COMMITTEE STAFF FOR THEIR TIME
AND HARD WORK ON THIS BILL AND
I ACCEPT. THE COMMITTEE
AMENDMENTS. WE'VE HAD MANY
CONVERSATIONS OVER THE LAST
FORTY EIGHT HOURS IN PARTICULAR
BUT I THINK WE'VE GOT THE BILL
IN A PRETTY GOOD PLACE. WITH
MANY CALIFORNIANS STRUGGLING
WITH ECONOMIC IMPACTS OF CODE
NINETEEN IS IMPORTANT THERE ARE
STRONG PROTECTIONS TO PREVENT
WELL INTENDED BUT MISINFORMED
CONSUMERS FROM FALLING INTO
WORSE FINANCIAL SITUATIONS.
THERE IS LITTLE TO NO
REGULATION DEBT SETTLEMENT
COMPANIES IN CALIFORNIA CURRENT
LAW DOES NOT REFLECT THE
CHANGING PRACTICES OF THIS
INDUSTRY. WHICH IS MADE IN FOUR
SPENT MORE DIFFICULT. THIS LACK
OF REGULATION HAS LED TO
INCREASED PATISSERIE BEHAVIOR
WITHIN THE DEBT SETTLEMENT
INDUSTRY. MOREOVER THE LACK OF
REGULATION OF THIS GROWING
INDUSTRY HAS RESULTED IN
CONFUSED AND FRUSTRATED
CUSTOMER SPENDING ADDITIONAL
MONEY. AND TIME TRYING TO DEAL
WITH UNANTICIPATED DEBT
COLLECTIONS LAWSUITS. OF THEIR
ENROLLED AT. AB FORTINO FIVE
WILL MODERNIZE CURRENT LAW TO
BETTER REFLECT THE INDUSTRY'S
PRACTICES AND IMPROVE
REGULATION DEBT SETTLEMENT
COMPANIES BY DOING THE
FOLLOWING THINGS. MAKE CLEAR
THAT ALL DEBT SETTLEMENT
COMPANIES OPERATING CALIFORNIA
ARE COVERED BY CALIFORNIA LAW.
PROVE IT THAT SOME OF THE
COMPANIES FROM ENGAGING IN
DECEPTIVE AND MISLEADING
PRACTICES. REQUIRE CRITICAL
DISCLOSURES THAT WOULD ALLOW
CONSUMERS TO MAKE INFORMED
DECISIONS ABOUT THEIR FINANCIAL
OBLIGATIONS AND LASTLY PROVIDE
CONSUMERS INJURED BY THE BY BAD
ACTORS WITH REMEDIES. THERE IS
A NEED FOR LEGISLATIVE ACTION
TO PROVIDE GUARDRAILS OVER THAT
SOMEONE INDUSTRY BEFORE CAN
TAKE ADVANTAGE OF CONSUMERS
WHO'VE ALREADY OR ARE CURRENTLY
SUFFERING THROUGH THE PANDEMIC
AND THE RECESSION. THIS BILLS
INTENDED TO PROVIDE PROTECTIONS
AND TO SUPPLEMENT THE WORK OF
THE DF PI. WITH THE SETTLEMENT
OF THE DEPARTMENT THE D. F. P.
I. HAS A BROAD MANDATE TO
REGULATE CONSUMER FINANCIAL
PRODUCTS UNDER CALIFORNIA'S
FINANCIAL LAWS INCLUDING THE
REGULATION THAT SOME OF THE
SERVICES. AT FOURTEEN OH FIVE
WILL SUPPLEMENT THE GFE EYES
PURVIEW OVER DEBT SETTLEMENT
COMPANIES AND GIVE THE
DEPARTMENT TIME. TO GROW
RESPONSIBLY WHILE PROVIDING
CONSUMERS WITH MORE ROBUST
PROTECTIONS THAT THEY URGENTLY
NEED NOW. THE SPONSORS AND I
HAVE HAD EXTENSIVE DISCUSSIONS
WITH THE OPPOSITION RECENT
EVENTS HAVE ADDRESSED A NUMBER
OF OPPOSITION'S CONCERNS IN
ADDITION TO THE COMMITTEE
MOMENTS I HAVE AGREED TO MAKE
THE FOLLOWING CHANGES AFTER
WORKING WITH ALL THE
STAKEHOLDERS. ONE AND THEN THE
LEGAL. CEMENT THE LEAD
GENERATION PROVISION TO REQUIRE
DISCLOSURES OF REFERRAL FEES.
TO AFTER DISCUSSING WITH THE
COMMITTEE STRIKE OUT THE
PROVISION REQUIRING THAT
PAYMENT PROCESSORS BE LICENSED.
UNDER THE MONEY TRANSMITTER
ACT. AND LASTLY AT A SIX MONTH
DELAYED IMPLEMENTATION DATE.
FOR PAYMENT PROCESSORS TO
COMPLY WITH SECTION ONE SEVEN
EIGHT EIGHT POINT EIGHT OH FOUR
C. FIVE OF THE BILL. THESE
THREE CHANGES SHOULD ADDRESS
THE OPPOSITION INCLUDING A FCC.
AND SERRA AND C. DRIC REMAINING
CONCERNS AND MOVE THEM TO
NEUTRAL. THIS BILL IS SPONSORED
BY THE CALIFORNIA LOW INCOME.
STATIONS AND CONSUMER ADVOCACY
GROUPS. TESTIFYING IN SUPPORT
TODAY ARE DESIREE WIN AWARDS
FROM THE EAST BAY COMMUNITY LAW
CENTER. AND GARCIA GOMEZ
CONSUMER HAS BEEN IMPACTED BY
THE DEBT FROM THE COMPANY'S.
THANK YOU VERY MUCH
ASSEMBLYMEMBER WAKES I WILL GO
AHEAD AND MOVE WITH WITNESSES
IN SUPPORT A DESIREE YOU MAY
BEGIN YOUR TESTIMONY. THANK YOU
AND GOOD MORNING MADAM CHAIR BY
CHAIR AND MEMBERS OF THE
COMMITTEE. I'M GOING O WIN OR
DIRECTORTO COMPETE AGAINST IT
AT. THE CLINIC. I LIKE
INTERPRETING AUTHOR FOR
BRINGING THE TIMING AND
SECURITY NOW I LOVE THE CHAIR
AND COMMITTEE CONSULTANT ALL.
THE PEOPLE TALKING AT THE
COMMON GROUND TO THE
OPPOSITION. AT FOURTEEN OH FIVE
AND NOT A BAND I GOT
SETTLEMENTS. WILL NOT WANT TO
CONNECT COMING OUT OF
CALIFORNIA AND BY THE FACT THAT
THAT SO THAT THE KIDS ARE STILL
OPERATING. THE FORTY THREE FEET
THAT REGULATE THAT. IT DOES NOT
CUT OFF A THAT THE FBI DID ALL
THE REGULATOR. THE COMPANY.
DELIVERS THE BSE I WILL BE ABLE
FOR EIGHTY POINT YOU KNOW FIVE.
OUT WHAT A GOOD BILL OVER
BURDENED WHEN I COMPANIES THAT
ARE ALREADY IN COMPLIANCE WITH
THE SEC'S TELEMARKETING.
COMPANY THERE. ARE ABOUT.
EIGHTY FORTUNE FIVE DOES IT
GIVE HIM A CHANCE TO MAKE AN
INFORMED CHOICE. IT REQUIRED
THE COOLING OFF PERIOD FOR THAT
PREMATURE AND IRREPARABLE
DAMAGE YOUR CREDIT. WELL
ALLOWING HIM TO DO MORE
RESEARCH. IF I HAD A MIDDLING
ADVERTISING INTERVIEWS AND- IN
DEPTH ABOUT PRACTICES. GETTING
CROWDED MARKET COMPETITION AND
LEVEL THE PLAYING FIELD BY
REQUIRING ALL PUBLIC COMPANIES
OPERATING CALIFORNIA. BECAUSE
WHY WOULD YOU THINK WILL.
RESULT. IN MORE OPTIONS WITH
THE PMR. ONE THE GUARDRAIL THE
BABY OF ONE THREE NOT THAT.
COME FOR A PRODUCT AND MORE
POINT. WE WILL PROVIDE THEM
PERCENT IN YOUR THAT ACT. THANK
WONDERED I THINK WHEN YOU
INSTITUTIONS ARE GREAT I THE
FINANCIAL SERVICE. BECAUSE
THERE HAVE RIGHT. I THANK TO
BECOME ME. INSURING THAT IT BE
DIFFERENT THE FACT THAT WHAT I.
GET CONSUMERS MORE OPTIONS
MANAGE THEIR CASH. AND THE
NEXT. ONE YOU'RE FROM COOKING.
GRAPHS YELLOW GOLD. NICKEL MINE
JEWISH IS TRULY THE BACK. I AM
MEAN WHEN IT COMES TO THAT.
PLEASE KEEP IN MIND AS WE HERE
HAVE GOT HAS AFFECTED HER. WITH
THAT I WOULD QUICKLY- DRIVE OUT
THANK YOU. THANK YOU VERY MUCH
NEXT WE HAVE GOT A CEILING
GOMES WAS A CONSUMER IMPACTED
BY DEBT SETTLEMENT PRACTICES
GOOD I FEEL LIKE YOU MAY BEGIN
WHEN YOU ARE READY. HI GOOD
MORNING YOU'RE MEMBERS OF THAT
COMMITTEE MY NAME IS CHRISTINA
GOLDMAN I AM FORTY FOUR YEARS
OLD I'M SINGLE WOMAN I'M A
SINGLE WOMAN. I HAVE NO BEEF
AND THEN FADED IN INGLEWOOD.
YOU'RE MY FINANCIAL. FOR MENTAL
WELL BEING THE MAN HAS BEEN
HAVE BEEN DEVASTATED BY A DEBT
SETTLEMENT COMPANY. THE
COMPANY'S LACK OF TRANSPARENCY
AND THEN TAKE ORDER SERVICES MY
CREDIT HAVE WORSENED MY DAD HAS
NOT BEEN RESOLVED AND I AM
BEING SUED BY ONE OF MY
CREDITORS. I ONLY MAKE TWENTY
DOLLARS AN HOUR I WE ARE AN
OLDER TRYING BACK AFTER MY
HOURS. WHAT WE DO BECAUSE- WHAT
THIS KIND OF TRAVELING AND- TO
ME. ENDS MEET. MY ONLINE THIRTY
FOUR DEAD OPTION MAKING THE
TARGET OF AN ATOM CLOSER MEDIA.
A LINK BACK THE ID PINEAPPLE OR
DETERMINE IF I THOUGHT. THAT
THE MONTHLY PAYMENT WOULD GO
TOWARDS PYING DOWN MY DEBT.
AFTER THE WORK OF MY CREDITORS
TO CREATING MORE AFFORDABLE.
AFFORDABLE PAYMENT PLAN FOR ME.
I'M I WAS RELUCTANT WHEN THE
ENGINE. AND THE COMPANY. SAID
THAT I NEEDED TO IN REAL. ONE
OF MY DAD TO ME TEN DOT DOLLARS
NATIVE DEBT REQUIREMENT BUT I
THE THING BECAUSE THEY MADE IT
SEEM LIKE THEY WERE ON. TIME
AND I REALLY THOUGHT THAT IT
WOULD CHANGE FOR THE AGENT TO
CHANGE MY INCOME IN ORDER TO
SHOW THAT I COULD PAY THE TWO
FIFTY. NINE BUT I TRUSTED HIM
BECAUSE IT IS A LARGE COMPANY
AND THEY'RE SUPPOSED TO BE
PROFESSIONAL. I HAD TO WORK
SIXTEEN IN ORDER TO PAY THE
CONTRACT OF TWO HUNDRED AND
FIFTY ONE DOLLARS PER MONTH.
BUT I WAS WILLING TO DO IT
BECAUSE OF MY DAD I WANTED TO
GET IT UNDER CONTROL. IF YOU
LIVE WITH NEVER ABOUT THEIR
PARKING MY CREDITORS AND TRYING
TO GET A DEAL FOR MY DAD COULD
LOOK PHONY ABOUT TRYING TO BE
RESPONSIBLE. MINING AND
PAINTING MY GOOD CREDIT BECAUSE
I'VE- BEEN TO LEAVE A CAR IN
NINETEEN. A CAR. MY CREDIT
MATTERS AND THE ABILITY FOR ME
TO STAY IN CLOTHING I LEARNED
THAT DAD SETTLEMENT ACTUALLY
IT'S ACTUALLY SEVEN MAN AFTER I
FIND OTHERWISE PERSONALLY. I
WAS CURRENTLY BEING- SHARED
WITH THE LAFAYETTE AT HOME FOR
A DEBT THAT I THOUGHT I WAS
BEING ON. I AM ANGRY FRUSTRATED
AND AFRAID I THOUGHT ABOUT
DOING THE RIGHT THING NOW MY
CREDIT BACK. IF I WANT TO STOP
PAYING THE CREDITORS I WOULD
HAVE DONE THAT MYSELF AND
TAKING THE TWO HUNDRED FIFTY
DOLLARS ONLINE. MENTALLY THE
BURDEN OF THE DAY. WHAT HEAVY.
BUT THEY HAVE TO ORDER TAKEN MY-
INTO A- WHOLE NEW LEVEL. I
THANK HER CALLING. INJURY FEAR
AND TURN. I HAVE FOUND IT VERY
DIFFICULT TRYING. MY CROP
BEAGLE COUNSEL. I FEEL LIKE
EVERYTHING IS OK BUT I. EVEN
HELP. THAT I CAN EVEN GET HELP
TO UNDO THIS. I'VE BEEN TOLD
THAT I AM THE BEST CASE
SCENARIO AND THAT IS
FRIGHTENING I CAN ONLY IMAGINE
HOW DEVASTATING IT WOULD BE FOR
A PERSON WITH CHILDREN. I AM
ASKING YOU URGING YOU. TO VOTE
YES ON EIGHTY ONE POINT ZERO
FIVE THANK YOU. THANK YOU VERY
MUCH AND MISS GOMES FOR THE
HEARTFELT TESTIMONY. NOW WE
WILL GO TO WITNESSES AND-
SUPPORTS IN THE GALLERY. SEE NO
WITNESSES IN SUPPORT IN THE
GALLERY WILL GO TO WITNESSES IN
ROOM ONE TWELVE WOULD WISH TO
TESTIFY IN SUPPORT OF AB ONE
FOUR ZERO FIVE. SEE NO
WITNESSES EIGHT ROOM ONE
TWELVE. WE WILL NOW GO TO
WITNESSES- WAITING TO TESTIFY
IN SUPPORT VIA TELECONFERENCE
SERVICE MODERATOR IF YOU WOULD
PLEASE PROMPT INDIVIDUALS
WAITING TO TESTIFY IN SUPPORT
OF AB FOURTEEN OH FIVE WE WILL
BEGIN. THANK YOU IF YOU'D LIKE
TO SPEAK IN SUPPORT PLEASE
PRESS ONE THEN ZERO WE'LL GO TO
THE LINE OF FORTY FIVE PLEASE
GO AHEAD. YES GOOD MORNING
CHAIR AND MEMBERS DANIEL
KENDALL CARTER ON THE HOP THE
SPONSOR OF THE BILL CALIFORNIA
LOW INCOME CNSUMER COALITION.
WE WANT TO SINCERELY THANK THE
AUTHOR AND THE COMMITTEE
MEMBERS FOR THEIR WORK ON THIS
BILL AND WE URGE YOUR IPHONE ON
A. B. FORTINO FIVE. THANK YOU
NEXT WITNESS. THANK YOU ONE
MOMENT. NINE FIFTY PLEASE GO
AHEAD. GOOD MORNING SHERIN
MEMBER THIS IS ERIC JOHNSON
ROBERT WITH THE UNIVERSITY OF
CALIFORNIA IRVINE CONSUMER LAW
CLINIC ON BEHALF OF OUR CLIENTS
I'M CALLING INTO IN STRONG
SUPPORT AT A. B. FORTINO FIVE.
THANK YOU NEXT WITNESS. NINE
FORTY SEVEN PLEASE GO AHEAD. HI
MY NAME IS BRIAN I'M CALLING
IN- AREA AND I STRONGLY AT. AB
FORTINO FIVE. THANK YOU. THANK
YOU LINE FORTY EIGHT PLEASE GO
AHEAD. HI MY NAME IS MICHAEL
BART- CPAP TREATMENT COUPLE
COUNSELLING LOS ANGELES GOING
STRONG SUPPORT AT EIGHT P.
FOURTEEN. THANK YOU NEXT
WITNESS. NINE FORTY FIVE PLEASE
GO AHEAD. I'M SORRY FORTY NINE
PLEASE GO AHEAD. HI MY NAME IS
DANA LEWIS RIGHT WITH THAT
BETTER LEGAL SERVICES IN LOS
ANGELES CALLING IN STRONG
SUPPORT OF THE V. FORTINO FIVE.
THANK YOU NEXT WITNESS. THERE
ARE NO OTHER LINE TO SUPPORT
THANK YOU THANK YOU SO MUCH-
FOR WITNESSES TESTIFYING IN
SUPPORT BUT NOW WE WILL MOVE ON
TO WITNESSES IN OPPOSITION OR
WITNESS IN OPPOSITION IS MARKET
GOT SEEN REPRESENTING THE
AMERICAN FAIR CREDIT COUNCIL
MARGARET PLEASE PROCEED WHEN
YOU ARE READY. AND MANY MEMBERS
THIS IS MARGARET CLANCY HERE ON
BEHALF OF THE AMERICAN FAIR
CREDIT COUNCIL. THE WERE IN
OPPOSITION BASED ON THE-
AMENDMENTS THAT THE AUTHOR AND
COMMITTED TO TAKING NOW IN
COMMITTEE- WE ARE MOVING TO
NEUTRAL I WOULD JUST LIKE TO
CLARIFY PROCESS BECAUSE ONE OF
THE MANY AMENDMENTS. TO ADD.
THAT TO THE VERY TOP SCHOOL
THEY GOING TO COME OUT TO JUST
IN THE OFFICE BECAUSE IF YOU
WENT. BACK CLEAR FINE FOR ME
THAT BACK. THE TWO SETS OF
AMENDMENTS THAT AMENDMENTS AND
THEN THE SUBSEQUENT SENT AND
THEN SHE COMMITTED TO. KEEPING
THAT IN. AMERICAN FAIR CREDIT
COUNCIL INTO LIVING OUR
OPPOSITION WE WANT TO THANK THE
AUTHOR AND HER STAFF FOR THEIR
DILIGENT WORK ON THIS IN
PARTICULAR THANKS OKAY. SHARE
AND EACH STAFF FOR. THEIR WORK
ON THIS BILL WE THINK THIS IS A
REASONABLE COMPROMISE THAT WILL
PROVIDE CLARITY FOR CONSUMERS.
CONTINUE TO ALLOW CONSUMERS TO
BENEFIT FROM BEING ABLE TO
ACCESS DEBT SETTLEMENT SERVICES
WE'RE GRATEFUL FOR ALL THE TIME
AND EFFORT THAT'S GONE INTO
THIS IT'S BEEN. OVER A YEAR
PROCESS AND REACHING A
COMPROMISE. AND THAT APPRECIATE
ALL THE WORK. THANK YOU. THANK
YOU NOW WE WILL THAT'S THE ONLY
WITNESS IN OPPOSITION- AND NOW
WE WILL SEE IF WE HAVE OTHER
WITNESSES IN OPPOSITION IN THE
GALLERY SCENE NONE WE WILL GO
TO WITNESSES IN OPPOSITION- FOR
AB ORTINO FIVE IN ROOM ONE
TWELVE CNN WE WILL THEN MOVE TO
THE TELECONFERENCE SERVICE
MODERATOR IF YOU COULD PLEASE
PROMPT INDIVIDUALS- WAITING TO
TESTIFY IN OPPOSITION OF AB
FORTINO FIVE WE WILL BEGIN.
THANK YOU IF YOU'D LIKE TO
SPEAK IN OPPOSITION PLEASE
PRESS ONE ZERO. WE'LL GO TO
LINE THIRTY PLEASE GO AHEAD.
GOOD MORNING MADAM CHAIR AND
MEMBERS NAMELY THE DRONE O
BEHALF OF THE THERAPY WITH LIKE
FEW OTHER THING HE AUTHORED THE
MONSTER AND THE COMMITTEE FOR
WORKING WITH US ON THE BILL
WITH THE AMENDMENT AGREED TO IN
COMMITTEE TODAY SINCE THERE
WILL BE REMOVING THEIR
OPPOSITION. THANK YOU. THANK
YOU. NEXT WITNESS. IT'LL BE
JUST A MOMENT PART NEXT WITNESS
THANK YOU.
LINE FIFTY Q. PLEASE
GO AHEAD. DANIEL GUTIERREZ ON
BEHALF OF THE CONSUMER
FEDERATION OF CALIFORNIA
POLYTECHNIC TECHNICAL
DIFFICULTIES WITH THE LINE BUT
WE ARE IN UPPORT OF THE BILL
THANK YOU. THANK YOU NEXT
WITNESS AN OPPOSITION. THERE
ARE NO FURTHER LINES IN
OPPOSITION PLEASE CONTINUE
GREAT THANK YOU SO MUCH
MODERATOR- AND APPRECIATE THE
WITNESSES IN OPPOSITION NOW WE
MOVE TO COMMENTS OR QUESTIONS
FROM MEMBERS MEMBERS ANY
COMMENTS OR QUESTIONS. SENATOR
MANY. I JUST WANT TO THANK THE
AUTHOR OKAY. I WANT TO THANK
THE AUTHOR FOR TAKING THE
AMENDMENTS- SUGGESTED I
APPRECIATE THE INTENT OF THE
BILL I THINK THAT MADE THE
CONCERNS THAT I THINK WE'RE
ADDRESSING THE AMENDMENTS WERE.
LEGITIMATE ONES AND WE WRITE
BILLS LIKE THIS DETAILS MATTER
GOOD POLICY MATTERS I REALLY
APPRECIATE THE AUTHOR'S- HARD
WORK AND EFFORTS INSIDE I'M
CERTAINLY GONNA VOTE IN FAVOR
OF THIS TODAY AND- I LOOK
FORWARD TO SEEING IT GET OUT OF
THIS FOUR. THANK YOU SENATOR
MAN SENATOR BRADFORD. THANK YOU
MADAM CHAIR ARM GESTURES AS IT
RELATES TO THE CALIFORNIA BLACK
CHAMBER OF COMMERCE-
DETERMINANTS ARE REMOVED THEIR
OPPOSITION TO THE BILL.
ASSEMBLYMEMBER WAKES WOULD YOU
LIKE TO COMMENT ON THAT- THANK
YOU THANK YOU SENATOR MAN AND
SENATOR BRADFORD- MY
UNDERSTANDING IS THE BLACK
CHAMBER OF COMMERCE. WAS PART
OF THE C. D. R. I. COALITION-
INTERIOR HAS REMOVED THEIR
OPPOSITION I DON'T KNOW%
POSITIVELY IF THAT INCLUDES THE
BLACK CHAMBER OR NOT BUT I CAN
CERTAINLY GET BACK TO YOU ON
THAT BUT I BELIEVE IT DOES.
ALSO STATED A POSITION ON THAT.
WHERE THEY STAND ON THE START.
AND THE MICROPHONE WASN'T
WORKING FOR THE FIRST EXIT IN
B. N. B. C. S. L. STATED HAD A
POSITION ON THIS WHERE THEY
STAND ON THIS BILL. RIGHT NOW.
WHAT I WILL COMMENT ON ON AND
THEN I WILL MOVE IT TO THE
AUTHOR SO WE I KNOW OUR OFFICE
HAS NOT RECEIVED ANY
COMMUNICATION FROM EITHER- IT
INDICATING WHETHER THEY'VE
MOVED ON THE POSITION. SO I
WILL. ASK THE AUTHOR TO SEE IF
YOU HAVE INFORMATION ON
WHETHER. THEY'VE MOVED I'M
SORRY WHICH WAS THE GROUP.
NATIONAL BLACK CAUCUS OF STATE
LEGISLATORS. I AM NOT SURE
EITHER BUT LET ME SEE LET ME
ASK MY ACTUALLY SPONSORS OR-
AS- IF SHE KNOWS. I BELIEVE THE
RIGHT ONES SORRY GO HEAD IS
READY THEY DID NOT SUBMIT A
LETTER HERE BUT I BELIEVE THAT
THEY DO YOU STILL SUPPORT THE
REVOLUTION AND YOU. REGULATE
ECONOMIC PACKAGES IN THE UNITED
STATES. THANK YOU THANK YOU ANY
ADDITIONAL COMMENTS OR
QUESTIONS. I SEE NO OTHER
COMMENTS OR QUESTIONS TO US A
MEMBER HEY DO YOU WANT TO THANK
YOU FOR YOUR LONG WORK ON THIS
I MEAN THIS STARTED IN TWENTY
TWENTY- CONVERSATIONS AROUND
THIS PARTICULAR POLICY ISSUE
YOU STATING GAVE YOU THAT
CERTAINLY HAD MANY
CONVERSATIONS THROUGHOUT THE
PROCESS I DO APPRECIATE THAT
YOU- HAVE DEALT WITH A LOT OF
THE ISSUES- AND CERTAINLY
THROUGH AUTHOR AMENDMENTS AND
COMMITTEE AMENDMENTS UP
PARTICULARLY IN THE LAST TWO
WEEKS. AND I KNOW THAT I'VE
HEARD I MEAN JUST WATCHING SOME
OF THE OPPOSITION GO TO NEUTRAL
I THINK IS A BIG PLACE FOR YOU
TO BE A CONSIDERING WHERE THE
CONVERSATION STARTED- I DO
BELIEVE THAT THIS IS IMPORTANT-
AND ALSO LET YOU KNOW I HOPE
THAT. INDUSTRY FINDS A WAY TO
GET TO A PLACE WHERE WE CREATE
STANDARDS- JUST TO WEED OUT THE
BAD ACTORS AND MAKE SURE THAT
WE DON'T HAVE CASES. LIKE MS
GOMEZ WHO TESTIFIED TODAY- WHO
IS IMPACTED IN A REALLY DEEP
WAY- AND SO WITHOUT FURTHER
COMMENTS OF MEMBERS I WILL TAKE
A MOTION IF THERE IS A MOTION.
SENATOR THE RUSSELL HAS MADE A
MOTION AND- WE WILL GO AHEAD
THE MOTION IS TO PASS AS
AMENDED BUT FIRST RE REFERRED
TO THE COMMITTEE ON JUDICIARY-
CONSULTANT PLEASE CALL THE ROLL.
THE MOTION IS TO PASS AS
AMENDED THE FIRST AMENDED AND
THEN RE REFERRED TO THE
COMMITTEE ON JUDICIARY LAMONT.
HI MON HI PHOTO ABOVE. BRADFORD.%
ZERO HI COPYRIGHT HI DELHI. THE
RUSSELL RUSSELL I WAS SO. MAN
HI MAN HI FORTINO HI FOURTEEN
L. HI. THE BILL HAS FIVE VOTES
WE WILL PUT THAT BILL ON CALL
THANK YOU VERY MUCH SOME
MEMBERS THANK YOU. AND NOW WE
WILL MOVE ON TO ASSEMBLY MEMBER
SANTIAGO I DO NOT SEE HIM. SO
WHY DON'T WE DO ADD ONS TO. THE
CONSENT. IF THE MOTION IS TO
ADOPT THE CONSENT CALENDAR
UNTIL THAT COVER EUROPA HI
KELLY- I DELI. WEST SO. THANK
YOU ALL RIGHT WE HAVE A SOME
MEMBER SANTIAGO HERE AS THE
UNIVERSE ON THIAGO YOU MAY
BEGIN WHEN YOU ARE READY THANK
YOU MANAGER MEMBERS. FIRST I
WANT TO THANK THE COMMITTEE-
STAFF AND ALL THE MEMBERS WHO.
HAVE ENGAGED- ON THIS BILL AND
I DON'T SAY THIS ABOUT EVERY
BILL AND IT'S ONE OF THESE. ONE
OF THESE BILLS WHERE- I HAD AN
OPPORTUNITY TO TALK TO MOST
MEMBERS AND REALLY TAKEN THEIR
VALUABLE INPUT. AND HOPES TO
MAKE THIS A BETTER ABILITY OR
STAFF WHO REALLY DID ENGAGE.
THE HELP- WITH CLARIFYING
LANGUAGE TO ACHIEVE OUR GOALS.
I WANT THANK YOU MADAM CHAIR
AND ALSO WANT TO SAY THAT-
WE'RE ACCEPTING THE COMEDIAN.
AND WANT TO THANK YOU ONCE
AGAIN FOR YOUR HARD WORK ON
THIS BILL THANK YOU. I'M SORRY
I'M HERE TO PRESENT AT ELEVEN
SEVENTY SEVEN. AND WHAT WE'RE
LOOKING FOR IS GIVING
CALIFORNIA THE DEBT FREE
SAVINGS ACCOUNT. WITH DIRECT
DEPOSIT- AFTER WE'VE DONE THE
COMPLETION OF THE MARKET
ANALYSIS. WHAT WE'RE LOOKING
FOR IS THE ANSWER. THAT THE
COMMUNITIES WERE UNBANKED. OR
NOT BANKS. I HAVE AN
OPPORTUNITY TO. TO SAVE WELL TO
BE ABLE TO BUY THAT CAR TO BE
ABLE TO APPLY FOR CREDIT. AND
THAT STARTS IN OUR COMMUNITIES
BY HAVING THE ABILITY. TO SAVE
DOLLARS. IN A PLACE THAT IS NOT
GONNA. BE SOMEONE EVERY SINGLE
TIME TO GO BEFORE US ON
ACCOUNT. SORT OF MOUNT WEATHER
ISN'T OVER DRAFT FEES FOR EVERY
SINGLE THING. OF EVERY SINGLE
TIME THERE'S NO DROP FURTHER
WEATHER ISN'T A PENALTY- WHAT
IS THE PENALTY FOR- FOR CERTAIN
THINGS. AND SO WHAT WE'RE
LOOKING FOR IS TO CREATE A B.
SEVENTY SEVEN- WHICH WOULD NOT
CREATE A NEW BANK BUT IT WOULD
CREATE A STATE A STATE WIDE
RETAIL BANKING OPTION. THROUGH
WHICH EVERY CALIFORNIA WOULD
HAVE ACCESS TO THE ZERO CLASS
FINANCIAL SERVICES. LIKE CHECK
CASHING DIRECT DEPOSIT OR DEBIT
CARDS. BANK HOLIDAY SIMILAR TO
CAL SAVINGS BECAUSE IT WAS IT
WOULD USE A NETWORK OF. PARTNER
BANKS CREDIT UNIONS PRIVATE
FINANCE INSTITUTIONS TO
ADMINISTER THE SERVICES. MORE
POORLY IT WOULD HELP IF. IT
WOULD HELP. CAN I READ THE SIZE
OF THE GAN. I TO SERVE THE
UNDERBANKED OR UNBANKED
POPULATION. ALL THE- LIKE THE
COMMUNITIES I REPRESENT. SO
MANAGER I THANK YOU. AGAIN I
WANT TO EMPHASIZE. THAT THIS
BILL WOULD ALLOW US TO MOVE
FORWARD TO DO A MARKET
ANALYSIS. A VERY RIGID MARKET
ANALYSIS THAT WOULD DETERMINE
THAT WHAT WE ARE. IF WHAT WE
ARE SAYING IS ACCURATE AND WE
CAN ESTABLISH. A BANK ACCOUNT
THAT WE WOULD BE ABLE TO COME
BACK BEFORE THE LEGISLATURE- TO
THE BANKING AND FINANCE
COMMITTEE IN THE ASSEMBLY AND
THE SENATE. TO BE ABLE THEN TO
MOVE FORWARD TO BE ABLE TO
ESTABLISH THIS. SO THIS WILL
ALLOW US TO PUT THE FIRST PIECE
IN PLACE. WOULD YOU BE THAT
MARKET ANALYSIS IS CRITICAL TO
ESTABLISHING BANK CAL. I THANK
YOU VERY MUCH. MADAM AND- WE
HAVE. WE HAVE A WITNESS. TO
WITNESSES WE HAVE. UP A ALL
THAT BUT FROM THE- REINVEST
COALITION. AND ANY SHOW
WILLIAMS WITH AN S. C. I. U.
WORKER. WHO WILL TESTIFY THANK
YOU. THANK YOU SO MUCH A SIGN
FOR SAN DIEGO. WE WILL GO AHEAD
AND BEGIN WITH THE APTLY NAMED
GONZALEZ FETAL. YOU MAY BEGIN
BY YOU KNOW WHEN YOU'RE READY.
THANK YOU CHAIRMAN AND MEMBERS
OF THE COMMITTEE. THE
CALIFORNIA REINVESTMENT
COALITION FEARS HE HAS WORKED
FOR YEARS TO SHAPE. THANK GOD.
AND IT'S PRACTICAL SPONSOR AT
ELEVEN SEVENTY SEVEN WITH THAT
YEAH. AND THE CALIFORNIA PUBLIC
BANKING ONLINE. THESE RESULTS
IN LOW INCOME BLACK AND LATINO
CALIFORNIANS BEING PUSHED OUT
OF THE BANKING SYSTEM. MAKING
IT MORE DIFFICULT TO QUALIFY
FOR AFFORDABLE CREDIT AND
PUSHES HOW COLD OUT THERE
DESIGNERS INTO HIGH COST
FINANCIAL SERVICES. TEN FIFTY
PM. ONE IN FOUR CALIFORNIANS
ARE ANYTHING UNDER 85% MORE
THAN 5% ON MONDAY MEANING THEY
DON'T HAVE A BANK ACCOUNT OR
CREDIT UNION ACCOUNT AND THE
UNDERBANKED HAVE A BANK ACCOUNT
YOU DON'T NEED TO RELY ON
EXTENSIVE. TRADE FINANCIAL
SERVICES. ACCORDING TO THE FDA
HE OVER 75% OF HOUSEHOLDS WERE
UNBANKED UNDERBANKED REQUESTED
THIRTY THOUSAND DOLLARS A YEAR.
HOW HELPFUL. THREE THOUSAND
DOLLARS A YEAR IN FEES TO BE ON.
TWENTY THREE THOUSAND DOLLARS A
YEAR TO A FAMILY WHO MAKE
THIRTY THOUSAND A YEAR. 10% OF
THEIR PAYCHECK FRENCH FOOD IN
THE FAMILY CAR. IN THE LATE
AFTERNOON HE SURVEYED THE
RETURN CITED FOR NOT HAVING A
BATH. WITH NOT ENOUGH MONEY TO
MEET. THE MINIMUM BALANCE
REQUIREMENT AT THE HEIGHT. A
BOOK EAT. YOU CAN ALSO ADDRESS
FEES AND ACCORDING TO THE C. F.
P. B. 5% OF ALL ACCOUNTS
PRODUCED 63% OF ALL OVERDRAFT
FEES. TARGET THE VULNERABLE AND
THE CLERK THAT MADE PLAIN WHITE
CHIEF MADE ONE POINT FIVE
BILLION DOLLARS IN BANK OF
AMERICA MADE ONE POINT ONE
BILLION DOLLARS FOR TRACK
SEASON TWENTY TWENTY. MIDDLE OF
A RAGING PANDEMIC. AS AMERICANS
LOST THEIR JOBS. THANK YOU PART
OF SOLUTION. BUT IF. THE TRADER
AND BANK ON FOUNDER JOSE TO
SETTLE YOUR MIND AT THAT PLANT
LAST WEEK. BANK ON IT BEFORE
NOT A FEELING. TODAY BY VOTING
FOR EIGHTY ELEVEN SEVENTY SEVEN
YOU HAVE THE OPPORTUNITY TO
TAKE THE FIRST STEPS OF THE
MARKET ANALYSIS. TWENTY
PROVIDING CALIFORNIANS WITH THE
OPTION OF A TRULY FREE BANK
ACCOUNTS THAT WILL HELP THEM
NOT ONLY SAVE ON. YOUR ACCOUNT
PLEASE. THE WAR TO BUILD THEIR
CREDIT THEY DO NOT NEED TO RELY
ON PREDATORY LOANS. YEAH FOR
YOUR SUPPORT TODAY THANK YOU SO
MUCH. THANK YOU SO MUCH NEXT WE
WILL MOVE ON TO THE NEXT
WITNESS ANY. SHOW WILLIAMS
PLEASE BEGIN WHEN YOU'RE READY.
HI GOOD MORNING NAME IS ANNE
SHIRLEY. I'M MOTHER OF SIX
CHILDREN I LIVE IN LOS ANGELES
AND I WORK TWO JOBS WORKING IN
HOME CARE AND CURRENTLY. NO POP.
I DO HAVE I DO BANK WITH WELLS
FARGO- WHICH DOES CHARGE ME TEN
DOLLARS EVERY MONTH FOR BANKING
WITH THEM- I HAVE GOT CHARGED.
HI OVERDRAFT FEES NOT ONLY THAT
SOMEONE STOLE MY WALLET SO I
RECORDED THAT DON'T MEAN I
DIDN'T SPEND ANY MONEY ARE
RECORDED AT THE BANK IN THE
FIELD THEY GAVE ME THE MONEY
BACK BUT THEN THEY TOOK IT AWAY
FROM ME AGAIN BECAUSE THEY FELT
THAT I GET. IT BUT THEN. I DID
MEET THEIR STANDARDS ARE I GET
THE INVESTIGATION DIDN'T MEET
THE STANDARDS SO WHAT WHATEVER-
REBATE BANKING. WITH MEANS SO
MUCH TO ME AND MY FAMILY
BECAUSE I'M A LOW INCOME FAMILY
FOR ONE- I DO HAVE EXTRA DOES.
THAT COME AT I. DO HAPPEN
SOMETIMES TAKE OUT LOANS FROM.
DEUTSCHE BANK- FROM CHECK
CASHING PLACES WHICH CHARGES
70% COTTON ENTRANCE RATE. WHEN
I HAVE TO PAY BACK THE MONEY.
THE AGENT WOULD WELLS FARGO
WHEN I CATCH MY WHEN I. GET A
DIRECT DEPOSIT. THEY CHARGE ME
FOR THAT. BUT I DON'T MAKE THE-
SO ACTING IF YOU GO LOOK
SUPPORT A. ELEVEN SEVENTY SEVEN
FOR LOW INCOME FAMILIES LIKE
MINE. THANK YOU. THANK YOU VERY
MUCH NOW WE WILL MOVE ON TO
WITNESSES IN SUPPORT IN THE
GALLERY SEE NO WITNESSES IN
SUPPORT IN THE GALLERY WILL
MOVE TO WITNESSES IN SUPPORT IN
ROOM ONE TWELVE. C. NO
WITNESSES IN SUPPORT IN ROOM
ONE TWELVE WE WILL NOW MOVE TO
WITNESSES WAITING TO TESTIFY
VIA TELECONFERENCE SERVICE
MODERATOR IF YOU WOULD PLEASE
PROMPT AND THE INDIVIDUALS
WAITING TO TESTIFY IN SUPPORT
OF A E. B. ONE ONE SEVEN SEVEN.
WE WILL BEGIN. THANK YOU IF
YOU'D LIKE TO SPEAK IN SUPPORT
PLEASE PRESS ONE THEN ZERO
WE'LL GO TO LINE FORTY ONE
PLEASE GO AHEAD. SH HELLO AT
COMMITTEE MEMBERS THIS IS
JENNIFER MAINLY WITH THE
CALIFORNIA LABOR FEDERATION AND
SUPPORT. THANK YOU. LINE TWENTY
ONE PLEASE GO AHEAD. GOOD
MORNING AGAIN CAROLINE ON THE
OTHER THE CITY AND COUNTY OF
SAN FRANCISCO AND SUPPORT THIS
MORNING THANK YOU. THANK YOU.
NINE FIFTY FIVE PLEASE GO AHEAD.
THANK YOU RENEE BAYARDO WITH
SEIU CALIFORNIA WE WERE CO
SPONSORED INSURANCE FOR. NINE
FORTY PLEASE GO AHEAD. MONEY
MANAGER CHRIS RESPONSES TO
QUESTIONS AND I'M ALREADY IN
SUPPORT. THANK YOU. NINE SIXTY
PLEASE GO AHEAD. GOOD MORNING
TERRY THE MORNING SURE MEMBERS
MANY MY NAME IS JENNY TRAN ON
BEHALF OF THE CALIFORNIA PUBLIC
BANKING ONLINE YOUR I. S. P. R.
U. CALIFORNIA CALIFORNIA
REINVESTMENT COALITION THE
CALIFORNIA LABOR FEDERATION THE
CITIES OF LOS ANGELES LONG
BEACH AND OVER TWO HUNDRED
NATIONAL STATEWIDE AND
COMMUNITY ENDORSING
ORGANIZATIONS AS WELL TWO
HUNDRED DELEGATES AT THE
CALIFORNIA DEMOCRATIC PARTY WE
STRONGLY SUPPORT AT ELEVEN
SEVENTY SEVEN AND URGE THE
COMMITTEE THAT. I THINK YOU.
THANK YOU. NINE FIFTY FOUR
PLEASE GO AHEAD. GOOD MORNING
THIS IS BRAD GARRETT CALLING ON
BEHALF OF THE INDIVISIBLE
CALIFORNIA STATE STRONG
REPRESENTING OVER EIGHTY
INDIVISIBLE CHAPTERS AND OVER
THIRTY THOUSAND CONSTITUENTS
AND WE STRONGLY ENDORSE IT BE
ELEVEN SEVENTY SEVEN. THANK YOU
VERY MUCH THANK YOU. LINE FIFTY
TWO PLEASE GO AHEAD. DANIEL
GUTIERREZ ON BEHALF OF THE
CONSUMER FEDERATION OF
CALIFORNIA IN SUPPORT. THANK
YOU THERE ARE NO OTHER LINES
AND SUPPORT PLEASE CONTINUE
THANK YOU VERY MUCH- MODERATOR
WE WILL. AS NOW MOVED TO.
ANYWAY IT WHEN ANY WITNESSES IN
OPPOSITION- OUR FIRST WITNESS
AN OPPOSITION IS JASON LANE
pASSOCIATION HI JASON PLEASE-
PROCEED WHEN YOU ARE READY.
THANK YOU MEMBERS OF THE
COMMITTEE WE WOULD LIKE TO
ACKNOWLEDGE THE EFFORT THAT THE
COMMITTEE HAS GONE THROUGH TO
IMPROVE AT ELEVEN SEVENTY
SEVEN. CERTAINLY THE PRODUCT
BEFORE YOU TODAY IS AN
IMPROVEMENT OVER PRIOR VERSIONS
OF THE BILL. UNFORTUNATELY WE
REMAIN OPPOSED TO THIS MEASURE
WHICH IS NOW THE THIRD PUBLIC
BANKING BILL INTO LEGISLATIVE
CYCLES THAT LEGISLATORS HAVE
BEEN ASKED TO CONSIDER.
CALIFORNIANS ARE SERVED BY
NEARLY ONE HUNDRED AND FIFTY
DIFFERENT BANKS AND TWO HUNDRED
NINETY CREDIT UNIONS. MANY OF
WHICH ARE ACTIVELY OFFERING LOW
TO NO COST. BANKING ACCOUNT
OPTIONS SPECIFICALLY DESIGNED
TO ASSIST YOUNG BANK TELLER
FORMULAS DO NOT LACK ACCESS TO
FINANCIAL SERVICES REGARDING
YOUNG BANK. EVERY RECENT
AVAILABLE FEDERAL STUDY THE
FEDERAL RESERVE TO THE FDIC
CONCLUDES THAT APPROXIMATELY 5%
OF THE US POPULATION REMAINS
UNBANKED- AND THAT'S A
SIGNIFICANT POPULATION BUT IT
CERTAINLY IS NOT- YOU KNOW
SIGNIFICANT AS- STATED IN THE
BILL- AND THAT'S A POPULATION
IN THE PRIVATE SECTOR BANKS
CREDIT UNIONS FROM TECH
COMPANIES ARE ALL ACTIVELY
TRYING TO CAPTURE. BUT HERE'S
WHAT THE BILL DOES IT
ESTABLISHES A BRAND NEW
BUREAUCRACY IN STATE GOVERNMENT
THE PUBLIC BANK OPTIONS BOARD
TO STUDY A VERY SPECIFIC
NARROWLY TAILORED SOLUTION TO A
PROBLEM THAT ITSELF HAS. NOT
YET BEEN STUDY BY THE
LEGISLATURE. IF A LEGISLATOR WE
IS JUST. A MILLION DOLLARS ON
THE STUDY WE BELIEVE THAT
STUDIES SHOULD FOCUS ON THE
UNDERLYING UNBANKED PROBLEM
WITHOUT USED ABOLITION OF THE
PUBLIC BANK OPTIONS FOR WHICH
ONCE FORMED WILL BE VERY
DIFFICULT TO WIN THE WAR SHE
FURTHER WE ARE OPPOSED TO THE
NAME OF THE PROGRAM. YOU NOW
UNDER THIS PROPOSAL BANK HELL
WILL NOT TAKE DEPOSITS IT WILL
TAKE DEPOSITS BUT IT WILL SEND
THEM TO LOCAL FINANCIAL
INSTITUTIONS. THAT'S NOT A BANK
DEPOSIT BROKER AND NOT ONLY IS
IT DECEIVING TO TELL AND WITHIN
CALIFORNIA DEPOSITORS THAT
THEIR BANKING WITH THE STATE
BANK WHEN THEY'RE REALLY HAVING
YOUR ACCOUNT MANAGED BY THE
VERY FINANCIAL INSTITUTIONS
THEY NEVER WANTED TO DO
BUSINESS WITH BEGIN WITH. IT'S
ALSO A VIOLATION OF FINANCIAL
CODE WHICH PROHIBITS THE NAME
BANK FROM BEING USED WITHOUT
PRIOR AUTHORIZATION. FOR THESE
REASONS WE MUST REMAIN. OPPOSED
TO THIS MEASURE THANK YOU FOR
YOUR TIME. THANK YOU NEXT WE IN
UP. AS ROBERT WILL RIVER THE
CALIFORNIA CREDIT UNION LEAGUE
ROBERT PLEASE GO AHEAD AND
BEGIN WHEN YOU ARE READY. GOOD
MORNING CHAIR AND MEMBERS OF
THE COMMITTEE PROBLEMS WITH THE
CALIFORNIA CREDIT UNION LEAGUE.
THANK YOU FOR THE OPPORTUNITY
TO OFFER SOME COMMENTS IN
OPPOSITION TO AB ELEVEN SEVENTY
SEVEN. YOU START BY TAKING THE
CHAIR COMMITTEE STAFF FOR ALL
THE WORK THEY PUT IN ON THE
SPELL ON THE X. ONE ANALYSIS. I
WOULD ALSO LIKE TO THANK THE
OFFERED SPONSOR TO BE PROVEN TO
THIS BILL HAS COME A LONG WAY.
PREVIOUS AGREE WITH THE
STATEMENT CAN YOU SPELL. TO GET
THE- BANKING DON'T FINANCIAL
INSTITUTION. AND WE FIRMLY
BELIEVE THAT I HAVE A LOT OF
LOCAL. HOWEVER WE OPPOSE THE
BILL BECAUSE WE BELIEVE IT
SIMPLY UNNECESSARY AT THIS
POINT. THANK YOU LEON BANK IS
PRECISELY WHY CREDIT UNIONS
WERE STARTING OVER A HUNDRED
YEARS AGO. THREE UNIONS ARE
NONPROFIT MEMBER OWNED
COOPERATIVES THE GOAL OF
SERVING THOSE OF MODEST MEANS.
AND I CALLED THE BANK
PERCENTAGE TOWARD A UNITED
CREDIT UNION IS HEADQUARTERED
IN CALIFORNIA. THE REACHING
EVERY CORNER OF THE STATE. VAST
MAJORITY NEED CREDIT UNIONS.
LOW TO NO THE CHECK ACCOUNTS
WITH FUTURE SIMILAR THAT OF THE
BANK. IN ADDITION TO JOIN A
MIGRAINE USES A NETWORK OF A
HUNDRED FIFTY BANK WHO ALSO
OFFER SIMILAR COUNTS MANY
FINANCIAL INSTITUTIONS ALSO
PARTICIPATE IN THE AFTER
MENTIONED BANK ON PROGRAM WHICH
IS RUN BY THE CITIES FOR
FINANCIAL EMPOWERMENT. GOING TO
SCHOOL IN THE STATE
INDEPENDENCE STILL ARE ONE AND
THE SAME COULD BE ON BANK BANK.
BANK ON DOES WELCOME BANK ON
CERTIFIED ACCOUNT EQUITIES
BACON AND SOLICITATIONS. THE
LOTUS NOTE THE ACCOUNT ALREADY
PLEASE MAKE ME WISH WHITE TEETH
YOU WILL FEEL. BETTER MORE COST
EFFECTIVE LESS BRIDGE LANE
APPROACHES TO REDUCE
POPULATION. THE CALIFORNIA
CREDIT UNION WE BELIEVE THAT
THE RECENT CHANGE THE MARKET
ANALYSIS WILL SHOW THE
AVAILABILITY TO COUNT. AND HOPE
THAT THERE'S ROOM FOR A PUBLIC
PRIVATE PARTNERSHIP BETWEEN
FIFTY FINANCIAL INSTITUTIONS
AND THE STATE. SPONSORS TO
TARGET THE UNBANKED
INDIVIDUALS. WE'RE NOT DENYING
THAT THERE ARE UNBANKED
INDIVIDUALS OUT THERE WAS STILL
THERE'S A BETTER WAY TO GET TO.
THANK YOU VERY MUCH AND WE ASK
FOR NOTEBOOKS THAT. THANK YOU
VERY MUCH NEXT WEEK MOVE.
WITNESSES IN UP. IN THE GALLERY
SCENE NO WITNESSES IN
OPPOSITION IN THE GALLERY WE
WILL GO AHEAD AND TO MOVE TO
WITNESSES IN OPPOSITION IN ROOM
ONE TWELVE. SEEN NO WITNESSES
IN OPPOSITION IN ROOM ONE
TWELVE. WE WILL NOW MOVE TO
WITNESSES WAITING TO TESTIFY
VIA TELECONFERENCE ORVIS.
MODERATOR IF YOU WOULD PLEASE
PROMPTED THE INDIVIDUALS
WAITING TO TESTIFY IN
OPPOSITION OF AB ONE ONE SEVEN
SEVEN WE WILL BEGIN. THANK YOU
IF YOU'D LIKE TO SPEAK IN
OPPOSITION PLEASE PRESS ONE AND
ZERO. WE'LL GO TO LINE FIFTY
SIX PLEASE GO AHEAD. GOOD
MORNING THIS IS JUSTIN HIGHER
WITH THE SILICON VALLEY
LEADERSHIP GROUP AND WE MUST
RESPECTFULLY OPPOSE THE BILL
THANK YOU. THANK YOU NEXT
WITNESS STILL BE JUST THEM.
IT'LL BE JUST A MOMENT FOR OUR
NEXT ONE. NINE FIFTY EIGHT
PLEASE GO AHEAD. BALLERINA
REPRESENTING THE CALIFORNIA
CAMBER OF COMMERCE WE ARE NOT
POSITIONED TO THE BILL THANK
YOU. IT'LL BE JUST A MOMENT HER
NEXT ONE. NINE SIXTY TWO PLEASE
GO AHEAD- GOOD MORNING MADAM
CHAIR AND MEMBERS OF THE BALLOT
COUNTING IS REPRESENTING
ALTERNATE CARD SERVICES
ALTERNATIVE NOT HAVE AN
OFFICIAL SUPPORTER CLOSE
POSITION ON A. B. ELEVEN
SEVENTY SEVEN. HOWEVER THEY ARE
CURRENTLY IN THE THIRD BUCKET
THAT SUPPORTS THE GOALS OF THE
BILL BUT HAVE CONCERNS GLOBAL
TURN ALREADY OFFERS PRODUCTS
FOR THE TARGETED CUSTOMERS OF
THE BILL. WILL TURN AS AN FDIC
INSURED PREPAID FINANCIAL
SERVICES PRODUCTS THAT PROVIDE
CONSUMER FINANCIAL TRANSACTIONS
WITHOUT ALL THE OWNERS SPEAK
WITH THOSE OTHER PRODUCTS. WE
LOOK FORWARD TO ONGOING
CONVERSATIONS WITH THE AUTHOR
AND INTERESTED STAKEHOLDERS AS
THE BILL MOVES FORWARD THROUGH
THE LEGISLATIVE PROCESS. THANK
YOU VERY MUCH FOR YOUR TIME.
THANK YOU. THERE ARE NO FURTHER
LINES IN OPPOSITION ALL RIGHT
WITH NO ADDITIONAL WITNESSES IN
OPPOSITION OF THE BILL WE WILL-
MOVE THIS TO MEMBER DISCUSSION
I MEMBERS ANY COMMENTS OR
QUESTIONS IN A SEA OF A FEW SO
I OPENED A FEW ALL A LOT. AND
SO I WILL START WITH AN
INTERMITTENT. THANK YOU MA'AM
CHAIR- I APPRECIATE THE INTENT
OF THIS BILL- FOUR GLOBAL
SAVINGS HOUSEHOLDS HAVING A
BANK ACCOUNT IS SO CRITICAL TO
WEALTH BUILDING. FOR MANY OF US
WE TAKE A BANK ACCOUNT FOR
GRANTED- BUT IT'S WHEN YOU HAVE
LOW SAVINGS- YOU'RE DEALING
WITH A POTPOURRI OF ALTERNATIVE
FINANCIAL PRODUCTS. THERE'S A
REASON THAT PAYDAY LENDERS ARE
USED IS NOT BECAUSE HOUSEHOLDS
ARE STUPID THEY KNOW ABOUT THE
HIGH RATES- BUT THERE ARE FOR
THEM. FOR MANY HOUSEHOLDS
PAYDAY LENDERS CAN CHECK
CASHING SERVICES AND OTHER
SIMILAR FINANCIAL. SERVICES
PROVIDERS- PROVIDE A SERVICE TO
AT EIGHT IF NET FEE THAT IS
LOWER THAN OPENING A
TRADITIONAL BANK ACCOUNT. WITH
THE HIGH OVERDRAFT FEES THE LOW
BALANCE FEES AND THE NUMBER OF
CHARGES ASSOCIATED WITH HAVING
THOSE- AND WE'VE MADE
TREMENDOUS PROGRESS IN LAST
DECADE I'M JUST GONNA NOTE I
THINK ONE OF THE OPPOSITION
WEAKNESSES. I NOTED THAT IN A
RECENT FDIC SURVEY WE HAD
REACHED. A POINT IN WHICH ONLY
FIVE POINT 4% OF AMERICANS ARE
NOW ON BANK. BUT WE STILL HAVE
A LONG WAYS TO GO THAT SAME
SURVEY ALSO FOUND THAT OVER 20%
OF AMERICANS ARE UNDERBANKED OR
UNBANKED. WHICH MEANS THAT THEY
ARE STILL VIEWING BANK ACCOUNTS
AS A NECESSARY EVIL IS
SOMETHING THEY HAVE TO HAVE BUT
THEY'RE STILL RELYING HEAVILY
PRODUCTS- SO I THINK THIS IS AN
IMPORTANT POLICY GOAL. AND WE
SHOULD BE LOOKING AT ALL
OPTIONS AND I APPRECIATE THE
WAY IN WHICH THE AUTHOR
STRUCTURED THIS BILL. AS A
STUDY A MARKET ANALYSIS OF THE
FEASIBILITY OF ONE TYPE OF
OPTION. THAT MIGHT SERVE AS A
COMPLEMENT TO SOME OF THE
FINTECH AND OTHER PRODUCTS THAT
ARE DEVELOPING RIGHT NOW. I
WOULD JUST SAY I APPRECIATE
pMEANS THAT HE'S TAKEN- I MIGHT
SUGGEST- ADDITIONAL.
DIRECTIONAL APPROACHES HERE
FIRST I THINK IT'S REALLY
IMPORTANT WE TALK ABOUT THE
CRITERIA. THAT THIS BOARD IS
SUPPOSED TO LOOK AT IN
DEVELOPING ITS PROPOSAL THAT.
IT LOOK AT SAFETY AND SOUNDNESS
AS A INDEPENDENT PILLAR- THAT
WE WANT TO MAKE SURE THAT
ANYTHING WE THINK ABOUT AS A
LEGISLATIVE BODY IN THE STATE
GOVERNMENT- THAT MIGHT HAVE.
THE IMPRIMATUR OF THE STATE
BEHIND IT- NEEDS TO MAKE YOU
NEED TO FIRST AND FOREMOST BE
SOMETHING THAT'S SAFE AND SOUND
THAT WILL NOT IMPLODE. BECAUSE
THIS IS NOT GONNA BE A
TRADITIONAL BANK IF WE DO THIS-
AS I UNDERSTAND THE STRUCTURE
WILL BE A PRIVATE INSTITUTION-
BUT WITH A LOT OF STATE BACKING
BEHIND IT- THE SECOND THING I
THINK. THAT WE SHOULD BE
LOOKING AT ENSURING AS PART OF
THIS PROPOSAL IS CONSUMER
PROTECTION. SINCE THIS IS GOING
TO BE DELEGATED TO PRIVATE
INSTITUTION OR NETWORK OF A
SERIES OF PRIVATE ACTORS. I
WANNA MAKE SURE THE CONSUMER
PROTECTION IS A CORE PART OF
WHAT'S BEING LOOKED AT SO I
HOPE THAT THE AUTHOR WILL
CONSIDER. ADOPTING THESE
APPROACHES AS HE MOVES THIS
BILL OUT OF THIS COMMITTEE INTO
APPROPRIATIONS BUT- I INTEND TO
VOTE I TODAY BECAUSE I THINK WE
REALLY SHOULD BE LOOKING AT ALL
OPTIONS WHEN IT COMES TO. HOW
WE SERVE THE UNBANKED AND
UNDERBANKED THANK YOU SO MUCH
THANK YOU I HAVE SENATOR. WEST
SO THEN US SENATOR COMING INTO.
THANK YOU MADAM. THANK YOU MR
PRESIDENT. AND FIRST OF ALL I'D
LIKE TO THANK THE COMMITTEE-
WHOEVER PUT TOGETHER THIS
ANALYSIS WAS ABSOLUTELY
BRILLIANT VERY WELL DONE LOT OF
WORK INVESTED I REALLY
APPRECIATE HAVING ACCESS TO
THAT AMOUNT OF INFORMATION SO
FIRST OF ALL THANK YOU FOR
THAT. ALSO TO THE AUTHOR OF
THIS BILL THANK YOU FOR YOUR
CONTINUED EFFORTS IN THIS AREA
I THINK IT'S ESSENTIAL THAT WE
CONTINUE TO WORK TOWARD THIS
GOAL THAT FOR THE FOR THE
OPPONENTS OF THIS MEASURE THERE
REALLY IS NOTHING TO OPPOSE
NOTHING TO FEAR IT'S JUST A-
THE ARGUMENTS THAT ARE
PROPOSED- ALMOST- YOU KNOW IT.
I DON'T EVEN WANT TO PUT IN AN
A WORD ON IT HONESTLY BECAUSE I
THINK IT'S JUST SAD THAT WE'RE
GETTING OPPOSITION. TO WANNA
FURTHER BANK. CALIFORNIANS WHEN
YOU LOOK AT THE FIVE POINT FOUR
FIGURE NATIONWIDE A NATIONWIDE
FIGURE WAS YOU WHOSE BECAUSE
CALIFORNIA'S GENERALLY IS GOING
TO BE MUCH HIGHER IN THIS AREA.
AND WE'RE LOOKING AT THREE
MILLION PEOPLE IN CALIFORNIA
COMPLETELY. UNBANKED ABSOLUTELY
ZERO ACCESS TO BANKING SERVICES
AND WHEN YOU CONSIDER POOR
PEOPLE AND WHAT PERCENTAGE OF
THEIR DEPOSITS GO TO ACTUALLY
PAY IN FEES. VERSUS SOMEBODY
THAT HAS HEALTHY DEPOSITS AND
HIGHER INCOME IT'S COMPLETELY
UNFAIR IT'S NOT A FAIR SYSTEM
OFTEN TIMES IF YOU HAVE HIGHER
DEPOSITS. YOU WILL PAY LESS FEE
FEES UNLESS BANKING COSTS SO
THIS SYSTEM. IS ALREADY
DESIGNED. TO GO CONTRARY IN IN
IN IN NOT SUPPORTING PEOPLE
THAT WE SHOULD BE SUPPORTING TO
GET INTO OUR ECONOMY HELPING
THEM TO GET- MAKE FINANCIAL
PLANNING LONG TERM FLYKNIT-FINANCIAL PLANNING DECISIONS
THAT HELP THEM. UP HAVE MORE
PROSPERITY OVER THE FUTURE SO
I'M SORRY. TO THE BNKING
INDUSTRY OUT THERE OUR SYSTEM
RIGHT NOW IS JUST NOT WORKING
FOR THE PEOPLE THAT WE'RE
TRYING TO HELP TO TRY TO HELP
PEOPLE TO GET ACCESS TO THE
AMERICAN DREAM HELP TO. HELP
THEM TO MAKE WISER PLANNING
DECISIONS AND BANKING IS AN
ESSENTIAL PART OF THAT. WHEN
YOU CONSIDER THAT 90% OF THE
BUSINESSES THAT APPLY FOR
BUSINESS LOANS DON'T GET IT.
90% THAT IS A VERY VERY SAD
SAID NUMBER. FOR ANYBODY TO
COME TO US HERE AND SAY THAT
NOTHING NEEDS TO BE DONE THAT
EVERYTHING IS PERFECT HE'S NOT
THINKING OF THE 90% OF THE
BUSINESSES. OVER THE YEARS
THERE BEEN DIFFERENT
INITIATIVES EITHER THROUGH
GOVERNMENT OR THROUGH BANKS
THAT HAVE INCREASED ELIGIBILITY
AND THE RESULTS WERE THAT THE
REPAYMENT RATES INCREASED SO IF
YOU ACTUALLY INCREASE
ELIGIBILITY THE REPAYMENT RATES
TO LEASE LOANS ARE GOING TO
ACTUALLY INCREASE THAT IS
SOMETHING THAT IS VERY
COMPELLING THAT REQUIRES US TO
MOVE TOWARD THIS. NORTH DAKOTA
HAS BEEN DOING THIS SINCE SINCE
NINETEEN FIFTEEN AND NOBODY'S
BEEN TRYING TO UNDO THE NORTH
DAKOTA BANKS IT IS IT IS DOES
NOT I THINK THIS BILL. IS
LEANING IN THAT DIRECTION TO
START STUDY SOMETHING THAT
COULD POTENTIALLY WORK LIKE
NORTH DAKOTA. AND BANKERS LOVE
THE NORTH DAKOTA BANKS SO WHY
DO THEY HATE THIS PROPOSAL IN
CALIFORNIA. THE WHAT I'VE SEEN
IS THAT ANYTHING HERE THAT EVEN
INSINUATES ANY KIND OF
COMPETITION. IS JUST COMPLETELY
REFUTED AND IN AND HAVING TO
PRESENT THIS AS A NEW
BUREAUCRACY AND NOT A NEW
BUSINESS AND INITIATIVE IS JUST
JUST. ANOTHER EXAMPLE. OF WHY.
THIS OPPOSITION IS COMPLETELY
COMPLETELY WRONG SO THIS NOBODY
SHOULD FEAR A STUDY NOBODY
SHOULD- FEAR FURTHER ANALYSIS
NOBODY SHOULD FEAR THE STATE OF
CALIFORNIA. TRYING TO CREATE A
PROGRAM TO BANK MORE OF ITS UP
MORE OF ITS COMMUNITY NOBODY
SHOULD FEAR THAT THIS SHOULD BE
SOMETHING THAT PEOPLE RALLY
AROUND I DON'T THINK THERE'S
ANYTHING FOR THE BANKING
COMMUNITY FEAR I UNDERSTAND.
WHY THEY'RE NOT POSITION I
UNDERSTAND THE COMMENTS BUT-
THE REALLY THE ARGUMENTS IN
OPPOSITION OF THIS BILL ARE
EXTREMELY WEAK LET'S STUDY IT
LET'S LOOK AT IT LET LET IF
THE- IF IT'S SEEN AS NON VIABLE
THEN THAT'S THAT GIVES US A
DECISION AND- BUT IF IT
PROVIDES US DIRECTION. WHY NOT
ENGAGE THE CALIFORNIA COMMUNITY
MOVE SOMETHING THAT MAKES MORE
SENSE AND HELP THE PEOPLE OF
OUR STATE- HAVE BETTER BANKING
SERVICE OR AT LEAST HAVE AN
OPTION THAT'S CURRENTLY NOT
AVAILABLE. THANK YOU MADAM
CHAIR MEMBERS SITE I SUPPORT
THIS MEASURE THE PROPER TIME
I'D LIKE TO MOVE FORWARD. THANK
YOU SENATOR WESSEL SO WE DO
HAVE A MOTION BY SENATOR WEST
SO I HAVE SENATOR COVEY IT'LL
SENATOR BRADFORD AND THEN SENT
OVER THE REST OF. THANK YOU
VERY MUCH MADAM CHAIR- I WANT
TO ALIGN MY COMMENTS WITH THOSE
OF SENATOR MINUTES SENATOR WEST
SO I THINK THEY MADE SOME SOME
REALLY GOOD COMMENTS ABOUT. THE
NEED FOR BANKING SERVICES FOR
THOSE THAT. ARE UNBANKED OR
THEY DON'T HAVE THE RESOURCES
AND IT IT IS ALWAYS BEEN A
POINT O CONTENTION WITH ME
THAT IF YOU HAVE ENOUGH MONEY
AND YOU CAN LEAVE IT IN A
SAVINGS ACCOUNT YOUR SERVICES
ARE FOR FREE. INCLUDING
INCLUDING IN MANY INSTANCES THE
ABILITY TO TAKE MONEY OUT OF
THE BANK AND USE THAT. DEBIT
CARD. AND IF YOU DON'T HAVE
MONEY AND ALL YOU HAVE IS A
DEBIT CARD WITH WITH MONEY IN
THE BANK YOU PAY FOR
EVERYTHING. EVERYTHING THAT YOU
DO IF YOU'RE USING THAT DEBIT
CARD YOU PAY. AND TO ME IT JUST
SEEMS LIKE IT'S BACKWARDS- I
CERTAINLY WOULDN'T. MIND LEAVE
HAVING MONEY IN THE BANK AND
ALLOWING THAT TO BE USED TO.
PAY FOR SOMEONE ELSE'S DEBIT
CARD USE- RATHER THAN MY OWN
BUT IN ANY CASE- THERE ARE A
COUPLE AND I WANT TO. RECOGNIZE
AND THANK THE AUTHOR FOR.
HAVING PERSONAL CONVERSATIONS
WITH ALL OF US SO THAT WE COULD
GET OUR QUESTIONS ANSWERED. AND
AND REALLY HAVE INPUT IN TERMS
OF HOW HE'S THINKING ABOUT
THIS- IT IT SAM. THERE'S NO
QUESTION THAT THIS IS- THAT
THIS IS A GREAT OPPORTUNITY BUT
IT'S GOT. IT'S GOT TO BE
GROUNDED IN- IN- FISCAL. SINCE
AND SO I REALLY DO APPRECIATE
THAT THE COMMENTS BY SENATOR
MENU REGARDS TO SAFETY AND
SOUNDNESS IT'S WHAT THE BANKS
HAVE TO. HAVE TO COMPLY WITH
AND CONSUMER PROTECTION REALLY
DOES HAVE TO BE- OUR NUMBER
ONE. CONCERN FOR DOING IT TO
MEET CONSUMER NEEDS AND WE NEED
TO MAKE SURE WE'RE TAKE WE'RE
PROTECTING THEM SO. TWO THINGS
ONE IS. I REALLY WANT THIS
MARKET ANALYSIS TO BE ROBUST
THAT WE'RE REALLY LOOKING AT
WHAT ARE THE COSTS OF PROVIDING
THE SERVICES. AND IS THERE A
WAY TO BE ABLE TO DO IT SO THAT
THE COST IS MINIMAL AND IT'S
ON. IT IT CONTRIBUTES TO THE
SAFETY AND SOUNDNESS OF THE
PROGRAM- SO IF YOU KNOW MAKING
SURE THAT WE'RE WE'RE ASKING
THE RIGHT QUESTIONS IN DOING
THIS- WHAT KIND OF SERVICES
SHOULD BE OFFERED WHAT ARE THE
COST OF THE SERVICES WHETHER.
THEIR DIRECT DEPOSIT AUTOMATIC
PAYMENTS OR ELECTRONIC PAYMENTS
DEBIT CARDS ALL OF THAT REALLY
PRACTICAL THINGS THAT. BOMB
THAT WE WANT TO BE ABLE TO
COVER BY THIS KIND OF A OF A
SERVICE. AND THEN I HAVE A
QUESTION- FOR THE AUTHOR AND I
BECAUSE IT JUST WASN'T CLEAR TO
ME IN IN READING THIS. WHETHER
WHETHER THE ISSUE COMES BACK TO
THE LEGISLATURE. OUGHT TO
APPROVE A PROPOSED PROGRAM
WEDNESDAY- MARKET ANALYSIS IS
DONE IT'S NOT CLEAR IT SOUNDS
LIKE YES WE DO- AND I'M HOPING
WE DO IT BECAUSE I THINK WE ALL
NEED TO TAKE PERSONAL-
RESPONSIBILITY FOR THE FACT
THAT IF IT'S GOING TO WORK- WE
GOT TO MAKE SURE THAT THE- DOTS
THAT I'S ARE DOTTED AND THE
TEASER CROSSED AND SO. ON I
WANT TO I'M GOING TO SUPPORT IT
TODAY I THINK IT'S- THE WAY
THAT THE AUTHOR IS GONE ABOUT
CONSTRUCTING THIS BILL IS
REALLY HELPFUL. AND AND WITH
THAT I'D I'D THAT'S THE ONLY
QUESTION THAT I HAVE THANK YOU
MADAM CHAIR THANK YOU A
SUNBURST MONTANA WOULD YOU LIKE
TO ADDRESS THAT YES AND THANK
YOU VERY MUCH DONE TO MIKE-
CALLING FROM SALINAS. WHO
REALLY ENGAGED IN THE
CONVERSATION AND I'M THE SAME
PERSON REALLY QUICKLY I THINK
YOU HIT ON THE MAIL THIS WE
WANT THIS TO BE A VERY SOLID
POLICY PROPOSAL. THAT WHICH
STANDS- THE FISCAL PRESSURES OF
ESTABLISHING A PLATFORM THAT
BANKS FOLKS- AND WE ALSO WANTED
TO HAVE LONGEVITY AND DO THE
THINGS THAT WE WANTED TO DO SO
I HAVE. EVERY INTENTION. THAT
THE MARKET ANALYSIS WILL
ACHIEVE THAT- BECAUSE I WANT TO
WORK I DON'T WANT TO FAIL. ON
MONDAY WHAT IT WOULD. DEFEAT
THE PURPOSE- SO I JUST WANNA
SAY THAT OUT LOUD BECAUSE THERE
IS THAT'S WHAT WE WANT AND- IN
IN TERMS OF. COMING BACK TO
LEGISLATURE YES- TO ME IT'S
CLEAR AND THE CHAIR CAN CONFIRM
THAT THERE IS LANGUAGE THAT WE
STARTED- SINCE- THE ASSEMBLY TO
ENSURE THAT IT COMES BACK TO
THE- SENATE AND THE ASSEMBLY
BANKING FINANCE COMMITTEE-
WHERE THE MARKET ANALYSIS- WILL
NOT ONLY HAVE BEEN. HOW WILL IT
HAD PUBLIC HEARINGS BUT IT WILL
HAVE- IT'LL BE VETTED BY BOTH
COMMITTEES. IT'S A FIFTY MARKET
ANALYSIS COMES BACK AND SAYS.
WHAT YOU ARE SAYING IS NOT
GOING TO WORK. IT'S A NEW
SUBJECT WILL MOVE FOR. BUT IT
pTHE WAY WE SAY IT'S GOING TO
WORK. ON THE COMMITTEES HAVE
THE ABILITY. TO MOVE THIS
FORWARD SO THAT WE CAN BEGIN TO
ESTABLISH IT BUT IT WILL STILL
NEED LEGISLATIVE APPROVAL.
LIKEWISE IF THE MARKET ANALYSIS
COMES BACK- AS IS THE
LEGISLATURE'S PRODUK PRODUCT
PRODUCT SO I MIGHT ASK YOU TO
CONSTRUCT MY MOUSE I APOLOGIZE
ABOUT THAT. AS IS THE
LEGISLATURE'S PRODIGY IF THERE
ARE DEFICIENCIES WE ALSO HAVE
THE ABILITY- TO ADDRESS THOSE
DEFICIENCIES WHEN IT COMES BACK
BECAUSE- IT HAS TO BE VOTED ON
pUNDERSTAND STAND IN MADAM CHAIR
CAN CONFIRM- AS I UNDERSTOOD
HIM LAST MAY UNDERSTAND THIS
COMMITTEE. BEFORE IT WAS FOR.
AND I WILL CONFIRM THAT AT IS
AS IS WRITTEN TO DATE- THIS
BILL I'M SORRY THE MARKET
ANALYSIS CONDUCTED BY THE
TREASURER'S OFFICE DOES NEED TO
COME BACK TO BOTH THE ASSEMBLY
AND SENATE BANKING AND
FINANCIAL INSTITUTIONS- TO
DECIDE TO TERMINATE HOW TO
PROCEED ONCE THE ANALYSIS IS
COMPLETED. AND DID THAT ANSWER
YOUR QUESTIONS IN ORDER TO YES
I IT DID I JUST WANT TO MAKE
SURE THAT THAT IT'S NOT JUST
THE COMMITTEES AND THEN THEY GO
YEAH THAT'S A GOOD IDEA AND
THAT'S IT- I'M ASSUMING THAT IT
WHAT WHAT WILL COME BACK IS A
IS A PROPOSAL AND THEN IT
pOTHER THE OTHER THING IS THAT I
ALSO THINK WE NEED TO GIVE THE
COMMITTEE. THE FLEXIBILITY TO
MAKE RECOMMENDATIONS ABOUT HOW
WE MIGHT WANT TO. CHANGE THE
PROGRAM IF IT. IF IT NEEDS IT
IN OTHER WORDS IF THAT MARKET
ANALYSIS COMES BACK AND SAYS.
LOOK THIS DOESN'T WORK. BUT IF
YOU DO IT THIS WAY. IT COULD
WORK I THAT THE BID COMMITTEE
SHOULD BE ABLE TO RECOMMEND TO
US A DIFFERENT PATHWAY THAT
WOULD GET US WHERE WE WANT TO
GO. UNDERSTANDING WHAT WE WANT
TO DO. IS TO PROVIDE SERVICES.
SO THAT- SO THAT EVERYONE IN
THE STATE THAT NEEDS A BANKING
SERVICE CAN GET IT SOMEWHERE.
YES YES AND I WILL CLARIFY THAT
THE MARKET ANALYSIS COMES BACK
TO THE COMMITTEES BUT IN
REALITY WHAT HAPPENS WHAT HAS
TO HAPPEN IS THERE WILL NEED TO
BE OF THE BILL. VERY GOOD-
AFTER THE MARKET ANALYSIS IS
PRESENTED. I THANK YOU THAT BAD
SO THAT HELPS ME YEAH. AND NOW
WE HAVE A SENATOR BRADFORD THEN
SENATOR- THAT ALSO. THANK YOU
MANAGER AND I TOO WILL ONLINE
MY COMMENTS WITH. MY PREVIOUS.
COMMENTS BY MY COLLEAGUES WHO
HAVE PREVIOUSLY SPOKEN ON THIS
MATTER. AND MY COLLEAGUE FROM
SAN DIEGO CITY COULDN'T FIND
THE WORDS TO DESCRIBE THE
BANKING JOB POSITION AND LET ME
JUST ADD IT I THINK IT'S
LAUGHABLE AS THE FORMER BANKING
CHEER I AM JUST BLOWN AWAY AT
THE CONTINUED OPPOSITION TO
LOOKING AT ALTERNATIVE METHODS
I'M ALSO CHALLENGED APPS SOME
OF US AS LEGISLATORS WHO. HAVE
STOOD IN THE WAY OF SOME OF
THOSE OTHER VEHICLES THAT ARE
NOW AVAILABLE IN THE EXIT
SIMPLY BECAUSE OUR TRADITIONAL
BANKING WAS NOT SERVING THOSE
CUSTOMERS THAT'S WHY WE HAVE
ONLINE NINETY NOW THAT'S WHY WE
HAVE PAYDAY LOANS THAT'S WHY
THOSE FOUR MARKETS EXIST NOW IN
CALIFORNIAACROSS THE COUNTRY
BECAUSE TRADITIONAL BANKING WAS
NOT. PROVIDING SERVICES TO
THESE INDIVIDUALS AND EIGHT
YEARS AGO AS A MEMBER OF THE
ASSEMBLY I AUTHORED A BILL
LOOKING AT THE UNDERBANKED
CALIFORNIANS AND WAS SPONSORED
BY ARDEN AND LIEUTENANT
GOVERNOR NOW GOVERNOR GAVIN
NEWSOM. AND WE HAD THE SAME
LEVEL PUSH BACK EIGHT YEARS AGO
AND HERE WE ARE TODAY STILL
TALKING ABOUT HOW DO WE SERVE
THE MILLIONS OF UNBANKED
CALIFORNIANS THAT EXISTS HERE
IN THE STATE OF CALIFORNIA. AND
WHEN YOU TALK ABOUT. INTEREST
RATES BANKING INTEREST RATES
FOR OVERDRAFT PROTECTION- OVER
DRAFTING SO YOU GO TO STARBUCKS
WITH YOUR DEBIT CARD IN YOUR
DOLLAR SHORT YOU'RE GONNA PAY
TWENTY SIX DOLLARS. OVERDRAFT
FEES BECAUSE YOU WERE. A DOLLAR
SHORT THAT'S A THOUSAND OVER A
1000% INTEREST RATES AND WE
WERE SQUABBLING THAT- LAST YEAR
IN THE LAST TWO YEARS ABOUT
310024100% THAT'S FAR CHEAPER
THAN WHAT THE BANK CHARGES. AND
THAT'S WHY MANY OF THESE FOLKS
ARE AWAY FROM THE BANK BECAUSE
THEY CAN'T AFFORD AS YOU
STATED. FEES BANKS MAKE THE
MAJORITY OF THEIR PROFIT OFF OF
FEES AND SERVICES. I TRULY MAKE
THE MAJORITY OF THEIR MONEY OFF
OF FEES AND OVERDRAFT
PROTECTION. CHARGES SO THIS IS
A COMMON SENSE MEASURE THAT'S
LONG OVERDUE WE'VE BEEN TALKING
ABOUT IT. FAR TOO LONG AND WE
DO NEED TO PROVIDE ALTERNATIVE
METHODS FOR INDIVIDUALS TO COME
INTO. MAINSTREAM AMERICA AND
HOW THE BANKING ACCOUNT HAVE A
CHECKING ACCOUNT EVEN LOOKING
AT THE NUMBER OF HOME LOANS
THAT ARE PROVIDED TO. PEOPLE OF
COLOR THEY'RE FAR LESS. OUR
BANK INSTITUTIONS PROVIDE FEWER
LOANS TO LATINOS AND AFRICAN
AMERICANS INTO THE GROUP HERE
IN THIS NATION WE HAD A
HEARING- TWO YEARS AGO WHEN I
WAS BANKING CHEER AND ONLY ONE
BANK WAS WILLING TO SHOW UP AND
HAVE A DISCUSSION. ON THEIR
LENDING PRACTICES TO MINORITIES
IN IT WAS WELLS FARGO AND I
COMMEND THEM FOR THAT THE REST
OF THE BANK'S ANYONE OF A
DISCUSSION ON. HOW THEY WERE
LONG LESS THAN 20% OF HOME
LOANS TO AFRICAN AMERICANS OR
LATINOS SO I THINKTHIS IS A-
MEASURE WHICH TIME IS COMING
ICE STRONGLY SUPPORTED. THANK
YOU SENATOR BRADFORD AS SENATOR
IT ALSO. I THANK YOU MADAM
CHAIR AND- EVERY ONE OF MY
COLLEAGUES HERE WHO SPOKE I
COMPLETELY AGREE WITH- AND I DO
WANT TO THANK THE AUTHOR FOR
BRINGING THIS FORWARD. BLACK
AND LATINO HOUSEHOLDS ARE SIX
TIMES MORE LIKELY TO BE
UNBANKED THAN WHITE HOUSEHOLDS.
THEY CAN'T AFFORD THE FEES. BUT
THEIR MONEY IS IN THAT BANK.
HOW RIDICULOUS IS THAT. SO YOU
HAVE TO PAY 3510% OF THEIR
PAYCHECKS JUST TO GET ACCESS TO
THE MONDAY. THAT'S THERE'S- THE
DECK IS STACKED AGAINST LOW
INCOME COMMUNITIES AND
COMMUNITIES OF COLOR. THESE ARE
THE COMMUNITIES WHERE THE
PEOPLE WORK HARD JOBS FRONT
LINES OF THE ECONOMY LITTLE
PAY. VERY LITTLE IF ANY SAFETY
NET THESE ARE THE PEOPLE THAT
NEED THE MOST SERVICE AND
FRANKLY THERE WAS SOME COMMENTS
BY I THINK THE OPPOSITION
WITNESSES THAT MADE IT SOUND
LIKE EVERYTHING'S OKAY. AND
IT'S OUTRAGEOUS I'M I'M
OFFENDED BY IT WHY HASN'T THE
OPPONENTS DONE ANYTHING AND
ENOUGH TO DATE. IF YOU'RE NOT
GONNA DO IT IF THAT'S NOT GOING
TO BE WHERE YOU ARE YOU THINK
YOU CAN MAKE YOUR MONEY THEN
STEP ASIDE STEP ASIDE AND LET
ANOTHER INSTITUTION DO
SOMETHING ABOUT IT SO. THANK
YOU TO THE AUTHOR AND THANK YOU
TO ALL MY COLLEAGUES FOR THEIR
REMARKS THANK YOU SENATOR THAT
ALSO. ANY ADDITIONAL COMMENTS-
SEE NO ADDITIONAL COMMENTS- A
DO YOU WANT TO. YOU COULD YOU
KNOW COME INTO- THE AUTHOR FOR
WORKING ON THIS BILL AND I
THINK THIS BILL RESPONDS TO A
VERY IMPORTANT FUNDAMENTAL
ISSUED TO THE CONCEPT OF
FINANCIAL INCLUSION AND
FINANCIAL WELL BEING- MANY OF
US WHO HAVE BANK ACCOUNTS-
SOMETIMES TAKE THEM FOR
GRANTED- WERE NOT REMINDED
EVERY WEEK EVERY TRANSACTION
EVERY MONTH A MONTH- THE BURDEN
AND COST OF GETTING A PAYCHECKS
CASHED AND GETTING. MONEY
ORDERS TO PAY RENT- BUT HAVING
A BANK ACCOUNT IS OFTEN A
PREREQUISITE ALSO FOR BUILDING
HEALTHY FINANCIAL. THIS IS
ESTABLISHING A HEALTHY
FINANCIAL LIFE BANK ACCOUNTS
OFTEN SERVE AS A FIRST STEP IS
TO MAINSTREAM FINANCIAL
SERVICES- CONSUMERS CAN GET
LOANS. CAR IN AND PURCHASE A
CAR OR A HOUSE THROUGH BANKS
AND SO I THINK IT'S REALLY
IMPORTANT TO RECOGNIZE WHAT IT
MEANS TO BOTH HAVE A BANK
ACCOUNT BUT ALSO NOT HAVE A
BANK ACCOUNT- IN THE LIMITING
OPPORTUNITIES. WE KNOW THAT
BANK ACCOUNTS CAN BE RISKY FOR
SOME CONSUMERS ESPECIALLY IF
THEIR BANK OR CREDIT UNION
CHARGES HIGH FEES- IN OVERDRAFT
AND I THINK THAT THAT'S BEEN A
COLLECTIVE SENTIMENT. ON IT YOU
KNOW OF THIS COMMITTEE SO WHILE
THIS IS AN IMPORTANT ISSUE. WE
REALLY HAVE TO ASK OURSELVES
WHAT OPTIONS DO WE HAVE TO
ADDRESS IT AND I BELIEVE THAT
BY SUPPORTING THIS BILL WEEK
KNOWLEDGE OF THE CHALLENGES OF
MBANK CALIFORNIANS IS A
PROBLEM. IT IS A PROBLEM THAT
NEEDS INVESTIGATION AND IS A
PROBLEM THAT THIS LEGISLATURE
NEEDS TO BETTER UNDERSTAND. AND
THEN CERTAINLY THE SUPPORT OF
THIS BILL IS NOT JUST TO THINK
OF THE ONE OPTION BUT TO THINK
OF THE VARIOUS OPTIONS AT THIS
MARKET ANALYSIS CAN BRING
FORWARD WE NEED TO ADDRESS A
SERIOUS ISSUE. I DO LOOK
FORWARD TO THE RESULTS OF THE
MARKET ANALYSIS WHICH I HOPE
WILL PROVIDE THE LEGISLATURE
WITH BETTERINFORMATION ON HOW
WE NEED TO ACT AND HOW WE NEED
TO MOVE FORWARD. I WILL ALSO
NOTE THAT WE NOW HAVE TWO
SIGNIFICANT EFFORTS UNDER WAY
UNDER WAY TO TEST WHETHER
GOVERNMENT CAN ADD VALUE TO THE
FINANCIAL SERVICES SPACE. TWO
YEARS AGO WE ENACTED AB EIGHT
FIVE SEVEN TO ALLOW LOCAL
GOVERNMENTS TO PURSUE PUBLIC
BANKS IN THEIR JURISDICTION.
NOW WE HAVE THIS BILL- AND ATE
IT THAT LOOKS TO MOVE FORWARD
TO SEE HOW THE STATE CAN
ADDRESS THE NEEDS OF UNBANKED
CALIFORNIANS. I THINK IT IS
IMPORTANT TO. SUPPORT THESE
EFFORTS AND SEE HOW THEY PLAY
OUT. BUT BEFORE CLOSING I ALSO
WANT TO EXTEND MY GRATITUDE TO-
OUR TREASURE- OFF FOR NOT
SHYING AWAY FROM THIS
CHALLENGE. THIS. THIS ISSUE
WILL WANT TO SEE THEIR VIEWS
REFLECTED IN THE STUDY. I HOPE
THAT AS MEMBERS OF THE
LEGISLATURE- WE'RE GOING TO BUT
NOT JUST ASK OUR TREASURE TO
CONDUCT THIS STUDY BUT ENSURE-
THAT THE TREASURER HAS THE
SUFFICIENT MEANS. TO BE ABLE TO
CONDUCT A THOROUGH EVIDENCE
BASED STUDY- FOR THE FIFTH
LARGEST ECONOMY FORTY MILLION
PEOPLE THAT IS NOT LITTLE. AND
SO I THINK THAT WE REALLY NEED
TO ENSURE THAT THAT THIS IS
DONE WELL. AND OFTEN IS THE
CASE YOU GET WHAT YOU PAY FOR
AND SO I HOPE WE DON'T SHORT
CHANGE. THE IMPORTANCE OF THIS
STUDY AND I DO. WANT TO
RECOGNIZE- THAT ALL OF THE
SUPPORTERS AND ALSO THE
OPPOSITION HAS MADE MANY
POINTS- ABOUT WHAT CAN COME OUT
OF THE STUDY AND IT'S
CERTAINLY. DIFFERENT
PERSPECTIVES NEED TO BE
INCLUDED. I DO WANT TO
RECOGNIZE- THAT AMONG YOU KNOW
THIS BODY WE HAVE FELT THAT THE
SAFETY AND SOUNDNESS CONSUMER
PROTECTIONS- AND COST. TO ADD
TO INSURE ITS COST TO CONSUMERS
TO ACCESS. THESE PRODUCTS
WHATEVER OPTIONS ARE PRODUCTS
ARE OUT THERE ARE ALSO OF GREAT
IMPORTANCE- AND I DO WANT TO
RECOGNIZE THAT OUR FORMER CHAIR
HAS TALKED FOR MANY OF YEARS.
ABOUT THE UNBANKED AND THEY
NEED. TO DO MORE SO I HOPE-
DATA THE MESSAGE IS VERY CLEAR
ON WHERE THIS BODY STANDS- IN
TERMS OF CONSIDERING THIS A
SERIOUS ISSUE THAT NEEDS TO BE
ADDRESSED. SO WITH THAT- WE
WILL GO AHEAD AND- IF THERE ARE
NO FURTHER COMMENTS WE WILL GO
AHEAD AND- TAKE A VOTE ON THE
BILL WE HAVE A MOTION BY US
SENATOR WESSEL. AND THE MOTION
IS DO YOU PASS AS AMENDED BUT
FIRST AMENDED AND REFILED
REFERRED TO THE COMMITTEE ON
LABOR PUBLIC EMPLOYMENT AND
RETIREMENT. CONSULTANT PLEASE
CALL THE ROLL. THE MOTION IS TO
PASS AS AMENDED THE FIRST
AMENDED RE REFERRED TO THE
COMMITTEE ON LABOR PUBLIC
EMPLOYMENT AND RETIREMENT LOAN
HI MON HI PHOTO ABOVE. BRADFORD
R. BRADFORD I'D COME TO EUROPE
HI. DALLY DALLY NO GARAGE SO HI
RASO I WAS SO I WAS SO HIGH MAN
ALL RIGHT MAN I PORTANT TINO HI
FOURTEEN L. I. THE BILL HAS
SEVEN VOTES AND IT MOVES
FORWARD THANK YOU VERY MUCH A
SUMMER SUN GAGGLE AND WE WILL
NOW GO AHEAD AND. WE WILL GO
AHEAD AND- I DON'T THINK THEY
CALLED MY SORRY. I APOLOGIZE-
MANAGER I DON'T THINK THEY
HEARD MY VOTE. TODAY I WAS A NO
VOTE. WE WILL. LOOK WE'RE GOING
TO GO AHEAD. WE'LL PUT WE'RE
GONNA PU OFF THE CALL AND WILL
WE WILL GO AHEAD AND DO AND DO
THAT ROLL CALL AGAIN. THE MOST
IS THE PASSES AMENDED THE FIRST
AMENDED RE REFERRED TO THE
COMMITTEE ON LABOR PUBLIC
EMPLOYMENT RETIREMENT UNTIL
ABOUT. NO A CHILL BUG NOW.
THANK YOU FOR THAT BILL HAS
SEVEN EYES INTO KNOWS. AND NOW
WE WILL- WE WILL GO THROUGH ALL
THE BILLS THAT ARE ON CALL WE
WILL START FROM THE CONSENT
CALENDAR. THE MOTION IS TO
ADOPT THE CONSENT CALENDAR
PHOTO ABOVE. HI A SHOW ABOUT A
GUY SALLY. HI KELLY I WAS SO
WHAT'S SO HI. THE CONSENT HELP
CALENDAR HAS NINE VOTES AND
THAT MOVES FORWARD. AND NEXT WE
WILL GO. TO FILE ITEM ONE WHICH
IS A B. FOR TWENTY FOUR. THE
MOTION IS TO PASS THE FIRST BE
REFERRED TO THE COMMITTEE ON
JUDICIARY A CHILL BOTH. NO A
SHOW OF NO DALLY NO DAILY NO
LESS SO I WAS SO HIGH. THE
ASSEMBLY BILL FOUR TWENTY FOUR
AT MOVES FORWARD WITH SEVEN I.
VOTES IN TWO NO VOTES. NEXT WE
WILL GO TO A FILE- ITEM THREE
ASSEMBLY BILL FORTINO FIVE. THE
MOTION IS TO PASS AS AMENDED
THE FIRST AMENDED AND RE
REFERRED TO THE COMMITTEE ON
JUDICIARY BUT SHOW ABOUT. NOT
VOTING. SHOW THE OF NOT VOTING
BRADFORD. HI DALLY VOTING DAILY
NOT VOTING WHAT I WHAT SO I.
ALL RIGHT FELL AND IN THREE
ASSEMBLY BILL OF FOURTEEN OH
FIVE MOVES OUT WITH. SEVEN
VOTES AND NEXT WE WILL AND WE
ACTUALLY THAT IS THE CONCLUSION
SO WITH THAT WE HAVE COMPLETED
OUR HEARING I WANT TO THANK ALL
THOSE WHO HAVE PARTICIPATED IN
OUR HEARING TODAY AND HAVE
PROVIDED INPUT- AND- WE
APPRECIATE YOUR PARTICIPATION.