Current Industry News
Attorney General Becerra Submits Proposed Regulations for Approval Under the California Consumer Privacy Act
SACRAMENTO – California Attorney General Xavier Becerra submitted proposed regulations under the California Consumer Privacy Act (CCPA) to the California Office of Administrative Law (OAL). The regulations will provide guidance to businesses on how to comply with the CCPA and will enable consumers to exercise new rights over their personal information. Under Executive Order N-40-20 related to the COVID-19 pandemic, OAL has 30 working days and an additional 60 calendar days to determine whether the regulations satisfy the procedural requirements of the Administrative Procedure Act. Once approved by the OAL, the regulation text will be filed with the Secretary of State and become enforceable by law.
Banks have a mountain of deposits, so they don’t need PPP funding
A record surge in bank deposits has given U.S. lenders more cash than they know what to do with. One thing they don’t need: help from the Federal Reserve to fund the government-backed loans they made to small businesses. Banks had tapped only $49 billion from the Paycheck Protection Program Liquidity Facility by May 27 as they loaned $511 billion, according to the central bank and the U.S. Small Business Administration. That’s largely because lenders are sitting on $1.8 trillion of new deposits that have flooded in since March 11 — a 13% increase, and the biggest two-month jump since at least 1973, when comparable data is available.
Older crowd embraces online banking, rewards firms’ digital push
It took a global pandemic to get many baby boomers to bank online. Lenders have taken notice. Over the past two months, Americans flocked to websites and apps to manage their finances as the coronavirus limited access to branches, according industry executives. For JPMorgan Chase, existing online clients are using the offerings more frequently, while Bank of America found that older customers are seeking out its digital services.