BILL ANALYSIS Ó
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THIRD READING
Bill No: AB 2298
Author: Rodriguez (D)
Amended: 6/10/14 in Senate
Vote: 21
SENATE BANKING & FINANCIAL INSTIT. COMM. : 8-0, 6/4/14
AYES: Evans, Block, Correa, Hill, Morrell, Roth, Torres, Vidak
NO VOTE RECORDED: Hueso
SENATE APPROPRIATIONS COMMITTEE : Senate Rule 28.8
ASSEMBLY FLOOR : 73-0, 5/8/14 (Consent) - See last page for vote
SUBJECT : Local agency funds: depository reports
SOURCE : California Credit Union League
DIGEST : This bill authorizes depository institutions that
hold local agency deposits to submit specified weekly reports to
the Department of Business Oversight (DBO) via email or other
electronic means.
ANALYSIS :
Existing law:
1. Imposes several requirements on depository institutions that
accept local agency deposits. Among these, is a requirement
that each depository institution with local agency funds on
deposit submit a written report to the Administrator of Local
CONTINUED
AB 2298
Page
2
Agency Security of the State of California on a weekly basis,
giving the total amount of all local agency deposits held by
that depository as of the close of business each Wednesday.
Requires these reports to either be delivered or mailed to
the office of the Administrator, as specified.
2. Provides that the Commissioner of DBO shall act as the
Administrator of Local Agency Security and shall be
responsible for administering several Government Code
sections, including the code section that is the subject of
this bill.
This bill allows depository institutions that hold local agency
deposits to submit their required weekly reports to DBO
electronically via email or other electronic means approved by
the Administrator of Local Agency Security.
FISCAL EFFECT : Appropriation: No Fiscal Com.: Yes
Local: No
SUPPORT : (Verified 6/24/14)
California Credit Union League (source)
California Bankers Association
California Independent Bankers
ARGUMENTS IN SUPPORT : The California Credit Union League,
sponsor of this bill, is seeking to reduce unnecessary postage
costs and reduce credit unions' environmental footprint by
replacing paper submissions with electronic submissions.
ASSEMBLY FLOOR : 73-0, 5/8/14
AYES: Achadjian, Alejo, Allen, Ammiano, Atkins, Bigelow, Bloom,
Bocanegra, Bonilla, Bonta, Bradford, Brown, Buchanan, Ian
Calderon, Campos, Chau, Chávez, Chesbro, Conway, Cooley,
Dababneh, Dahle, Daly, Dickinson, Donnelly, Fong, Fox,
Frazier, Beth Gaines, Garcia, Gatto, Gomez, Gonzalez, Gordon,
Grove, Hagman, Harkey, Roger Hernández, Holden, Jones,
Jones-Sawyer, Levine, Linder, Logue, Lowenthal, Maienschein,
Medina, Melendez, Mullin, Muratsuchi, Nazarian, Nestande,
Olsen, Pan, Patterson, Perea, Quirk, Quirk-Silva, Rendon,
Ridley-Thomas, Rodriguez, Salas, Skinner, Stone, Ting, Wagner,
Waldron, Weber, Wieckowski, Wilk, Williams, Yamada, John A.
AB 2298
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3
Pérez
NO VOTE RECORDED: Eggman, Gorell, Gray, Hall, Mansoor, V.
Manuel Pérez, Vacancy
MW:d 6/24/14 Senate Floor Analyses
SUPPORT/OPPOSITION: SEE ABOVE
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