HEARING BETWEEN BUDGETS OF SIX
AND BANKING YOUR ORDER POLICIES
TODAY WE'RE GOING TO BE HEARING
FROM THE GOVERNOR'S THE
GOVERNOR'S TWENTY TWENTY
PROPOSAL CONSUMER FINANCIAL
PROTECTION- DUE TO THE
CONTINUED. STAY HOME WATER WE
ARE PRACTICING PHYSICAL
DISTANCING THE HEARING WITH
THROUGHOUT THE CAPITOL BUILDING
SO WE ONLY HAVE A LIMITED
NUMBER OF PEOPLE WATCH. AND
PARTICIPATE IN PERSON AT THE
HEARING WAS REPORT THE MATH B.
WARNER PHYSICAL BECAUSE YOU
MADE BY ALL MEMBERS OF THE
PUBLIC TESTIFYING. WITH HERE IN
THE ROOM WHAT THE VIDEO
CONFERENCING I DO NOT HAVE THE
MATH WE CAN. FOR YOU. WE HAVE A
FEW OPTIONS WITNESSED. TODAY
FOR THE PUBLIC IN THE ROOM THIS
IS IN THE ASSEMBLY CHAMBER WE
CAN ONLY COME WITH A MINIMAL
CONTINUE TO STAFF A LIMITED
NUMBER OF PUBLIC AND MEDIA SO
WE CAN MAINTAIN SIXTY IS BASIC.
THERE ARE STRICT PHYSICAL
DISTANCING PROTOCOLS FOR THE
PUBLIC TO ENTER AND LEAVE THE
CAPITAL AFTER THOSE HERE IN THE
ROOM IF ANY MEMBER OF THE
PUBLIC IN THE GALLERY BUT LIKE
TO PROVIDE TESTIMONY. APPROACH
THE MICRO. GALLERY DURING
PUBLIC COMMENT. I WOULD ASK THE
PUBLIC NOT TO TOUCH THE
MICROPHONE. YOU CAN EXIT THE
GALLERY WHEN YOU ARE DONE
TESTIFYING OR RETURN TO YOUR
SEAT PLEASE BE SURE TO OBSERVE.
PHYSICAL DISTANCING UPON
LEAVING THE CAPITAL INCLUDING
LIMITING ELEVATOR USED TO ONE
PERSON THE TIME. FOR THE PUBLIC
OF REMOTE TESTIMONY STATIONS IN
ADDITION. TO BEING ABLE TO
TESTIFY FROM INSIDE THE HEARING
ROOM THE PUBLIC MAY YOU. ONE
MORE TESTIMONIES IS A ON THE
CAP OF IN A LOCATION THROUGHOUT
THE STATE. GOES INDIVIDUALS
WILL APPEAR ON THE SCREEN SO
MEMBERS. CAN WATCH THEIR
TESTIMONY. WE WILL ALSO BE
USING A MODERATED TELEPHONE
SERVICE THROUGH WHICH ANY
MEMBER OF THE PUBLIC CAN
PROVIDE TESTIMONY. THE CALL IN
NUMBER FOR THE HEARING IS EIGHT
SEVEN SEVEN SIX NINE TWO. EIGHT
NINE FIVE SEVEN IT SHOULD BE
APPEARING ON OUR LIVESTREAM.
THE ACCESS CODE IS. TWENTY FOUR
TWENTY SIX TWO THREE SEVEN. YOU
CAN ALL THE ALSO FIND THIS
NUMBER ON THE ASSEMBLY BUDGET
COMMITTEE WEBSITE UNDER SUB
COMMITTEE SIX AS WELL AS IT
SHOULD BE ON YOUR TV SCREEN.
THE OPERATOR ON THE LINE WITH
RESTRICTIONS ON HOW TO BE PLACE
IN THE QUEUE. IF YOU ARE
CALLING IN PLEASE ELIMINATE ALL
BACKGROUND NOISE THIS INCLUDES
MUTING YOUR LIVESTREAM
BROADCAST IN YOUR SMART
DEVICES. TO REDUCE THE SOUND
DISTORTION. YOU HAVE ANY
PROBLEMS WITH Mà PHONE SERVICE
YOU CAN CALL THE COMMITTEE AT
NINE ONE SIX. THREE ONE NINE
TWO ZERO NINE NINE AND OUR
STAFF WILL BE THERE TO HELP
YOU. IF YOU DO NOT WANT TO.
TESTIFY OVER ANY OF THESE OTHER
MEDIUMS YOU COULD SUBMIT.
WRITTEN TESTIMONY TO THE EMAIL
AT BUDGET SOB AS YOU'D BE SIX
THE NUMBER SIX. AT A. S. M. DOT
C. A. DOT GOV WE REALLY
APPRECIATE EVERYBODY FOR
BEARING WITH US. AND THAT WE
ARE TRYING TO DO OUR BEST
DURING THESE VERY- TOUGH PUBLIC
HEALTH TIMES. AGAIN A GOOD
MORNING WELCOME TO OUR JOINT
HEARING WITH THE BANKING AND
FINANCE COMMITTEE ON THE
GOVERNOR'S PROPOSAL ON CONSUMER
FINANCIAL PROTECTION
INNOVATION. WE KNOW THE
PROPOSAL HAS CHANGED SINCE ITS
INTRODUCTION AS PART OF THE
GOVERNOR'S JANUARY BUDGET THIS
HEARING WAS SCHEDULED IN MARCH
BUT DUE TO THE PANDEMIC WE ARE
NOW GETTING THE OPPORTUNITY
SURE THE PROPOSAL- WE HAVE
MISSED THE BOAT HOOKS CHILDREN.
WAKING COMMITTEE AS OUR CULTURE
AND ANY MEMBER WHO WOULD LIKE
TO BE MAKE OPENING REMARKS WE
CAN OFFER THEM AN OPPORTUNITY
TO MAKE THEIR MARK. THE ME KNOW
JUMP IN. STAFF FOR ALL THE WORK
IN GUIDING US THROUGH THE MOST
CHALLENGING BUDGET PROCESS THAT
WE HAVE SEEN IN A VERY LONG
TIME I WOULD ALSO LIKE TO THINK
THE ADMINISTRATION THE SPEAKER
AND THE PRO TEM FOR AGREED TO
CONTINUE CONVERSATIONS AROUND
THIS IMPORTANT PROPOSAL TO
STRENGTHEN CONSUMER FINANCIAL
PROTECTION IN CALIFORNIA. ONE
OF THE MOST DIFFICULT CHAT AS
OF THE STATE BUDGETING IS
DEALING WITH ECONOMIC DOWNTURN.
WHICH CAUSE REDUCTIONS REVENUE
AT THE SAME TIME THAT ARE
CONSIDERED IN THE SAME TIME THE
CONSTITUENTS NEED EVEN MORE
HELP. BUT THE PROPOSAL THAT
WILL HERE TODAY IS BOTH TIMELY
AND DOES NOT REQUIRE ANY
GENERAL FUND SPENDING. MEANING
THIS PROPOSAL DOES NOT PRESENT
A TRADE UP WITH OTHER IMPORTANT
INVESTMENTS LIKE EDUCATION
PUBLIC HEALTH OR WILDFIRE
PREVENTION. ESPECIALLY DURING
THESE TIMES OF ECONOMIC STRESS
CALIFORNIANS DESERVE THE RIGHT
TO BE TREATED FAIRLY AND
HONESTLY BY FINANCIAL SERVICES
COMPANIES. AND THIS PROPOSAL
WILL GIVE THE STATE BETTER
TOOLS TO WORK TOWARD THAT GOAL.
AT BOTH THE STATE AND FEDERAL
LEVELS YOU'RE HEARING ABOUT
RECORD NUMBERS OF COMPLAINTS
FROM CONSUMERS ABOUT. PRODUCTS
LAST MONTH THE CALIFORNIA
DEPARTMENT OF BUSINESS
OVERSIGHT REPORTED THAT THEY
HAVE SEEN MORE THAN A 40%
INCREASE IN CONSUMER COMPLAINTS.
CALL THE AN INJURIES. ON THE ON
SINCE THE ONSET OF COBIT
NINETEEN. AT THE FEDERAL LEVEL
THE CONSUMER FINANCIAL
PROTECTION BUREAU HAS REPORTED
NEW RECORDS OF CONSUMER
COMPLAINTS EACH SINCE MARCH AN
OVERALL COMPLAINTS ARE UP 50%
FROM SINCE LAST YEAR. THOSE
COMPLAINTS VAN FROM A RANGE OF
TO DEBT COLLECTION MORTGAGES
STUDENT LOANS AND VEHICLE
FINANCING. AND I FEAR THE
PROBLEMS ARE ONLY GOING TO GET
WORSE AS WE ENTER THE MOST
TROUBLING STAGE OF THIS
ECONOMIC CRISIS DUE TO THE
FEDERAL GOVERNMENT'S FAILURE TO
EXTEND ENHANCED UNEMPLOYMENT
BENEFITS THAT. WORK WILL KEEP
MORE FAMILIES AFLOAT. THE
CURRENT FEDERAL ADMINISTRATION
HAS CLEARLY SHOWN AS THAT WE
CANNOT RELY ON THEM TO DO WHAT
IS BEST FOR CALIFORNIA
FAMILIES. THE CFPB HAS
TRANSFORMED FROM AN AGENCY WITH
A CLEAR MISSION OF PROTECTING
CONSUMERS INTO AN AGENCY THAT'S
CAPTURED. BY THE INDUSTRY AND
IS. IT THE INDUSTRY THAT IS
INTENDED TO REGULATE. BUT WE DO
NOT RELY ON THE FED IN THE
SPACE THE DODD FRANK ACT WHICH
CONGRESS PASSED IN THE LAST
CRISIS SPECIFICALLY AUTHORIZES
STATE LEGISLATORS. TO SERVE
STATE LEGISLATURES TO SERVE AS
FRONT LINES OF PROTECTING
CONSUMERS WE ARE NOT GRANTING
THE STATE ANY NEW FOR MORE
AUTHORITY WE'RE SIMPLY ALLOWING
A STATE AGENCY TO APPLY UNDER
EXISTING AUTHORITY UNDER
FEDERAL LAW. LAST YEAR
INTRODUCED BILL TO START THIS
IMPORTANT CONVERSATION A
STRENGTHENING OUR CAPABILITIES
AT THE STATE LEVEL. THE BANKING
COMMITTEE HELD A HEARING MARCH
OF TWENTY NINETEEN OR WE HEARD
FROM FEDERAL LEADERS LIKE
FORMER CFPB. DIRECTOR RICHARD
CORDRAY. SUBSEQUENT THAT WE TO
SHAPE A VAGUE CONCEPT INTO A
SPECIFIC SPECIFIC PROPOSAL FOR
THE LEGISLATURE TO CONSIDER.
THE GOVERNOR'S INCLUSION OF THE
PROPOSAL IN HIS LAST JANUARY
BUDGET PROVIDED A PATHWAY FOR
DB O. TO RECEIVE THE NECESSARY
RESOURCES AND AUTHORITY TO
CARRY OUT A RENEWED VISION OF
PUTTING THE INTERESTS OF
CONSUMERS FIRST. THE PROPOSAL
WITH THE PROPOSAL BEFORE US
TODAY WE HAVE THE OPPORTUNITY
TO ESTABLISH OUR STATE AS A
LEADER IN THIS SPACE BUT MORE
IMPORTANTLY TO GIVE NEEDED
SUPPORT TO OUR CONSTITUENTS. I
HOPE THAT OUR CONVERSATIONS IS
NOT SIMPLY FOCUS ON THE
PERCEIVED BURDEN IT MIGHT ADD
TO INDUSTRY AND INSTEAD WE
ENGAGE AND ASK QUESTIONS ABOUT
HOW WE CAN AND SHOULD MAKE THIS
WORK FOR ALL PEOPLE IN
CALIFORNIA. I LOOK FORWARD TO
THE CONVERSATION INTO ADVANCING
THIS IMPORTANT AND TIMELY
PROPOSAL. THANK YOU CHARLIE MON
ARE THERE ANY MEMBERS WOULD
LIKE TO MAKE ANY OPENING
COMMENTS. MR GABRIEL. THANK YOU
THANK YOU MISTER CHAIRMAN THANK
YOU ALSO TO OUR BANKING CHARGE
MY COLLEAGUES FOR INDULGING ME
IN SOME OPENING COMMENTS I-
UNFORTUNATE HAVE TO DEPART A
LITTLE BIT SO I JUST WANTED TO
SHARE SOME THOUGHTS BEFORE-
BEFORE I HIT THE ROAD- FIRST OF
ALL I WANTED TO SAY THAT I
STRONGLY SUPPORT THE I THINK
THIS IS RIGHT PART WHAT. WITH
OUR BANK THE CHAPLAIN NIGHT AS
A SORT OF ACCIDENT OF GEOGRAPHY
AND AGE HAD A FRONT ROW SEAT TO
THE OF THIS. THAT WERE INVOLVED.
IN ABOUT AGENCY. AND IT'S A
REALLY GOOD WORK THAT IT DID IN
ITS EARLIER SINCE I. REALLY
BELIEVE THAT HAVING STRONG
CONSUMER PROTECTIONS HAVING A
STRONG CONSUMER PROTECTION
AGENCY HERE IN THE STATE OF
CALIFORNIA. IT IS REALLY
IMPORTANT I REGRET IN SOME WAYS
THAT IT BECAME A PARTISAN ISSUE
IN WASHINGTON DC I DON'T THINK
THE CONSUMER PROTECTION SHOULD
BE A PARTISAN ISSUE I DON'T
THINK THAT. PROTECTING FOLKS
FROM PROPER BUSINESS PRACTICES
OR DECEPTIVE BUSINESS
PRACTICES. SHOULD BE SOMETHING
IT SHOULD BE A- CAUSE FOR
DISAGREEMENT I THINK THAT KIND
OF THING THAT. DEMOCRATS AND
REPUBLICANS DO. SO CAN BE AS-
AS- THIS. I DID WANT. REALLY A
PART OF IT COMMITTEE CHAIR FOR.
INTRODUCING BASED ON THE SIZE.
OF GETTING. PROCESS CONCERTS
HERE- YOU KNOW I'M I'M SOMEBODY
WHO BELIEVES THAT PROCESSMATTERS THAT THERE'S A
DIFFERENCE BETWEEN. A GREAT
IDEA AND A GREAT DAHLE BETWEEN-
BUT AND- YOUR THE DETAILS
MATTER POLICY MAKING IN THE TO
HAVE LET'S JUST HAVE.
REGULATIONS AND LEGISLATION
THAT THAT WORK WE'VE GOT A- GOT
TO REALLY HAMMER OUT THE
DETAILS AND I AGREE WITH THE L.
A. R. BUT THIS ISN'T. REALLY
SOMETHING THAT SHOULD GO
THROUGH THE POLICY MAKING
PROCESS IN MY CONVERSATIONS
WITH- AND THE COMMITTEE PROCESS
WITH WITH COLLEAGUES. I THINK
THERE ARE A LOT OF- A LOT OF
MEMBERS WHO HAVE AN OF THE
OPPORTUNE TO FOCUS ON THE
DETAILS HERE SOME GLAD WE'RE
GONNA HAVE THIS HEARING TODAY-
BUT I REALLY DO. HOPE THAT
WE'RE GOING TO HAVE
OPPORTUNITIES TO. FURTHER
DEVELOP THIS THROUGH. LOS
CENTER I JUST LIKE. TO THE
LARGEST. STAMP ON ON THIS WORK
IN FOR WHERE THAT LEAVES ME IS
B. A STRONG SO OF THIS OF
BELIEVING THAT IN THE- CAN'T H.
CONSUMER PROTECTION AGENCY- BUT
I THINK WHAT REGARDLESS OF WHAT
HAPPENS THIS YEAR THE
LEGISLATURE IS GOING TO NEED TO
BE ENGAGED AND PROVIDE STRONG
GUARDRAILS AND DIRECTION AND
OVERSIGHT AND JUST TURN OVER
THE KEYS TO AN AGENCY TO THE
ADMINISTRATION. I JUST LIKE HAS
A REALLY IMPORTANT ROLE TO PLAY
IN THIS PROCESS. I THINK WE ALL
BELIEVE THAT- AND SO AGAIN I
JUST WANT TO. YOU KNOW URGE
THAT WE CONTINUE TO PLAY A
REALLY ACTIVE ROLE IN THIS
PROCESS SO. YOU TO THOSE WHO
ARE OPPOSED TO THE IDEA OF THIS
AGENCY I THINK THAT THE
WRITINGS ON THE WALL BEFORE
HE'S GONNA HAVE A STRONG
CONSUMER PROTECTION AGENCY.
WE'RE GOING TO BE INVOLVED IN
PROTECTING CONSUMERS IN THE
STATE OF CALIFORNIA. I REALLY
REALLY APPLAUD THE INTENT HERE-
AND BELIEVE THAT THIS IS THIS
IS AN IMPORTANT IDEA. AGAIN I
THINK THE PROCESS REALLY
MATTERS AND I THINK IT'S
SOMETHING THAT'S WORTH SOME
CONSIDERATION AS WE MOVE
FORWARD FROM HERE. THANK YOU.
THANK YOU. MR STILL. THE CHAIR
AND I TOO WOULD LIKE TO THANK
LIMóN FOR THE WORK THAT'S BEEN
DONE I SHARE SOME OF THE KIDS
ARE TALK TO SO THE PROPONENTS
AND THE OPPONENTS OF THIS BILL
AND I DO. WORRY THAT THE WAY
THIS WAS BROUGHT TO US THIS
YEAR. IT JUST KIND OF TALK TO
THE BUDGET TRAILER LANGUAGE
SETS A BIT OF AN ALARMING
PRECEDENT. HOWEVER IN THIS
PARTICULAR CASE BECAUSE OF THE
LEADERSHIP OF THE CHERUB OF
BANKING AND FINANCE WE HAVE
HEARD. ABOUT THIS IDEA WE'VE
HAD HEARINGS ON THIS IDEA. WE
HAVE HAD PLENTY OF OPPORTUNITY
TO FRAME WHAT ULTIMATELY IS
BEFORE US HERE TODAY AND HAD IT
NOT BEEN FOR CHIRLA MOANS
INVOLVEMENT IN THE LANGUAGE
THAT WE'RE- LOOKING AT AND IT
WILL BE A PART OF THI. BUDGET
TRAILER BILL- I WOULD BE VERY
CONCERNED ABOUT US JUST TAKING
LANGUAGE AND THEN PASSING IT
ON. BUT THE FACT OF THE MATTER
IS THE CHAIR HAS BEEN. A VERY
SIGNIFICANT PART OF CRAFTING
THIS BASED ON WHAT THE
LEGISLATURE HAS DONE. SO WE IN
FACT HAVE PUT OUR STAMP. ON HOW
THIS. BUDGET TRAILER BILL IS
MOVING FORWARD. IT DES NEED TO
BE IN CONJUNCTION WITH THE
BUDGET BECAUSE IT DOES NEED TO
BE MADE SURE THAT WE HAVE THE
BUDGET COMPONENT EVEN THOUGH
THERE'S NO GENERAL FUND. THERE
ARE BUDGET IMPLICATIONS TO THIS
BECAUSE THE WAY THE STATE
COLLECTS AND DISTRIBUTES MONEY.
FOR MEMBERS I WILL TELL YOU
THIS IS PROBABLY Vì MOST
SIGNIFICANT. PIECE OF POLICY.
WE COULD BE DOING TO BENEFIT
CALIFORNIA CONSUMERS RIGHT NOW.
AND IF WE LOSE THIS OPPORTUNITY
IT'S GOING TO BECOME HARDER AND
HARDER AND HARDER TO PASS.
WE'RE NOT ADDING LAYERS OF
REGULATION WHAT WE'RE REALLY
DOING IS GIVING APPROPRIATE
TOOLS TO OUR REGULATE. TO GO
AFTER THOSE WHO ARE WHO ARE
PREYING ON CALIFORNIA
CONSUMERS. WITH FINANCIAL
APPLICATION THAT IS SOMETHING
THAT HAS BEEN MISSING SINCE THE
FEDERAL GOVERNMENT DECIDED TO
BACK OFF ON ITS PROTECTION OF
CONSUMER SO I THINK WE'RE GOING
TO HEAR IT AND THE
ADMINISTRATION I HOPE IS
HEARING US LOUD AND CLEAR ABOUT
HOW THEY BRING FOR. TO A HAD WE
NOT BEEN SO INVOLVED AND HAD
SUCH AN ABILITY TO FRAME WHAT
THIS IS I THINK IT MIGHT END UP
WITH A DIFFERENT RESULT SO WE
NEED TO BE CLEAR THAT WE'RE NOT
LOSING THIS OPPORTUNITY HERE.
TO DO OUR BEST FOR CALIFORNIA
CONSUMERS. THAT'S SOMETHING WE
REALLY NEED TO DO SO I'M
SUPPORTIVE OF THIS. ABSOLUTELY
HAVE BEEN SUPPORTIVE OF THIS
IDEA ALL ALONG I'VE BEEN A PART
OF ALL OF THE HEARINGS AND THE
CONVERSATIONS. THAT WE CREATE
THIS MECHANISM IN CALIFORNIA TO
BENEFIT CONSUMERS SO I'M HOPING
WE DON'T GET LOST IN SOME OF
THE CONCERNS AND THAT BECOMES A
SMOKE SCREEN. FOR US TO DO WHAT
IS ABSOLUTELY RIGHT FOR.
MEMBERS SO THANK YOU FOR HAVING
THIS HEARING WE NEED TO BE ABLE
TO BEAR THIS OUT BUT WE ALSO
NEED TO DO WHAT'S BEST FOR OUR
CONSTITUENTS. INSPIRATION AND
THANK GOD CHAIRWOMAN RAMON FOR
HER WORK ON THIS AND BRINGING
IT FORWARD AT THIS TIME YOU
KNOW I HAVE- I THINK I PROBABLY
HAVE THE RECORD I'VE SERVED ON
THE BANKING COMMITTEE SINCE I
CAME HERE SO I'M BEEN ON THIS
COMMITTEE LONGER THAN ANY OTHER
OF MEMBERS THE ASSEMBLY RIGHT
NOW IS A BIT ON THE COMMITTEE
NOW FOR EIGHT YEARS AND- IN A
MATTER HOW MUCH LEGISLATION
WE'VE ATTEMPTED TO MOVE FORWARD
AND TO WORK HARD ON WE HAVE MET
MARC AND TO PROVIDE CONSUMERS.
AT UP. THEN WE THE MANY MANY
PROGRAMS WERE IF WE HAD HAD
SOME KIND OF PROTECTION IN
PLACE PEOPLE WOULD HAVE BEEN
BETTER OFF YOU KNOW WE HAVE
EXAMPLES OF LIKE OUR PACE
PROGRAM WHERE WE HAD YOU KNOW
LOTS AND LOTS OF FOLKS IN
MISINFORMATION. PEOPLE
BASICALLY GETTING OFF TO ONE
ELATED AND AS A RESULT WE HAD
IT TOOK US A LONG TIME TO
REALIZE HOW MUCH DAMAGE THAT
WAS BEING DONE TO INDIVIDUALS
WHO MIGHT HAVE BEEN LOSING
THEIR HOMES. BECAUSE THEY
UNDERSTAND WHAT WAS GOING ON
AND THERE HAD BEEN NO REAL.
OVERSIGHT WITH REGARDS TO THE
PROGRAM UNTIL. IT WAS SO FAR
AWAY ALONG THE PEOPLE WHO WERE
REALLY DAMAGED BY IT AND WE
NEED SUBSTANTIVE REGULATIONS.
WE'VE HAD THIS CONVERSATION IN
THE COMMUTE. A BEFORE AND SO
EVEN THOUGH IT'S BROUGHT TO YOU
KNOW IT'S NOT A CONCEPT AND
THIS ITEM DONE ON IT. STILL
WORK TO BE DONE. IT TIME IN.
WHICH WE REALLY NEED TO DEAL
WITH THIS. WHAT'S I WOULD NOT
SHORT I JUST WANTED TO MAKE
STATEMENT BEFORE WE MOVE
FORWARD SO I'M NOT IT WOULD
HEARING WHAT OTHERS HAVE TO SAY
BECAUSE SEEN THIS BEFORE AND I
WANT TO THANK THE CHAIRMAN THIS
IS AN IMPORTANT AND HE'S BEEN A
VAST WITH TIME IN THE BANKING
COMMITTEE TRY SURFING THAT
CONSUMERS WE GET SO FAR AND
BECAUSE OF ALL THE TECHS IN THE
STEP HAPPENS NOW TO MOVE
OFFSHORE WE DO A LITTLE. I HAVE
NOTHING ONE THING THE- THIS IS.
WORKING ON IT. SOMETHING THAT
WE NEED TO DO WE HAVE TO DO-
AND WE NEED TO WORK ON IT AND
THEN THERE'S STILL MORE WORK TO
BE DONE AND THAT'S THE GOOD.
THING ABOUT. THIS PROPOSAL THAT
WE STILL TIME TO REALLY. DO
SOME WORK ON IT EVEN IF IT'S
PUT INTO OUR BUDGET PROCESS
THERE'S ALSO. POLICY BASIS
STILL. WORK OUT SOMEONE THANK
YOU FOR. THANK YOU MR ABOUT. I
THANK YOU MISTER CHAIR- WANT TO
THANK YOU AND THE CHAIRWOMAN
FOR CONVENING THIS HEARING I
THINK THIS IS A TREMENDOUSLY
IMPORTANT TOPIC AND DOES MISS
STONE MENTION IT'S A BIPARTISAN
ISSUE CONSUMER PROTECTION IS
SOMETHING THE GOVERNMENT I HAVE
A RESPONSIBILITY TO ENFORCE
AND- I'VE BEEN PRIVILEGED THE
LAST COUPLE OF YEARS JUST ON
BOTH THE PRIVACY AND CONSUMER
CAN COMMITTEE AND THE BEST. I
WAS NOT HAPPY FOR BILL. IN
THOSE COMMITTEE. I CONSUMER AND
TRYING FIGURE OUT WHY THE
APPROPRIATE LINE IS BETWEEN
ALLOWING BUSINESSES FREEDOMS TO
INNOVATE ON BUSINESS PRACTICES
AND MAKING SURE THAT WE DO OUR
JOBS AND PROTECT THE CONSUMERS
THAT WE REPRESENT. SO BY THAT
IS AN EXTREMELY IMPORTANT
TOPIC- AS WE GO THROUGH THIS
HEARING TODAY I'M GONNA BE
FOCUSED ON TO CONCERNS THAT I
WITH THIS PROPOSAL FOR IT THAT
IT SEEMS TO ME LIKE. THE
GOVERNOR IS ASKING WE SPEED UP
ACTUAL AMOUNT OF FOR. AS A LEAD.
SECOND BRANCH. BY CAN ABOUT
THAT IS THAT I THINK THAT WE
SERVE A VALUABLE PURPOSE IN
TRYING TO MAKE THESE WEIGHTY
DECISIONS AND I'M VERY CAUTIOUS
ABOUT. GIVING THAT AUTHORITY TO
ESSENTIALLY UNELECTED
BUREAUCRACY AND EMPOWERING THEM
TO DO THE JOB THAT RIGHT NOW WE
ARE EMPOWERED TO DO THAT THAT
HAS THE POTENTIAL OF BEING NOT
ONLY LAST PRESENT BUT ALSO
BLESSED CURRENT SO ARE. ABOUT
THAT AND I THINK WE TO BE VERY
CAR ABOUT HOW MUCH OF THE WORK
WE GIVE. AT MUCH OF THE RETRAIN
OURSELVES BECAUSE THOSE
COMMITTEES THAT I JUST
MENTIONED EVERY YEAR WE SPENT.
HUNDREDS OF HUNDREDS OF HOURS%
LISTENING TO TESTIMONY AND
WEIGHING THESE DECISIONS AND I
THINK THAT THAT THAT'S THERE'S
VALUE IN THAT TRANSPARENCY IN
THAT PROCESS. AND THEN MY OTHER
CONCERNS THAT OUR WORK WE'RE
TAKING UP THIS ISSUE AND I
DON'T KNOW WHAT'S AN ISSUE
THAT'S BEEN WORKED ON FOR A
COUPLE OF YEARS. BUT
LEGISLATORS TAKING UP THIS
ISSUE SO LATE IN THE PROCESS
THIS YEAR. I MEAN WE HAVE
LITERALLY WHAT THREE WEEKS LEFT
IN OUR SESSION. BUT IT'S SO I
HAVE THE SAME CONCERNS MR
GABRIEL EXPRESSED THAT. FOR THE
PERHAPS WERE SHORT CUTTING THE
LEGISLATIVE PROCESS. AND WE'RE
NOT. GOING TO BE DELIVERED. AN
ISSUE THAT'S THIS WEIGHTY THAT
WE MAKE GOOD DECISIONS SO I
WANT TO THANK YOU VERY MUCH FOR
COMING HERE AND- LOOKING FOR
THE TESTIMONY. THANK YOU ANY
OTHER COLLEAGUES MEMBERS
WISHING TO SPEAK. SINAN LET'S
MOVE TO OUR FIRST PANELIST WE
HAVE COMMISSIONER ALVAREZ FROM
THE DEPARTMENT OF BUSINESS
OVERSIGHT COMMISSION OFFERS.
GOOD MORNING JERRY TANG
CHAIRMAN ON AN ASSEMBLY
MEMBERS. MY NAME IS MANUAL
ALVAREZ THE COMMISSION AND THE
DEPARTMENT OF BUSINESS
OVERSIGHT. PRIOR TO SERVING MY
CURRENT ROLE I SERVED IN A
VARIETY OF DIFFERENT CAPACITIES
OFF AS A CONSUMER FINANCIAL
PROTECTION ATTORNEY. ON BEHALF
OF THE STATE FEDERAL GOVERNMENT
AS WELL AS A GENERAL COUNSEL TO
A FINANCIAL TECHNOLOGY COMPANY-
WHERE I ADVISED THE EXECUTIVE
TEAM AND ITS BOARD OF DIRECTORS
ABOUT HOW TO NAVIGATE. HE AND
FEDERAL LAW AND- HOW TO
INNOVATE. WHICH IS ALL TO SAY
THAT THIS TOPIC OF CONSUMER
PROTECTION ON THE ONE HAND AND
NNOVATION ON THE OTHER. ONE IS
VERY NEAR AND DEAR TO MY HEART.
AND I DO NOT SEE. I DO NOT SEE
THEM AS MUTUALLY EXCLUSIVE
PRINCIPLES. I WANT TO THANK
THIS BODY FOR THE OPPORTUNITY
PRESENTS THE GOVERNOR'S
PROPOSAL ON THE DEPARTMENT OF
CONSUMER FINANCE PROTECTION AND
INNOVATION. WE SINCERELY
APPRECIATE THE CHANCE TO
DISCUSS THIS ONCE AGAIN WITH
YOU SENSE LAST HEARING IN MAY.
IN JANUARY THE GOVERNOR
HIGHLIGHTED THE INCREDIBLY
IMPORTANT OPPORTUNITY FOR
CALIFORNIA TO BETTER PROTECT IT
SOME CONSUMERS. IT IS EVEN MORE
URGENT TODAY. WE KNOW THAT THE
RECOGNIZE THIS TO AS MANY OF
YOU HAVE BEEN LEADERS AND
CONSUMER PROTECTION. AND IT
KNOWLEDGE THIS PROPOSAL
CONTINGENT FUNDING IN THIS
YEAR'S STATE BUDGET PASSED JUNE.
SINCE TWENTY SIXTEEN THE
FEDERAL GOVERNMENT IS DE
PRIORITIZED CONSUMER PROTECTION.
SHUDDERING CONSUMER PROTECTION
EFFORTS AND REWRITING OR
SCUTTLING KEY RULES THAT
OFFERED INCREASED CONSUMER
PROTECTIONS. SINCE THE ONSET OF
THE COVE IT CRISIS. DVO HAS
RECEIVED A 40% INCREASE IN
CALLS AND COMPLAINTS. AND THOSE
ARE JUST THE CONSUMERS WHO
FIGURED OUT HOW TO FIND US. AND
WE'RE NOT EVEN THROUGH THE
WORST PART OF THE ECONOMIC
RECESSION YEAH. LAST GIVEN THE
COMPLEXITY OF THE ISSUES HERE
WHY DON'T WE WAIT UNTIL NEXT
YEAR. THAT IS A FAIR QUESTION.
BUT THE ANSWER IS BECAUSE TIME
IS OF THE ESSENCE. AND BECAUSE-
IT FAILS TO ACKNOWLEDGE SOME OF
THE TREMENDOUS INPUT AND
EXPERTISE THAT IS ALREADY BEEN
PROPPED THERE AT WORK SPEED.
AND QUICK SUMMARY THE PROPOSAL
IN THE LANGUAGE HAVE BEEN
POSTED SINCE JANUARY THIRTY ONE
WE AT THE DEPARTMENT HAVE MADE
A NUMBER OF PROVISIONS IN
CONSULTATION WITH VARIOUS
STAKEHOLDERS. TO CLARIFY
ELEMENTS AND RESOLVE CONCERNS
RAISED BY MEMBERS THERE IS- AND
I OF COURSE WOULD BE REMISS IF
I DID NOT ASSEMBLY MEMBER
LAMONT. WISE GUIDANCE AND
COUNSEL THROUGHOUT US. IF WE
WAIT LONGER MY FEARS OF
CALIFORNIANS WILL GO THROUGH
THE WORST PARTS OF THIS
RECESSION. WITHOUT IMPORTANT
PROTECTIONS IN PLACE. THIS
FINANCIAL CRISIS THREATENS TO
HAVE A LONG TAIL. AND AS WE ARE
LEARNING PROBLEMS WITH THE LONG
TAIL. REQUIRE DECISIVE ACTION
EARLY ON SO THAT WE CAN BEND
THE CURVE OF FUTURE FINANCIAL
HARDSHIPS. WHAT THIS PROPOSAL
DOES IS IT ADDS THE DEPARTMENT
OF FINANCIAL PROTECTION
INNOVATION TO THE LIST OF
AGENCIES THAT CAN ENFORCE
CRITICAL PROVISIONS OF DODD
FRANK. AND IT WOULD GIVE. THE
DEPARTMENT OF FINANCIAL
PROTECTION INNOVATION CRITICAL
MARKET MONITORING CAPABILITIES
TO DRIVE SMARTER REGULATIONS
INTO WORK IN A DATA DRIVEN
FASHION IN BETTER AND BETTER
FASHION WITH THE LEGISLATURE.
DODD FRANK STATES THAT
FINANCIAL SERVICES REGULATORS
HAVE AUTHORITY TO ENFORCE
CERTAIN YOU DEBT PROVISIONS
UNDER THE CONSUMER FINANCIAL
PROTECTION ACT. IN THIS
PROPOSAL SIMPLY MAKES EXPRESS
THE DEPARTMENTS AUTHORITY IN
THIS AREA. THE REQUIREMENTS ARE
NOT NEW THE REMEDIES ARE NOT.
I'D ALSO LIKE TO TAKE A MOMENT
TO HIGHLIGHT THREE CONCERNS
THAT SOME STAKEHOLDERS HAVE
RAISED ABOUT THE PROPOSAL.
FIRST YOU TO. AS NOTED THIS IS
NOT A NEW LAW IN ALL CONSUMER
FINANCIAL PRODUCT OR SERVICE
PROVIDERS SHOULD ALREADY BE
COMPLYING WITH THIS LAW AND
THEIR COMPLIANCE MANAGEMENT
SYSTEMS SHOULD ALREADY BE
ADHERING TO THESE SPOT
STANDARDS. IT SHOULDN'T BE
SCARY IT NEEDED TO BE SCARY.
THIS PROPOSAL MERELY PROVIDES
CONSUMERS ANOTHER ASKING FOR
PROTECTION AND COMPLAINTS.
SECOND INCUMBENT LICENSEES HAVE
QUESTIONS ABOUT THE LAW AND ITS
ORGANIZATION AND HAVE NEW USED
AND HOW NEW YOU DON'T
PROVISIONS WOULD APPLY TO. I
AM- I AM HAPPY TO NOTE THAT WE
HAVE BEEN WORKING VERY CLOSELY
WITH OUR INCUMBENT LICENSEES-
AND I AM OPTIMISTIC THAT WE'LL
BE ABLE TO WORK THIS OUT IN
SHORT ORDER. THIRD THERE ARE
QUESTIONS ABOUT LEGISLATIVE
OVERSIGHT AND WE ARE PREPARED
TO WORK COLLABORATIVELY IN A
WAY THAT PROMOTES BOTH THE
AGILE REGULATION THAT IS MUCH
NEEDED IN THIS FAST EVOLVING
SPACE. WHILE PROVIDING THIS
BODY THE DATA AND THE INSIGHTS
NEEDED FOR IT TO DO ITS JOB.
AND SO LONG THOSE LINES WE'RE
CERTAINLY PREPARED TO COME
BEFORE YOU OFFER BUDGET
HEARINGS ONLY. WE ARE HAPPY TO
PRODUCE ANNUAL REPORTS-
ADDITIONALLY- THE SENATE OF
COURSE- HAS THE OPPORTUNITY TO
CONFIRM THE DEPARTMENT'S
COMMISSIONER IT SENIOR DEPUTY
COMMISSIONER FOR CONSUMER
PROTECTION- AND I UNDERSTAND
THAT THE ASSEMBLY MAY WISH.
MADE MAY SEEK ADDITIONAL
OVERSIGHT AND WE OF COURSE
REMAIN OPEN TO FURTHER
DISCUSSIONS THERE. BUT LET'S BE
CLEAR THAT THERE ARE SOME
CONSUMER FINANCIAL BUSINESSES.
THAT HARM CONSUMERS AND WILL
BENEFIT FROM NO REGULATION OR
VERY LIGHT REGULATION. WITH
THIS PROPOSAL THEY WOULD COME
UNDER THE DEPARTMENTS UMBRELLA.
AND SOME OF COURSE WILL REMAIN
FOREVER OPPOSED BECAUSE THE
PROPOSAL WOULD ALLOW THE
DEPARTMENT TO MONITOR THERE ARE
REGULATED OR LIGHTLY REGULATED
SPACE. LET ME NOW SPEAK TO SOME
OF THE PROPOSAL AND THE ITEMS
INCLUDED IN. THE PROPOSAL
INCLUDES RESOURCES FOR RESEARCH
GREATER COMMUNITY EDUCATION AND
OUTREACH OMBUDSPERSON FUNCTION.
AN INNOVATION TECHNOLOGY OFFICE
FOCUSED ON EMERGING AND
CHANGING FINANCIAL PRODUCTS AND
SERVICES IN THE MARKETPLACE.
THE TRAILER BILL OUTLINES HOW
THE DEPARTMENT EXPANDED
OVERSIGHT AUTHORITY WOULD
FUNCTION. CURRENTLY THE
DEPARTMENT OF BUSINESS
OVERSIGHT REGULATION IS
FUNDAMENTALLY ROOTED IN
LICENSING STATUS SO WHEN A
CONSUMER TODAY HAS A COMPLAINT.
THE FIRST QUESTION WE ASK IS
WHETHER THE BUSINESS HAS A
LICENSE FOR SHOULD HAVE A
LICENSE. IF THE CONSUMER
FINANCIAL BUSINESS DOES NOT
DOES NOT FALL SQUARELY WITHIN.
THE PRESCRIPTIVE DEFINITION IN
STATUTE. DDO DOES NOT HAVE
JURISDICTION OR ENFORCEMENT
AUTHORITY OVER THAT ENTITY AND
DPO CANNOT ACT REGARDING
DECEPTIVE OR FRAUDULENT
PRACTICES BY A CONSUMER
FINANCIAL PROVIDER THAT IS NOT
LICENSED BY DVO. EVEN IF
CONSUMERS ARE BEING HARMED. THE
TRAILER BILL PROVIDES AUTHORITY
FOR THE COMMISSIONER TO REQUIRE
CURRENTLY UNLICENSED FINANCIAL
PRODUCTS AND SERVICES TO
REGISTER WITH THE DEPARTMENT.
EXAMPLES OF CURRENTLY
UNLICENSED- PRODUCTS MAY
INCLUDE- DEBT COLLECTORS THAT
RESOLUTION SERVICE PROVIDERS
CREDIT REPAIR HE'S INCOME SHARE
AGREEMENTS. THE NAME OF. THE
DEPARTMENT WOULD BE ABLE TO
SUPERVISE THESE NEW COVERED
PERSONS TO ENSURE COMPLIANCE
WITH CONSUMER LAWS INCLUDING
PROHIBITIONS AGAINST UNFAIR AND
DECEPTIVE ACTS AND PRACTICES.
THE LAW WOULD ALSO AUTHORIZE
THE DEPARTMENT TO ENFORCE YOU
TAP. ALL THOSE UNDER THE
DEPARTMENT'S PURVIEW. INCLUDING
EXISTING LICENSEES. AND WHILE
EXPANDING THE DEPARTMENT'S ROLE
IN PROTECTING CONSUMERS AGAINST
UNFAIR DECEPTIVE AND ABUSIVE
ACTS AND PRACTICES THE
SUBSTANTIVEYOU DAPPER
PARLIAMENTS WOULD NOT CHANGE
YOUR DATA IS CURRENTLY ROUTED
IN FEDERAL LAW AS FOUNDED DODD
FRANK. AND THIS PROPOSAL WOULD
NOT CHANGE THAT. IN SUMMARY WE
ENVISION CALIFORNIA CONSUMERS
BEING PROTECTED BY A SENSIBLE
BASELINE LEVEL OF CONSUMER
FINANCIAL PROTECTION. THE
DEPARTMENT WOULD BE ABLE TO
ENFORCE THESE LAWS AND LEARN
INFORMATION ABOUT CURRENTLY
REGULATED INDUSTRIES ARE PROPS
THROUGH THE REGISTRATION
PROCESS. WITH THAT INFORMATION
AND HANDS THE LEGISLATURE CAN
MAKE INFORMED DECISIONS ON
WHETHER TO CREATE OR HOW BEST
TO STRUCTURE YOU LICENSING
PROGRAMS. LET ME NOW SPEAK A
LITTLE BIT ABOUT HOW THE
PROPOSAL STRIVE TO BALANCE
CONSUMER PROTECTION WITH
INNOVATION. THE GOAL OF THE
INNOVATION PIECE OF THIS
PROPOSAL IS TO BRIDGE THE GAP
BETWEEN INNOVATION. AND
REGULATION SO THAT EMERGING
IDEAS CAN BE VETTED AND
REGULATORY HURDLES IDENTIFIED
IN A COLLABORATIVE AGILE
ENVIRONMENT. THIS WOULD ALLOW
CALIFORNIA CONSUMERS TO REAP%
THE BENEFITS OF NEW PRODUCTS
USING NEW TECHNOLOGIES WELL THE
DEPARTMENT WORKS IN THE
BACKGROUND TO HELP ENSURE THAT
REMAIN SAFE FOR CONSUMERS. IN
CLOSING I WOULD LIKE TO THANK
THIS COMMITTEE AND LEGISLATIVE
STAFF FOR WORKING WITH US SO
TIRELESSLY OVER THE LAST EIGHT
MONTHS. SINCE THE TRAILER BILL
WHICH WAS MADE PUBLIC BEGINNING
IN FEBRUARY. I WANT TO
ESPECIALLY THANK ASSEMBLY
MEMBER LAMONT FOR HER
INVALUABLE ADVICE AS WE CRAFTED
AND REDRAFTED THE PROPOSAL.
OVER THE LAST SEVEN MONTHS WE
HAVE TAKEN A VARIETY OF
AMENDMENTS ADDRESSING
STAKEHOLDER CONCERNS. FROM
WORKING WITH THE ATTORNEY%
GENERAL'S OFFICE TO WORKING
WITH OF ADVOCATES AND INDUSTRY
TO PROVIDE INCREASED CLARITY.
WE HAVE AN OF COURSE WILL
CONTINUE TO WORK WITH YOU ALL
TO MOVE FORWARD THE BEST
POSSIBLE PROPOSAL. THIS IS A
COLLABORATIVE PROCESS. AND AN
OPPORTUNITY FOR CALIFORNIA TO
STEP UP AND PROTECT ITS
CONSUMERS. CALIFORNIANS JOYS
THE WORLD CLASS ECONOMY AND IT
DESERVES A WORLD CLASS FINE.
REGULATOR NOW AND AT ANY OTHER
TIME. I'M HAPPY TO ANSWER ANY
QUESTIONS OF THIS COMMITTEE MAY
HAVE THANK YOU AGAIN FOR YOUR
TIME. THIRTY WE'RE GOING TO GO
NEXT TO THE LEGISLATIVE
ANALYST'S OFFICE WE HAVE DREW
SODERBERGH. AND ALEJO. THE
REPORT OF LEGISLATIVE ANALYST'S
OFFICE THANK YOU FOR ASKING US
TO SPEAK TODAY- IN REVIEWING
THE PROPOSAL OVER OFFICE HAS
IDENTIFIED A SERIES OF
LEGISLATIVE CONSIDERATIONS THAT
WE THINK WOULD BE APPROPRIATE
FOR THE LEGISLATURE TO CONSIDER
AS IT EVALUATES THIS PROPOSAL.
THEY PROBABLY FALL INTO TWO
DIFFERENT BUCKETS. TO BEGIN
WITH I'D LIKE TO SPEAK TO THE
POLICY ISSUES RAISED BY THE
PROPOSAL. TO BEGIN WITH THE
LEGISLATURE IS GOING TO WANT TO
CONSIDER HOW TO ENSURE THAT ITS
PRIORITIES ARE REFLECTED IN
WHATEVER TRAILER BILL
LEGISLATION IS PASSED. AND TO
ENSURE THAT IT'S ABLE TO
PROPERLY EXERCISED OVERSIGHT OF
THE DEPARTMENT AS IT IMPLEMENTS
ITS NEW RESPONSIBILITIES. UNDER
THE GOVERNOR'S PROPOSAL MANY
KEY DETAILS OF THE
IMPLEMENTATION OF THE
DEPARTMENT'S NEW
RESPONSIBILITIES WOULD NOT BE
CODIFIED STATUTE. INSTEAD THEY
BE LEFT TO THE REGULATORY
PROCESS MEANING THAT THE
ADMINISTRATION WOULD BE IN A
POSITION TO WORK OUT KEY
DETAILS HOWEVER THE LEGISLATURE
DOES HAVE OPTIONS TO ENSURE
THAT ITS PRIORITIES ARE
REFLECTED IN WHATEVER PROPOSAL
MOVES FORWARD. TO BEGIN WITH
THE LEGISLATURE COULD MOVE UP
SOME OF THE RESPONSIBILITIES
THAT ARE CURRENTLY BEING LOCKED
THE REGULATORY PROCESS DIRECTLY
INTO STATUTE. HOWEVER TO THE
EXTENT THAT THE LEGISLATURE IS
ARM. INTERESTED IN ALLOWING BE
ADMINISTRATION TO PURSUE THESE
THROUGH THE REGULATORY PROCESS
THE LEGISLATURE COULD STILL
EXERCISE OVERSIGHT OVER WHAT
WHATEVER REGULATIONS THE
DEPARTMENT. THEY PLAYED. IT
SUNSET ON THE AUTHORITY THAT IT
GIVES THAT APART THIS WOULD IN
THAT THERE IS A NATURAL CHICKEN
POINT WHICH THE BUDGET COULD
ABOUT THE EFFECTS OF THE
REGULAR WHETHER THE THIRTY TO
BE CHANGES AND IT THE THIRTY
NEEDS TO CONTINUE TO EXPAND
INTO THE FUTURE. ALL IN
ADDITION THE LEGISLATURE SHOULD
CONSIDER HOW TO BALANCE THE
TIME NEEDED TO DEVELOP A
DETAILED PROPOSAL. WITH ITS
DESIRE TO IMPLEMENT ADDITIONAL
PROTECTIONS FOR CALIFORNIA
CONSUMERS AND ON A TIMELY
BASIS. GIVEN THE COMPLEXITY OF
THE PROPOSAL AS WELL AS THE
FACT THAT THE CODE. HAS
TRUNCATED THE USUAL BUDGET AND
POLICY PROCESS. THE LEGISLATURE
MAY WANT TO CONSIDER TAKING
MORE TIME TO EVALUATE THE
PROPOSAL AND TO WHERE YOU FEET
PER COAT BUT WAIT A PROPOSAL.
PARTICULARLY IF IT DECIDES TO
MOVE. MORE OF THE PROPOSAL OUT
FOR REGULATORY PROCESS
DISPATCHER. IF THE LEGISLATURE
ONCE MORE TRYING TO CONSIDER
THE PROPOSAL IT COULD DIRECT
THE DEPARTMENT. TO RICHARD THE
PROPOSAL AND IT IN NEXT LARGEST
SLEIGHT SESSION AND ON REFINING
IT WITH THE ADMINISTRATION IN
THE MEANTIME HOWEVER OBVIOUSLY
THAT WOULD BE DELAYED THE
IMPLEMENTATION OF THE PROPOSAL
SO THE LEGISLATORS GOING TO
WANT TO WEIGH THIS AGAINST ITS
DESIRE TO. PLACE GREATER. FOR
CONSUMERS AS SOON AS POSSIBLE.
ON THE FINAL POLICY
CONSIDERATION THAT THE
LEGISLATURE SHOULD MAKE IT
EASIER CONSIDERING THE
APPROPRIATE ROLE FOR THE STATE
VERSUS THE FEDERAL GOVERNMENT
HOUSING HEARD WHEN HE
JUSTIFICATIONS OF THE
ADMINISTRATION HAS PUT FORWARD
FOR THE PROPOSAL IS THAT THE
FRONT FEDERAL ADMINISTRATION.
HAS STEPPED BACK FROM ITS
TRADITIONAL- REGULATORY ROLE-
WITH RESPECT TO MANY OF THESE
ENTITIES HOWEVER IT'S POSSIBLE
THAT FUTURE FEDERAL
ADMINISTRATIONS WILL TAKE A
MORE PROACTIVE APPROACH TO THE
EXTENT THAT HAPPENS IT COULD
RAISE QUESTIONS ABOUT THE VALUE
ADDED OF THE STATE'S ROLE IN
THESE AREAS I'M NOT LIKE TO
SPEAK TO SEVERAL DIFFERENT.
ISSUE DID TO BE FOR THAT WILL
BE NECESSARY TO IMPLEMENT THE
PROPOSAL. TO BEGIN WITH THE
LEGISLATURE GOING TO CAN SO THE
OF. THAT IS PROVIDED TO THE
DEPARTMENT TO WHATEVER IS
AGREED TO IN THE FINAL
LEGISLATION NOT TO PROVE.
THAT'S PROPOSED BY THE
ADMINISTRATION. IN FINAL BUDGET
DELIBERATIONS THE BUDGET
PACKAGE IS SET ASIDE. FONG
FUNDING ASSOCIATED WITH THE
PROPOSAL AS IT EXISTED IN
JANUARY. HOWEVER SINCE THE
INTRODUCTION OF THE JANUARY
PROPOSAL MANY CHANGES HAVE BEEN
MADE TO IT. INCLUDING REMOVING
OR LIMITING CERTAIN ASPECTS OF
THE PROPOSAL HOWEVER THERE HAS
NOT BEEN PUT FORWARD A NEW
ESTIMATE. OF THE AMOUNT OF
FUNDING THAT WOULD BE NECESSARY
TO IMPLEMENT THE PROPOSAL GIVEN
THESE CHANGES. ACCORDINGLY THE
LEGISLATURE IS GOING TO WANT TO
ENSURE THAT WHATEVER LEVEL FOR
IT PROVIDES. IS CONSISTENT
WHATEVER IT ULTIMATELY APPROVED.
WE ALSO RECOMMEND THAT THE
LEGISLATURE CONSIDER OF WAITING.
ADDING TO FUTURE FUNDING
INCREASES NOW DESPITE THE
DEPARTMENT SPOTS EFFORTS TO
DEVELOP ACCURATE ESTIMATES OF
THE FUTURE COSTS OF
IMPLEMENTING THE PROPOSAL THERE
ARE MANY UNCERTAINTIES
ASSOCIATED WITH THE AMOUNT OF
FUNDING THAT WOULD BE
NECESSARY- FIRST THE
ADMINISTRATION ESTIMATES OF THE
PROPOSAL. WOULD COVER NINE
THOUSAND NEWLY COVERED PERSONS
THAT OFFER FINANCIAL PRODUCTS
OR SERVICES HOWEVER BECAUSE OF
THE PROPOSAL WILL REGULATE
CURRENTLY UNDER REVIEW RELATED
PRODUCTS AND- NUMBER OF NEARLY.
BE SIGNIFICANT DIFFERENT WHICH
WOULD A MAJOR EFFECT ON THE
AMOUNT OF FUNDING NECESSARY
SECOND AS NOTED PREVIOUSLY THE
ADMINISTRATION'S PROPOSAL
DELEGATES A SIGNIFICANT AMOUNT
OF ALL THE DETAILS TO THE
REGULATORY PROCESS. WHATEVER
REGULATIONS ARE ULTIMATELY
ADOPTED WOULD HAVE A
SIGNIFICANT EFFECT ON THE
ACTUAL AMOUNT OF FUNDING
NECESSARY. AS SUCH THE
LEGISLATURE WILL WANT TO
CONSIDER ONLY PROVIDING THE
INITIAL FUNDING NECESSARY TO
BEGIN THE DEVELOPMENT OF
REGULATIONS AND PERFORM OTHER
INITIAL PROGRAM FUNCTIONS.
FUNDING NECESSARY IN OUT YEARS
COULD BE REQUESTED WHEN THE
LEGISLATURE HAS ADDITIONAL
INFORMATION ON THE ACTUAL
AMOUNT OF WORK LOAD NECESSARY
AND BY EXTENSION THE AMOUNT OF
FUNDING NECESSARY TO SUPPORT
THAT WORKLOAD. FINALLY READ
ENCOURAGED LEGISLATURE TO
CONSIDER THE WAY THE PROPOSAL
INTERACTS WITH OTHER PENDING
LEGISLATION. IN PARTICULAR SB
NINE OH EIGHT WOULD
SIGNIFICANTLY OVERLAP WITH THE
PROPOSAL BY REQUIRING THE
DEPARTMENT TO LICENSE. THAT
COLLECTORS. UNDER THE
ADMINISTRATION'S PROPOSAL MOST
OF THE NEWLY COVERED PEOPLE
WOULD BE DEBT COLLECTORS
ALTHOUGH THEY WOULD ONLY BE
REGULATED AS REGISTRANTS WHICH
IS GENERALLY CONSIDERED TO BE.
A LOWER LEVEL OF REGULATION
THAT ENVISIONED UNDER S. B. BY
NOW EIGHT IF THE LEGISLATURE
PASSES SB NINE- IT MAY WISH TO
FUND ALL OF THE WORKLOAD
ASSOCIATED WITH REGULATING THAT
COLLECTORS. AS PART OF A BUDGET
CHANGE PROPOSAL THE
ADMINISTRATION COULD COULD PUT
POURED IN TWENTY TWENTY ONE TO
IMPLEMENT IT IMPLEMENT SB NINE
AWAIT AS IS TYPICALLY DONE FOR
ME LEGISLATION. RATHER THAN
PROVIDING THE REGULATED THAT
FLATTERS. WE'RE I'M HAPPY TO
HEAR ANY QUESTION. THANK THANK
YOU VERY MUCH WE'RE GOING TO GO
TO DEPARTMENT OF FINANCE WE
HAVE KIMBERLY HARBISON. GOOD
MORNING CHAIRS AND MEMBERS ON
KIMBERLY HARBISON FROM THE
DEPARTMENT OF FINANCE AND I
HAVE SURELY MANNING WITH ME
HERE AS WELL. I WOULD LIKE TO
ECHO COMMISSIONER OF ROSES
GRATITUDE FOR PRIDE PROVIDING
US THE OPPORTUNITY TO DISCUSS
THIS PROPOSAL WITH YOU TODAY. I
WOULD ALSO LIKE TO THANK THE
LEGISLATIVE STAFF FOR THEIR
TIME AND FEEDBACK. AS THEY WORK
WITH US TO REFINE THIS PROPOSAL
OVER MANY MONTHS AND THAT'S
VERY UNUSUAL YEAR. AS YOU KNOW
THE TWENTY TWENTY BUDGET ACT
INCLUDES FUNDING IN A SET ASIDE
ITEM THAT IS CONSISTENT WITH
THE LEVELS THAT WE PROPOSED IN
THE GOVERNOR CREDIT BCP. THIS
IS. AN OVERALL TOTALS BUT IS
NOT YET AVAILABLE TO THE
DEPARTMENT OF BUSINESS
OVERSIGHT. IT IS CONTENT THE
FINAL LEGISLATORS APPROVAL AND
THE GOVERNOR SIGNATURE OF THE
RELATED LANGUAGE. AS THE
LEGISLATURE EVALUATES THIS
PROPOSAL OVER THE NEXT FEW
WEEKS WE LOOK FORWARD TO
CONTINUING TO ENGAGE WITH YOU.
ON YOUR PROPERTY RESOURCE
LEVELS NEEDED FOR THE
DEPARTMENT OF FINANCIAL
PROTECTION AND INNOVATION. TO
SUCCESSFULLY IMPLEMENT THESE
FUNCTIONS OVER THE COMING YEARS.
THERE ARE TWO QUESTIONS FOR
FINANCE IN THE AGENDA. DO WE
ANTICIPATE REQUESTING FUNDING
THROUGH THE JAIL BECAUSE HE
PROCESS BEFORE THIS LEGISLATION
A SIGN. AND IS THIS A NORMAL
PRACTICE. IN SHORT NO WE DO NOT
ANTICIPATE REQUESTING FUNDING
FOR THE JAIL BC PROCESS BEFORE
THIS LEGISLATION ASSIGNED. IN
ONE OF OUR WEEKLY CHECK IN
CALLS WITH LEGISLATIVE STAFF ON
THIS ISSUE IN JULY WE TALKED
ABOUT THE POSSIBILITY OF USING
THAT APPROACH. PLEASE REST
ASSURED THIS IS NOT OUR NORMAL
PRACTICE BUT THIS IS NOT A
NORMAL YEAR. WHEN WE INITIALLY
INTRODUCED THIS PROPOSAL IN
JANUARY WE EXPECT THE TYPICAL
SPRING PROCESS LIKE ANY OTHER
YEAR. WITH COLLABORATION
BETWEEN THE LEGISLATURE AND THE
ADMINISTRATION. THIS DELIVERED
A PROCESS USUALLY RESULTS IN
SUCCESSFUL PROPOSALS BEING
INCLUDED IN THE GYM BUDGET ACT.
AND DEPARTMENTS BEING ABLE TO
BEGIN IMPLEMENTATION ON JULY
FIRST. GIVEN THE DESTRUCTION
THE COVER NINETEEN PANDEMIC HAS
CAUSED IN THE LEGISLATIVE
PROCESS AND CALENDAR. WE WERE
BRAINSTORMING CREATIVE
APPROACHES TO POTENTIALLY SINK
THE AVAILABILITY OF FUNDING.
WHAT THE LEGISLATURE'S PASSAGE
OF THE BILL. OUR INTENT IN
SUGGESTING THIS IS A POSSIBLE
APPROACH WAS NOT TO BE
PRESUMPTUOUS IN ANYWAY THE
LEGISLATURE WOULD PASS THIS
BILL BUT THAT IF IT PASSED. TO
ALLOW THE DEPARTMENT TO LAUNCH
ITS ACTIVITIES AS QUICKLY AS
POSSIBLE THIS YEAR. THIS IS A
HIGH PRIORITY PROPOSAL FOR THE
ADMINISTRATION AND WE'RE
LOOKING FOR YOUR COOPERATION IN
PROVIDING CONSUMER PROTECTIONS.
TO THOSE CALIFORNIANS IN
FINANCIAL DISTRESS. WERE
VULNERABLE TO UNSCRUPULOUS
ACTORS AND THESE DIFFICULT
ECONOMIC TIMES. WE HAVE TAKEN
LEGISLATIVE AND STAKEHOLDER
FEEDBACK AND THINK THIS
PROPOSAL ACHIEVES THE CONSUMER
PROTECTION THE ADMINISTRATION
IS SEEKING. ON A RELATED NOTE
WE POSTED THE CURRENT ITERATION
OF THE LANGUAGE ON OUR WEBSITE
LAST WEEK TO MAKE SURE IT WAS
WIDELY AVAILABLE BEFORE TODAY'S
HEARING. LATER TODAY AFTER THE
HEARING. WILL REPLACE THAT FILE
WITH WHEN THE LEGISLATIVE
COUNCIL COMPLETED THIS WEEK.
THERE ARE NO SUBSTANTIVE
CHANGES BETEEN THE TWO
DOCUMENTS. IN THE FILE WILL NOT
INCORPORATE ANY CHANGES
RESULTING FROM TODAY'S HEARING.
ARE AND WE WILL BE POSTING IS
SIMPLY THE CLEANED UP MORE
FORMAL VERSION THAT THE PLEDGE
OF LEGISLATIVE COUNCIL
TYPICALLY PROVIDES- THAT
CONCLUDES MY COMMENTS AND WE'RE
HAPPY TO ANSWER ANY QUESTIONS.
THANK YOU VERY MUCH AND WELCOME
BACK TO THE- COMMITTEE- SEE WHO
HAS WHAT MR OBERNOLTE. I THANK
YOU MISTER CHAIR OF A COUPLE OF
QUESTIONS FOR MISTER ALVAREZ.
HEY IF WE COULD GET HIM BACK ON
THE SCREEN. I THINK YOU HAVE TO
ASK YOUR QUESTIONS AND THEN
WHEN HE STARTS TALKING HE'LL
COME BACK ON THE SCREEN ALL
RIGHT SO- I I'VE I BELIEVE MR
ADDRESS CAN YOU HEAR US. YES I
CAN THANK YOU. I THANK YOU
MISTER CHAIR SO MISTER ALVAREZ
MY FIRST QUESTION IS- WHAT
YOU'RE PROPOSING HERE IS A
SOMEWHAT DIFFERENT STRUCTURE
THAN THE LEGISLATURES ADOPTED
ANOTHER COMMERCIAL SECTORS IN
THAT THE DEPARTMENT WOULD.
DECIDE THROUGH REGULATION AND
WHAT CONSTITUTES AN UNFAIR
DECEPTIVE BUSINESS PRACTICE
RATHER THAN ON THE LEGISLATURE
PUTTING THAT- THAT
UNDERSTANDING IN STATUTE AND I
WONDER IF YOU COULD EXPAND A
LITTLE BIT ON WHY YOU THINK
THAT THAT'S APPROPRIATE IN THIS
CASE GIVEN THAT THAT'S REALLY
NOT THE WAY THAT WE DO IN OTHER
COMMERCIALS. THANK YOU SO. ONE
THING SAID- WITHIN THE
FINANCIAL SERVICES- CONTEXT.
THERE THERE IS A RECOGNITION
WHEN TALKING ABOUT UNFAIR
DECEPTIVE- ACTS AND PRACTICES.
THERE'S A PRACTICAL RECOGNITION
THAT IT IS DIFFICULT IF NOT
IMPOSSIBLE TO LOOK AROUND EVERY
SINGLE CORNER AND IDENTIFY WITH
WITH PRESCRIPTIVE CLARITY. WHAT
CRACK WHAT ACTION PRACTICES
EXACTLY- WILL BE DEEMED OFF YEP
CONSTITUTE DECEPTIVE OR UNFAIR
PRACTICES SO THE CRITICAL POINT
WHEN DEALING FINANCIAL SERVICES
IT TO MAKE SURE. THE SENSIBLE
GUN PROP THESE AND THAT THERE
IN A TENSION TO THE EMPLOYER
THAT IS- THAT THEY ARE
RECEIVING FROM BOTH REGULATORS
IN FOR FROM CONSUMERS SO. THE
UPSHOT IS THAT UNFAIR DECEPTIVE
PRACTICES CAN EVOLVE OVER TIME.
AND THEY DEPEND ON THE
GOVERNANCE PROCESS SEES THE
COMPANY HAS IN PLACE INTERMIX
OR THAT THEY ARE AVOIDING
SITUATIONS WHERE THEY ARE ON
DUTY HARMING THEIR THEIR
CONSUMERS. OKAY THAT REALLY
DOESN'T ANSWER THE QUESTION OF
WHY WHAT'S UNIQUE ABOUT
FINANCIAL SERVICES THAT DOESN'T
EXIST IN OTHER COMMERCIAL
SECTORS- IN CALIFORNIA WE HAD A
HEARING IN THE CONSUMER THE
PRIVACY CONSUMER PROTECTION
COMMITTEE THIS WEEK IN WHICH WE
TALKED ABOUT UNFAIR DECEPTIVE
PRACTICES IN USER INTERFACES
FOR- DIGITAL ACCEPTANCE OF
TRANSACTIONS AND- THAT'S IT
EXTREMELY COMPLICATED TOPIC I
JUST AS YOU SAID IT'S SOMETHING
WHERE- WHERE WE HAVE THIS OF
ALL THE INTERESTING OF WHAT
CONSTITUTES UNFAIR DECEPTIVE.
AND YET IT'S SOMETHING THAT THE
LEGISLATURE IS TAKING ON THE
RESPONSIBILITY OF TRYING TO
PARSE IT AND TAKE INPUT FROM
THE COMMUNITY- FROM OUR
CONSUMER PROTECTION AGENCIES
AND INDUSTRY TO TRY TO FIGURE
OUT WHAT ARE FAIR BALANCED SO I
THOUGHT I CAN WHAT WHAT'S
UNIQUE ABOUT FINANCIAL SERVICES
WORK WHERE A AN AGENCY THE
EXECUTIVE BRANCH SHOULD BE HARD
TO MAKE THAT DECISION AND- THAT
OF THE LEGISLATURE. I CAN'T
WHAT'S UNIQUE ABOUT SERVICES
VIS A VIS A COMMERCIAL SECTORS
I. THE FIRST IN THE INTRICACIES
OTHERS. WHAT I CAN SAY IS THAT
THE NOTION OF FUNCTIONAL
REGULATION WITHIN CONSUMER
FINANCIAL SERVICES. IS NOT NEW
AT THE FEDERAL LEVEL AND IS NOT
YOU- AND IN OTHER CONTEXTS THE
FEDERAL TRADE COMMISSION HAS.
IT'S UNFAIR DECEPTIVE STANDARD
WHICH IS WHICH IT HAS APPLIED
TO- TO VARISCAN OF CONSUMER
FINANCIAL PRODUCTS AND SERVICES
FOR SOME TIME. THE CFPB OF
COURSE- DOES SOMETHING SIMILAR-
WHERE THEY STRIVE FOR
FUNCTIONAL REGULATION AGAIN-
AND I THINK. BUT THE WAS. PART
OF WHAT THIS PROPOSAL IS TRYING
TO GET. IS YEAH THERE'S IT OR
ADD IT ALL WITHIN WITH THE
CONSUMER FINANCIAL AND SPACE
AGAIN WE COMMITTED TO WORKING
WITH THE LEGISLATURE TO REFINE-
TO REFINED DEFINITIONS WITH
TIME- BUT THERE IS PRECEDENT
AGAIN AT THE FEDERAL LEVEL OF
CREATING BASED LEVEL OF.
SINGAPORE STANDARDS AND
APPLYING THOSE AN AGILE FASHION
BROKER WELL I THINK THAT A
NUMBER OF MY COLLEAGUES WOULD
DISPUTE. THE ASSERTION THAT THE
LEGISLATURE CAN'T BE AGILE AND
IN RESPONDING TO SOME OF THESE
PROBLEMS. BUT LET ME MOVE ON TO
MY NEXT QUESTION WHICH IS- THE
FINANCES THAT WE'RE TALKING
ABOUT HERE SO PART OF THE
PROPOSAL IS CREATING A
LICENSURE. REQUIREMENT FOR A
CERTAIN ENTITIES IN THE
COMMERCIAL SPACE AND THEN
IMPOSING A REGISTRATION FEE ON
THOSE AGENCIES TO FIND AT THE
OVERSIGHT ACTIVITIES WHICH IS
SOMETHING THAT'S CERTAINLY BEEN
DONE AND OTHER COMMERCIAL
SECTORS. CAN YOU TELL US. WHAT
YOU THINK THAT REGISTRATION FEE
MIGHT BE AND WHICH- WHICH
ENTITIES WITHIN THE COMMERCIAL
SECTOR YOU THINK IT MIGHT APPLY
TO. ABSOLUTELY AND THANK YOU
FOR THE OPPORTUNITY TO CLARIFY
ONE PIECE SO AGAIN THIS ISN'T.
THE PROPOSAL DOESN'T CREATE ANY
LICENSING REQUIREMENTS IT IS IT
IS A REGISTRATION- REGIME- BUT
YOU ARE CORRECT THAT THE
PROPOSAL CONTEMPLATES.
REGISTRATION FEES WOULD BE
IMPOSED ON ALL NEW COVER
PERSONS- THE AMOUNT OF C. WORD
TO PAY. ON SIZE OF COMPANY AND
A PARTICULAR SECTOR BUT FOR
ILLUSTRATIVE PURPOSES IT
DOESN'T CONTEMPLATE- FEES
REGISTRATION FEES- CERTAINLY
NOT IN THE TENS OF THOUSANDS
BUT MORE AND THE THREE TO FOUR
DIGIT FRANK FIVE RANGE- BUT
IT'S GOING TO DEPEND IT' GOING
TO SCALE. ACCORDING TO- THE
SIZE OF A PARTICULAR SECTOR-
SIZE OF A PARTICULAR INDUSTRY-
AND THE REASON ONE OF THE
REASONS IN WHICH- THAT- THAT
REGISTRATION FEE IS IMPORTANT
IS BECAUSE WITH RESPECT- OUT
REVENUE GENERATION. WE DON'T
WANT THE PROPOSAL TO BE
SINGULARLY DEPENDENT ON REVENUE
GENERATED BY AT NOON FOR SOME
ACTIVITY BECAUSE THAT OF COURSE
CREATES- OTHER OTHER UNINTENDED
CONSEQUENCES. RIGHT. SO WHAT
WHAT'S THE TOTAL AMOUNT OF
MONEY THAT YOU ANTICIPATE
RAISING THROUGH REGISTRATION
FEES. I AM HAPPY TO- COME BACK
TO YOU ON WITH THE SPECIFICS OF
HOW MUCH MONEY WE WOULD WE
WOULD PROJECT RAISING IN A IN A
GIVEN YEAR I JUST I DON'T HAVE
THE FINANCIAL DETAILS AND RIGHT
IN FRONT OF ME AT THIS MOMENT.
OKAY AND THEN LASTLY I WONDERED
IF YOU COULD EXPAND A LITTLE
BIT ON YOUR TESTIMONY
REGARDING. THE URGENCY OF
GETTING THIS PASSED
IMMEDIATELY. I YOU'D MENTIONED.
THE NECESSITY OF PROTECTING
CALIFORNIANS DURING THE
PANDEMIC. WHEN THEY'RE MOST
FINANCIALLY VULNERABLE WHICH IS
SOMETHING I THINK EVERYONE IN
THE CHAMBER CAN AGREE WITH-
BUT- WE HAVE TO BALANCE THAT OF
COURSE AGAINST. THE NEED FOR US
TO BE DELIVERED AND MAKE SURE.
THAT WE'RE BEING FAIR AND
BALANCED AND TRANSPARENT ABOUT.
MAKING WHAT'S GOING TO BE.
EVENTUALLY A FAIRLY MAJOR
CHANGE ON THIS PART OF- OF
CALIFORNIA FINANCE SO COULD YOU
TALK A BIT MORE ABOUT THAT.
YEAH I'D BE HAPPY. I THINK IT'S
IMPORTANT TO THINK THROUGH
PASSED- FINANCIAL CRISES AND-
WHAT WHAT WE CAN OBSERVE IS
THAT THERE IS THERE ARE COMMON
PATTERNS WHENEVER WE GO THROUGH
A FINANCIAL CRISES OF
VULNERABLE POPULATIONS
EXPERIENCING- EXPERIENCING
DIFFICULTIES AS THEY GO THROUGH
VARIOUS CYCLES- WITHIN CONSUMER
FINANCE WITHIN CONSUMER
FINANCIAL PRODUCTS AND SERVICES
SO. FOR EXAMPLE AND WHAT WE I
THINK ARE STARTING TO SEE WITH
THE INCREASING COMPLAINTS. AS
THE HOUSEHOLD BALANCE SHEETS
STARTS TO EXPERIENCE A- A
FREEZE ON THE GROWTH SIDE- THE
STRUGGLE BECOMES WHERE THEN TO
DEPLOY YOUR NEXT DOLLAR RIGHT
WHICH DEBTS DO YOU APPLY THEM
TO. AND CONCURRENTLY WITH.
THERE IS TO BE OUR THEY ARE BAD
ACTORS OUT IN THE MARKETPLACE
THAT ARE LOOKING TO CAPITALIZE
ON SOME OF THE SOME OF THE
ANXIETIES AND FRUSTRATIONS OF
CONSUMERS AND SO YOU START TO
SEE- ANY NUMBER OF SCHEMES
WHETHER IT BE THROUGH-
INVESTMENT SCHEMES OR DEBT
RELIEF SCHEMES OR CREDIT REPAIR
SCHEMES. OR ANY NUMBER OF
COMPANIES WITHIN THE FINANCIAL
SERVICES ECOSYSTEM ARE THEN
VYING FOR THAT CONSUMERS LAST
DOLLAR AND SO THE OBJECTIVE IS
TO MAKE SURE THAT WE HAVE. THE
ABILITY TO STEP IN AND STOP HE-
UNFAIR OR DECEPTIVE ACTS AND
PRACTICES OR REPRESENTATIONS
THAT ARE MADE TO CONSUMERS AND
THE MARKETPLACE SO THAT THEY
ARE NOT UNDULY PARTED FROM-
TOOK THEIR LAST DOLLARS
ESSENTIALLY. OKAY YEAH I
UNDERSTAND YEAH AND- I THINK WE
ALL SHARE YOUR DESIRE TO
PROTECT CALIFORNIANS FROM THOSE
DECEPTIVE PRACTICES I'M JUST
STILL VERY CONCERNED ABOUT. THE
SHORT CALENDAR HERE UNDER WHICH
RATE BEING ASKED TO DELIBERATE
THIS VERY SUBSTANTIVE ACTION SO
I CHECKED WITH MY QUESTIONS AND
IF YOU COULD PLEASE GET BACK TO
US ON- THE TOTAL AMOUNT OF
MONEY THAT YOU. HAVE LIKE TO
RAISE IN FEES THAT THAT'S JUST
IT'S GONNA BE A CRITICAL ISSUE
NOT JUST FOR OUR DELIBERATIONS
BUT ALSO BECAUSE OF PROP TWENTY
SIX AND THE REQUIREMENT THAT.
WE DON'T COLLECT ANY MORE THAN
THE COST OF REGULATING- SO- YOU
KNOW THE IS YOU KNOW THERE'S A
LONG HISTORY THERE OF I HAVE TO
JUSTIFY. THE FEES THAT ARE
COLLECTED AND HOW THE SPEAKER
USE THAT I WANT TO MAKE SURE
THAT WE'RE BEING VERY
TRANSPARENT ABOUT THAT. THANK
YOU WILL DO THANK YOU. MISTER
COOPER. THANK YOU MISTER KING
OF OBVIOUSLY MISTER ALVAREZ-
DEFERRED LIKE COMMENTS YOUR
COMMENTS FROM MY COLLEAGUES
ABOUT OVERSIGHT THAT'S WITH THE
BIG ISSUE TODAY'S JUST
OVERSIGHT HEARING THERE'S NOT
BEEN ANY POLICY. DEBATE ABOUT
THIS AND NO PRECISE THAT'S WITH
THE BIG ISSUE I MEAN OBVIOUSLY
WE'RE SEPARATE AND CO EQUAL
BRANCH OF GOVERNMENT. AND WHAT
I FIND INTERESTING AND IF YOU
CAN RESPOND TO THIS. IS THE
LANGUAGE THE CC. FPL EXPRESSLY
GIVE THE D. F. PI THE POWER
LIBERALLY CONSTRUE THE
PROVISIONS. AND THAT CREATED SO
WHAT DOES THAT MEAN LIBERALLY
CONSTRUED. THE TECHNICAL TERM.
DOES THAT MEAN THAT D. F. P.
LIKE IN YOUR ALLEY UNILATERALLY
IN FOR LEGISLATIVE INTENT. I
MEAN WE NEVER DO LAKE WAS LIKE
THAT BECAUSE OF HIS LEFT TO.
COULD BE A BIG DEAL WITH AND
THAT'S AN ISSUE WITH THAT. SO
THE WILL THAT LANGUAGE MEAN FOR
US AS LEGISLATORS. I THINK THE
CONCEPT THAT LOOKED UP THE
PHRASE LITTLE LIBERAL
CONSTRUCTION IS SEEKING TO
CAPTURE IS AGAINST THIS THIS
NOTION OF AGILE REGULATION THAT
CAN- THAT CAN ADDRESS- FAST
EVOLVING PRODUCTS SERVICES ON
THE MARKET PLACE. THIS VARIOUS
CONCEPTS IN THE BUDGET PROPOSAL
WERE BORROWED FROM THE TWENTY
TEN DODD FRANK ACT AND I CAN'T
SPEAK SPECIFICALLY TO THIS THIS
PARTICULAR INSTANCE OF LIBERAL
CONSTRUCTION BUT I WOULD BE
SURPRISED IF- IF THAT CONCEPT
WERE WERE BORROWED FROM DODD
FRANK ITSELF. BUT IT'S WIDE
OPEN SO I MEAN IT'S OPENTO
INTERPRETATION SO WHATEVER
BUREAUCRAT- PERSON THE AGENCY
THAT. IT CAN BE VERY CAN VARY
WIDELY. AND THAT'S THE ISSUE
WITH THE SPECIFIC IN LANGUAGE
AND WE'VE SEEN WITH OTHER STATE
AGENCIES HAVE DONE. IF IT
BASICALLY FOR LACK OF BETTER
WORDS DOWN WHATEVER THEY WANT
AND WE HAVE A PROBLEM RIGHT NOW
STUDIES HE'S RESPONDING TO
LEGISLATORS REQUESTING COMMENT
SO I MEAN WHY WOULD YOU INSERT
LANGUAGE LIKE THAT. IS TO BE
MORE SPECIFIC. AGAIN ASSEMBLY
MEMBER I THINK THE INTENT HERE
IS TO IS TO RESERVE SOME
ABILITY TO- TO SCALE AND TO-
WORK IN AGILE FASHION TO MEET
THE FAST EVOLVING- FINANCIAL
SERVICES LANDSCAPE- THE LAST
DECADE OF COURSE IN CALIFORNIA
HAS SEEN- A RESURGENCE IN
TREMENDOUS GROWTH WITHIN THE
DIVERSITY AND THE TYPE OF
FINANCIAL PRODUCTS AND
SERVICES- SO I WOULD JUST AGAIN
ECHO- EARLIER COMMENTS WHICH
IS- THAT'S THE VELOCITY OF
CHANGE WITHIN FINANCIAL
SERVICES OVER THE LAST DECADE
HERE IN CALIFORNIA PARTICULAR
HAS BEEN FAIRLY ASTOUNDING I
CERTAINLY DON'T SEE. THAT
CHANGING ANYTIME SOON LET ME
MAKE ONE- LET ME JUST OBSERVE
ONE OTHER POINT- A STRUCTURAL
PIECE- YEAH AND A PART OF THE
PROPOSAL- VERY THERE IS
CONTEMPLATED A ROLE FOR AN
OMBUDSPERSON WHOSE FUNCTION
WOULD BE TO- LIAISE WITH WITH
FINANCIAL SERVICES. AND OTHER
STAKEHOLDERS SO THAT IF THERE
EVER WERE- I'M CONCERNS ABOUT
DECISIONS BEING MADE AT THE
COMMISSION LEVEL OR ELSEWHERE
THROUGHOUT THE DEPARTMENT THERE
WOULD BE. THAT INDEPENDENT
CHANNEL FOR PEOPLE TO COMPLAIN
TO AND- I THINK IT'S IMPORTANT
TO NOTE THAT BECAUSE THERE'S A-
YOU KNOW THE INTENTION THERE
WAS TO CREATE A STRUCTURAL
SOLUTION TO THE- TO THE
OBSERVATION YOUR MAKING. GIVEN
NINETEEN IN OUR ECONOMY. ASKING
OUR STATE EMPLOYEES TO REDUCE
THEIR SALARIES AND OTHER
WORKLOAD AND FINANCIAL
CHALLENGES FACING OTHER STATE
AGENCIES SUCH AS D. SUCH AS
EDT. IN THE DMV FAST FIASCO IS
NOW THE TIME. TO STAND UP NEW
DEPARTMENTS. NOW ALSO ALL OF
THIS WE WILL ACTUALLY COMING UP
IN NOVEMBER WE MIGHT HAVE A
DIFFERENT. PRESENT A NEW
PRESIDENT WHO REESTABLISH THESE
THESE PROTECTIONS. AND IF THIS
LANGUAGE PASSES IT WILL TAKE
EFFECT UNTIL JANUARY OF NEXT
YEAR. SO LET ME CHANGE THE
ENTIRE LANDSCAPE. THANK YOU SO-
YOUR YOUR FIRST POINT YOUR
FIRST QUESTION ABOUT THE
CREATION NO THE NEW DEPARTMENT-
AGAIN WE DON'T SEE THIS AS AS
CREATING A NEW DEPARTMENT WE
SEE IT AT REVAMPING OUR
EXISTING AUTHORITIES OF GIVING-
THE CURRENT DEPARTMENT. BETTER
TOOLS AND RESOURCES TO BETTER
PROTECT CONSUMERS AND- AND SO
MY ANSWER TO THAT FIRST
QUESTION IS YEAH. I WANT STOP
YOU THERE ON THAT BECAUSE
YOU'RE ASKING FOR. FORTY FOUR
POSITIONS IN TWENTY TWENTY ONE.
IN THE NINETY POSITIONS AT
TWENTY TWENTY THREE SO IT'S NOT
JUST THE CURRENT FOOTPRINT
YOU'RE EXPANDING THAT FOOTPRINT
ON THAT. SO HOW CAN YOU SAY
IT'S NOT CREATED APARTMENT
YOU'RE ADDING ADDITIONAL BODIES
TO IT. AND WITH THAT FUNDING
OBVIOUSLY GOING ON IS THERE
ENOUGH MONEY IN THE FEES. ARE
WE GONNA GENERAL FUND MONEY IS
A SUFFICIENT MONIES IN THE
SETTLEMENT ACCOUNTS. THE
PROPOSAL NEEDED GENERAL FUND
APPROPRIATION. I THANK YOU
ASSEMBLY MEMBER THAT SO JUST TO
CLARIFY THE PROPOSAL
CONTEMPLATES A TOTAL OF NINETY
NEW POSITIONS OVER THE THREE
YEAR PERIOD THAT'S NOT NINETY
INCREMENTAL AND YOUR THREE IT'S
NINETY TOTAL NEW POSITIONS OVER
THE THREE YEAR PERIOD WHICH
REFLECTS 15% GROWTH OF THE
CURRENT DEPARTMENT- THE OTHER
POINT I THINK THAT IS THAT IS
WORTH- AT NOTING IS THAT THE
SALES REPORT ISSUED EARLIER
THIS YEAR- OF THE QUESTION LOOK
AT THE QUESTION OF WHETHER THIS
WAS A NEW DEPARTMENT OR
DEPARTMENTAL REORGANIZATION
DELEO REPORT- NOTED THAT IT WAS
IT WAS NOT. THE OTHER POINT
THAT YOU MAKE ABOUT WHETHER-
WHETHER GENERAL GENERAL FUND
MONEY WHATEVER YOU NEED IT- IT
WOULD NOT WE DON'T ANTICIPATE
EVER NEEDED MEETING GENERAL
FUND MONEY AND WE WOULD
CERTAINLY STRUCK WITH THE
LEGISLATURE TO ENSURE THAT-
THAT THAT DIDN'T HAPPEN. I BUT-
BE ABLE TO FOR OUR OWN WITH.
WITH OUR OWN WITH OUR OWN
REVENUES AS AS WE'VE DONE FOR
FOUR YEARS NOW- IF I COULD GO
BACK TO. ONE OF THE AND I
APOLOGIZE YOU HAD ASKED A
QUESTION ABOUT. WHETHER
PRIORITIES REGARDING THIS
PROPOSAL WOULD CHANGE IF WE
SAW- IF WE SAW A PARTICULAR
OUTCOME IN IN NOVEMBER I WITH
RESPECT TO THE PRESIDENTIAL
ELECTION. AND I BELIEVE YES
THIS THIS PROPOSAL WOULD BE
NEEDED IN ANY EVENT- BECAUSE
IT'S IMPORTANT TO CALIFORNIAN
TORQUE AND TORQUE VALUES AND
CRITICALLY- BECAUSE I THINK
THAT- AMPLE COVERAGE IS ALWAYS-
IS ALWAYS GOING TO BE A
CONCERN- AND- ONE IMPORTANT
THING TO UNDERSTAND IS. WHEN
THE TWENTY TEN DODD FRANK ACT
WENT INTO EFFECT IN TWENTY
ELEVEN. IT DEPUTIZED EVERY
ATTORNEY GENERAL IN THE COUNTRY
AND- AND I BELIEVE DISTRICT
ATTORNEYS THROUGHOUT THE
COUNTRY IT DEPUTIZE THOSE LAW
ENFORCEMENT AGENCIES TO USE THE
TOOLS WITHIN DODD FRANK- AND TO
AND TO INVESTIGATING CIVILLY
PROSECUTE UNFAIR DECEPTIVE ACTS
AND PRACTICES WITHIN FINANCIAL-
WITHIN FINANCIAL PRODUCTS AND
SERVICES. THAT HAPPENED OVER A
DECADE AGO AND SO I DON'T THINK
ANYBODY WOULD TEN YEARS LATER
SAY. THAT WE'VE COMPLETELY
STAMPED OUT THAT ACTS AND
PRACTICES WITHIN FINANCIAL
SERVICES EVEN THOUGH DAHLE
DEPUTIZED LONG ALL OF LAW
ENFORCEMENT ACROSS STATES TO DO
SO OVER A DECADE AGO. IT JUST
GOES BACK TO HAVING PROBLEMS
WITH THE G. DMV CAR I CAN GO ON
AND ON ABOUT IT ABOUT OVERSIGHT
WHEN WE FIRST STARTED YOUR
YOUR- INTRODUCTIONS THEY TALKED
ABOUT THIS BILLS. TALK ABOUT IN
JANUARY WELL WE WILL KILL IT WE
REALLY HAVEN'T MET THAT MUCH IN
TALK ABOUT COMMITTEE HEARINGS-
MOST COMMITTEES WE OVER HOW TO
COMMITTEE HEARINGS IN A REGULAR
YEAR. THIS YEAR YOU KNOW MY
COMMITTEES MET LIKE BELIEVE
TWICE SO THE COMMITTEES. HAVE
NOT MET THEY HAVEN'T THEY'RE
NOT BUSINESS THAT SUBSTANTIAL
DISCUSSION OF POLICIES SO JUST
ACCESS TO PASS THE SMELL TEST.
THAT IS BEING PUT TO THE TOP OF
IT IS. WE ARE NUMBER ONE. OUR
NUMBERS ARE THAT STATE AND
THERE'S OTHER MORE IMPORTANT WE
FOCUS CONSUMER REPORT. BUT I
THINK IN NOVEMBER THINGS ARE
GONNA CHANGE. AND I JUST SAID
IT REALLY HASN'T BEEN THAT. AND
THAT'S WITH MY ISSUE THIS.
THANK YOU. THANK YOU MR FONG. I
THANK YOU VERY MUCH FOR A- JUST
A FEW BROAD QUESTIONS- TO- TO
JAVARIS- CERTAINLY- THE ECONOMY
IS IN A IN A CERTAINLY
DIFFICULT SITUATION AND-
INDIVIDUALS AND BUSINESSES NEED
CAPITAL AND RESOURCES AS THEIR
AND THIS AREA IS VERY COMPLEX-
WOULD ADDRESS AND WITH
UNDERSTAND CONSEQUENCES ANYTIME
YOU TAKE ACTIONS- AS BROAD AS
THAT- HAS THERE BEEN ANY.
ANALYSIS OR NOT HAS BEEN DONE
ECONOMIC IMPACTS OF CREATING
THIS NEW RESTRUCTURING. ON THE
SECTOR ON THE ON THE FINANCIAL
SERVICES SECTOR. TO MY
KNOWLEDGE THERE'S BEEN NO
BROAD- MACROECONOMIC ANALYSIS
LOOKING AT THE IMPACTS OF THIS
OF THIS BUDGET ON ON THE
ECONOMY IS THERE IS THERE ANY
CONCERN YOU KNOW AS YOU AND
POSE AS AS THE MEDICATION. THE
IS CONSIDERING IMPOSING
REGULATIONS AND FEET. A TIME
WHERE A LOT OF A LOT OF. A LOT
OF FINANCIAL INSTITUTIONS ARE
STRUGGLING IS THERE IS THERE
CONCERN THERE. WELL WHAT I
WOULD SAY IS THERE'S CERTAINLY
THERE CERTAINLY INTERESTS AND-
AND HAVING BETTER TOOLS TO BE
ABLE TO UNDERSTAND DEEPER
ECONOMIC IMPLICATIONS NOT JUST
WITH RESPECT TO REGULATION BUT
FRANKLY- HOW FOR EXAMPLE
CHANGING- CHANGING PRODUCTS AND
SERVICES AND HOW INNOVATION AND
TECHNOLOGY ARE HAVING BROAD
IMPACTS ACROSS THE ECONOMY SO-
YOU KNOW I WOULD SAY- THERE IS-
THERE CERTAINLY. TRISTAN NOT
JUST THE IMPACT OF REGULATION
THE IMPACT OF CHANGING
TECHNOLOGY IMPACT OF IMPACT OF
CHANGING CONSUMER BEHAVIOR-
THEY'RE VERY MUCH INTEREST IN
IN ALL. AND WHY IS PART OF THIS
PROPOSAL MY PERSONAL VIEW ONE
OF THE IMPORTANT ONE IMPORTANT
ASPECTS IS- DEVELOPING SOME
ABILITY AT THE STATE LEVEL TO.
MONITOR IT AND TO DEVELOP THE
TYPE OF INTELLIGENCE THAT THAT
I THINK YOUR YOU'RE SEEKING.
OKAY ON. YES I HAVE A CONCERN
OF MINE IS. THE TIME WHEN WE
NEED TO BE PUTTING MORE
RESOURCES AND CAPITAL INTO THE
ECONOMY THAT THAT THE ACTIONS
TAKEN HERE COULD POSSIBLY
CREATE A SITUATION WHERE
THERE'S LESS CAPITAL AVAILABLE
FOR INDIVIDUALS AND BUSINESSES
ARE STRUGGLING- THE ORIGINAL
PROPOSAL THAT WAS MY
UNDERSTANDING WAS FOCUS ON ON
REGULATED FINANCIAL
INSTITUTIONS- DOES. THE
DEPARTMENT HAVE SPECIFIC GOALS
IN MIND WHAT THEY WOULD LIKE TO
ACCOMPLISH GIVE ME GOAL WAS TO
GO AFTER ON COVERED A PERSON
JORDAN. OUR TO DO WHY ARE ALL
FINANCIAL AND COVERED IN THIS
PROPOSAL. I THANK ASSEMBLY
MEMBER FOR GIVE ME THE
OPPORTUNITY TO CLARIFY I THINK
THE ORIGINAL INTENSE- OF THE
PROPOSAL AND THE INTENSE TODAY
AND AS ALWAYS THERE- TO CREATE
A MORE LEVEL PLAYING FIELD.
WHICH OF COURSE INCLUDES SOME
ELEMENT OF BRINGING AN-
UNREGULATED MORE LIGHTLY
REGULATED PRODUCTS AND
SERVICES- BY NOT TO THE
EXCLUSION OF EXISTING LICENSEES
AGAIN. THE PART OF THE OVER
ARCHING OBJECTIVE. LEVEL
PLAYING FIELD I THINK- AN OVER
CORRECTION BY BY FOCUSING ONLY
ON NEW COVERED PERSONS- WHILE
IT WILL COMPLETELY CARVE OUT
FROM THE PROPOSAL- INCUMBENT
LICENSEES- IT DOESN'T ADDRESS
THE- MORE LEVEL PLAYING.
OBJECTIVE AND IT MAY BE AND
WORK THINGS THAT PHENOMENON NOW
IF THE QUESTION IS HOW DO WE.
COME THE LICENSEES WE CONTINUE
TO DO SO- TO MAKE SURE THAT
THAT THE PROPOSAL ITSELF IS
TAILORED TO THEIR SPECIFIC OF
LICENSING REGION'S. I GUESS
THAT'S THE BROADER CONCERN OF
THAT- I KNOW THE MISTER
OBERNOLTE CAN HIGHLIGHTED BUT
WHEN YOU SAY LEVEL PLAYING
FIELD. IS THAT DEFINED BY THIS
AGENCY OR IS THE U. ALLOWING
THE LEGISLATURE. TO AT LEAST.
PROVIDE A YOU HAVE THAT
AUTHORITY TO DO THAT BECAUSE-
IT WHAT CONCERNS ME IS THAT.
THE THIS AGENCY THAT IS- THAT'S
NOT ELECTED- IT'S A NEW
BUREAUCRACY THAT YOU GUYS ARE
DEFINING WHAT A LEVEL PLAYING
FIELD. AND ALAMEDA MARKET. TO
FUNCTION IN ITS FOR CHRISTIANS.
A COUPLE OF POINTS ON THAT I
DON'T BELIEVE- IT IS. IT IS MY
VIEW THAT THE PROPOSAL DOESN'T-
ISN'T MUTUALLY EXCLUSIVE WITH
THE LEGISLATURE SUPPORTING-
EVEN WITH THE PROPOSAL IN PLACE
THE LEGISLATURE WOULD STILL BE
ABLE TO ASK ME LAWS CREATE NEW
LICENSING REGIMES DEFINED
CONTEXT SANDERS PROHIBIT
FEATURES OF FINANCIAL PRODUCTS
AND SERVICES. SO ON AND SO
FORTH WHEN I REFER TO A LEVEL
PLAYING FIELD SUPPOSE WHAT WHAT
I MEAN IT IS A- UP. LOVE OF
REGULATION AND I IN FRONT
FRANKLY IS THIS IS AN
OBSERVATION AND A COMMENT THAT-
I HAVE HEARD MORE THAN A
HANDFUL OF TIMES FROM OUR
EXISTING LICENSEES WHICH IS- WE
FRANKLY I WOULD BE GRATEFUL FOR
SOME SOLUTION THAT IMPOSES-
SENSIBLE REGULATION AND
EXPECTATIONS ON UNREGULATED
PRODUCTS AND SERVICES BECAUSE
RIGHT NOW WE THE INCUMBENTS.
BEAR A COST OF COMPLIANCE AND-
AND THERE ARE PLENTY OF NEW
PRODUCTS AND SERVICES THAT ARE
COMING INTO THE MARKETPLACE
THEY DON'T HAVE THOSE- THEY
DON'T HAVE THOSE SAME
EXPECTATIONS AND SO I WOULD-
YOU KNOW I TAKE YOUR POINT
ABOUT ALLOWING THE MARKET
FUNCTION. ON ITS OWN I JUST
DON'T BELIEVE THAT I THINK ONE
HAS TO QUESTION THE PREMISE OF
WHETHER YOU HAVE AN EFFICIENT
MARKET WHEN YOU HAVE. REGULATED
INDUSTRIES ON THE ONE HAND AND
THEN ON REGULATED INDUSTRIES-
TRYING TO BUY THEIR WAY INTO
THE MARKET PLACE- AND GRAB AND
GRAB MARKET SHARE AS QUICKLY AS
POSSIBLE. AND I THINK THAT'S
THE CHALLENGE DUCKING ABOUT THE
MADE WORK WE'RE TALKING ABOUT A
WHOLE CELL SIGNIFICANT HERE IN.
THE ISSUES THAT WERE DISCUSSED
HERE ARE VERY EXPENSIVE TO DO
THIS AND I CAN MAKE SOME. TIME
UP. CERTAINLY IT I THINK IT
HERE'S RECKONS FOR ALL LOT OF
MEMBERS. AND I GUESS MY LAST
QUESTION IS MADE CERTAINLY A
LOT OF BROADER TORTILLAS BEING
PROVIDED A PROPOSED IN IN ADD
TO THIS. TO THIS NEW OF
RESTRUCTURING. IS IT YOUR VIEW
THAT. THAT AT. THAT IF THIS
PROPOSAL GRANTS. THAT THEY'RE
UNDER THIS PROPOSAL- THAT
PRODUCTS THAT ARE LEGAL TODAY
FINANCIAL PRODUCTS ARE LEGAL
TODAY WOULD BE OR COULD BE
DEEMED ILLEGAL IN THE FUTURE BY
THE FBI. I DON'T. IT IS MY VIEW
THAT TO THE EXTENT THAT-
PRODUCTS THAT REGULATED
PRODUCTS AND SERVICES ALREADY
EXIST IN THE MARKETPLACE TODAY-
IT IS NOT MY VIEW THAT THOSE
PRODUCTS AND SERVICES-
CURRENTLY REGULATED WHAT
RETROSPECTIVELY BE DEEMED
ILLEGAL TOMORROW. SO USING THE
ARE EXPECTED TO BUY IN AND
THAT'S IT LET'S SAY AT THE
USING- ARE USING THESE
OBERNOLTE EXAMPLE THAT- YOU. DO
YOU IN IT DID NOT YOU BUT THE
AT THE AGENCY- CHANGE THE
DEFINITION OF A OF A PRODUCT
AND THEN ALL OF A SUDDEN THAT
PRODUCT IS NO LONGER. ALLOWED
TO BE- SOLD IN THE MARKETPLACE
THAT POSSIBLE. I DON'T SEE HOW
THAT'S POSSIBLE AND THAT'S NOT
MY EXPECTATION. OKAY I
APPRECIATE THE QUESTION THE
ANSWER THANK YOU. THANK YOU.
THANK YOU MISS BURKE. M. SO I
HAVE BEEN LISTENING I HAVE A
COUPLE I WANT TO LINE MY
COMMENTS WITH A FEW OF MY
COLLEAGUES WITHIN THE SENATE
ABOUT- HOW THIS IS BEING DONE
QUITE FRANKLY THE FACT THAT WE
CAN'T EVEN AGREE WHETHER IT'S
AN EXPANSION OR NEW DEPARTMENT
IS REALLY FUNDAMENTALLY
CONCERNING. HOWEVER I ALSO WANT
TO TALK A LITTLE BIT ABOUT THE
ABILITY TO BE AGILE AND THE
FACT THAT YES DIFFERENT
PRODUCTS COME UP QUICKLY WE
EXPERIENCE THAT AN ACROSS THE
BOARD NOT JUST IN THE FINANCIAL
SECTOR AND THE ONE THING THAT
IS VERY CONCERNING TO ME IS THE
FACT THAT IN A NORMAL DEBATE
HERE IN THE LEGISLATURE WE HAVE
THE OPPORTUNITY I HAVE A VERY
DIFFERENT. THAT MR OVER. NUMBER
OR AT SOME MEMBER BILL. AND I
THE OPPORTUNITY TO DEFEND MY
CONSTITUENTS AND WHAT THEY MAY
NEED AND I'M- CURIOUS THIS
OMBUDSPERSON OR THIS
DEPARTMENT. I AM I'M WONDERING
FIRST OF ALL. MY IMPRESSION IS
THERE IS ALREADY AN ENFORCEMENT
MECHANISM. AND CONSUMER
PROTECTION THE EIGHTEEN. THE TV
ALREADY HAS CERTAIN
ENFORCEMENT. I'M WONDERING. HEY
WHY WE NEED ANOTHER LAYER OF
ENFORCEMENT AND BE HOW DO WE
HAVE THAT PROPER CONVERSATION
AND NOT PROPER TO BE WHERE.
DISADVANTAGED COMMUNITIES IS
SOMETIMES THE PRODUCT. MAYBE
SOME OF THE OTHER
ASSEMBLYMEMBERS. COMMUNITIES
WOULDN'T NEED HOW DO THEY GET
THEIR VOICE INTO THIS
CONVERSATION IS NOT ON THE
TENTH PERSON HAVE ACTUALLY SOME
pTHE DEPARTMENT HAVE DIFFERENCE
TO US EIGHT IF WE DON'T EVEN
FUND THEM. AND HE WANTS ME TO
GIVE AWAY SO MUCH ABOUT A FORTY.
THANK YOU ASSEMBLY MEMBER.
GOING TO YEARS YOUR FIRST
QUESTION ABOUT AND I APOLOGIZE
I WOULD YOU MIND RESTATING THE
FIRST PART OF THE QUESTION.
REMEMBER I THINK THE FIRST PART
OF MY QUESTION WENT WITH FIRST
PART OF A STATEMENT ONCE IT'S
CONCERNING TO ME THAT WE WOULD
MAKE THAT DECISION WHEN WE
CAN'T EVEN ALL AGREE. OUR NEXT.
HOW DO WE HAVE A BALANCED
CONVERSATION WHEN THE
LEGISLATURE WHO IS. ELECTED TO.
TO REPRESENT DIFFERENT DIVERSE
COMMUNITIES HOW IS THAT
COMMUNICATED WITH THIS
DEPARTMENT AND WHAT DIFFERENCE
DOES THIS DEPARTMENT HAVE. IF
IN FACT WE DON'T EVEN CONTROL
THEIR BUDGET. I MEAN IT IS ALL
RIGHT IT IS SOMETHING WE HAVE
IN THE BUDGET WHERE WE CAN SAY-OKAY. I'M DEPARTMENT OF MOTOR
VEHICLES YOU ARE NOT
PERFORMING. WE HAVE EXERCISED
AUTHORITY OVER YOU EVEN AT A
BUDGETARY LEVEL OR ON. WHAT ANY
OTHER DEPARTMENT THAT WE TALKED
ABOUT ACTUALLY- ASSEMBLY MEMBER
COOPER BROUGHT UP OTHER
DEPARTMENTS IN WHICH- WE ARE
GDP WERE WORTH HAVING ARE
STRUGGLING WITH HOW HOW WHERE
ARE THE CHECKS AND BALANCES
BETWEEN THE LEGISLATURE AND
THIS NEW DEPARTMENT OR EXPANDED
DEPARTMENT. AND DOES THAT COME
TO THIS ON THE FIRST. TO
EXPLAIN. YEAH IT FOR A SITTING.
I THINK. ONE OF THE SO AGAIN I
WOULD I WOULD REITERATE- MY
COMMENT IN THE DEPARTMENT'S
COMMITMENT TO WORK- HAND IN
HAND WITH THE LEGISLATURE
AROUND. SENSIBLE GUARDRAILS-
AGAIN I DON'T VIEW I DON'T VIEW
AS BEING ACTUALLY EXCLUSIVE THE
FUNCTIONS CONTEMPLATED BY THE
BY THE BUDGET PROPOSAL AND- THE
LEGISLATURE IS FUTURE WORK. YOU
YOU ASK- I THINK YOU'RE ASKING
VERY IMPORTANT QUESTIONS
OBVIOUSLY ABOUT THE- THE UNIQUE
MEETS THE PARTICULAR NEEDS OF
MEMBERS WITHIN WITHIN YOUR
COMMUNITIES WITHIN YOUR
DISTRICTS- AND- YOU KNOW I'LL
BE LIMIT LET ME. UNPACK THAT
THIS WAY. I BELIEVE THAT ONE OF
THE POTENTIAL BENEFITS THAT-
THAT WE HAVE SEEN OVER THE LAST
DECADE AND- THE INFLUENCE OF
TECHNOLOGY AND INNOVATION
WITHIN FINANCIAL PRODUCTS AND
SERVICES. I THINK ONE OF THE
POTENTIAL BENEFITS HAS BEEN THE
ABILITY TO DELIVER- QUALITY
FINANCIAL PRODUCTS AND SERVICES
TO TRADITIONALLY UNDERSERVED
COMMUNITIES I BELIEVE THAT VERY
DEEPLY AND I WOULD LOVE TO SEE
A FULL VERSION OF THAT. THAT IS
WHAT I THINK IS ONE OF THE SOME
OF THE- ASPECTS OF THIS
PROPOSAL ARE THOSE MARKET
MONITOR FUNCTION AS WELL AS THE
ENHANCE CONSUMER. OR WE WOULD
HAVE FOR AND OFFICE FOCUSED ON-
ON SERVICE MEMBERS OR STUDENTS
OR NEW AMERICANS WORK OTHER-
HISTORICALLY DISADVANTAGED
COMMUNITIES- I THINK THE
OBJECTIVE IS TO BE DATA DRIVEN
TO LISTEN TO- THEIR THEIR
PARTICULAR CONCERNS AND
EXPERIENCES WITH FINANCIAL
PRODUCTS AND SERVICES. SO THAT
WE CAN AGAIN HELP DRIVE. BOTH
SMARTER REGULATION BUT AS WELL
AS- BECOME A BETTER PARTNER ON
ON IN POLICY CONVERSATIONS
RELATED TO THOSE THOSE
CONSTITUENTS. AND I APPRECIATE
THAT AND I THINK YOU AND IT'S
NICE TO HEAR BUT WHAT HAPPENS
WHEN IT'S NOT YOU. WHAT HAPPENS
WHEN IT'S WHEN IF THERE IS A
DIFFERENT LEADER WHO PUTS A
DIFFERENT PERSON IN YOUR PLANE
AND THEN. MY COMMUNITY HAS
WHERE DOES MY COMMUNITIES WAYS
COME INTO THE CONVERSATION IF
AND WHEN THAT HAPPENS IF THIS.
DEPARTMENT OR EXPANSION OCCURS.
AGAIN I THINK THE STRUCTURAL WE
WOULD LIKE TO- I WOULD LOVE TO
SEE THOSE STRUCTURAL CHANNELS-
GET BUILT AND STAY IN PLACE AS
PART OF AS PART OF THE FUTURE
DEPART AND I THINK REALLY THIS
LEGISLATURE THE LEGISLATURE AND
THE FUTURE DEPARTMENT OUGHT TO
OUGHT TO HAVE THAT MECHANISM TO
WORK HAND IN HAND- AND HAVE AND
HAVE A SENSIBLE CHECK INS IN MY
LAST COMMENT IF IT THROUGH THE
TEARS. ONE LAST COMMENT- AND
THAT WOULD BE GREAT THE HARD
THING IS AND I THINK THE
CHALLENGE THAT A LOT OF US ON
ON THE SIDE ARE FACING IS THAT
WE HAVE STRUGGLE TO HAVE THAT
RELATIONSHIP WITH WITH
INSPIRATION I THINK THAT REALLY
THIS STRUGGLE HERE IS THAT
WE'VE I DON'T THAT FOR LIKE ON
SOME OF THE OPPORTUNITY OPERA.
WE'VE HAD TO MISERY THE. NEXT
THING HAS BEEN A WAY TO. AND I
AND- IF IT DOESN'T. TO DO GREAT
BUT I THINK WE WOULD HAVE TO
SEE A THE FRONT END NOT ON THE-
AND A BLOOD. I E WOULD HAVE TO
SEE IF IT PROCESS. THANK YOU
THOUGH AND THANK YOU FOR YOUR
FOR YOUR TIME AND ANSWERS.
THANK THANK YOU MR STYLE. THANK
YOU COMMISSION I GUESS I WAS
SCRATCHING MY HEAD WHEN.
LEGISLATIVE TALK ABOUT GIVING
UP WITH FORTY BECAUSE YOUR
DEPARTMENT YOUR AGE THE ONLY
EXISTS UNDER THE AUTHORITY. OF
THE STATUTES THAT WE CREATE AND-
THAT NEVER CHANGES BUT YOU'RE
GOING TO BE REGULATING UNDER
THIS STATUTORY AUTHORITY SO MY
QUESTION IS. WE'RE STEPPING
INTO TERRITORY WHERE THAT OF
FORTY. MAY NEED TO CHANGE OVER
TIME BASED ON WHAT YOUR FINDING.
N. THE I OUT IN THE FIELD THAT
AND I COMPLETELY AGREE THAT
REGARDLESS OF WHAT THE FEDERAL
GOVERNMENT DOES IT'S LONG PAST
TIME THAT CALIFORNIA HAVE A
FUNCTION LIKE THIS SO HOW HOW
CAN YOU BETTER WORK WITH US TO
MAKE SURE THAT WE HAVE GIVEN
YOU THE APPROPRIATE AUTHORITY
WHICH I THINK AT THIS POINT.
I'M PERFECTLY FINE WITH. BUT
THAT OVER TIME. WE'RE ABLE TO
COME TO UNDERSTAND WHAT YOUR
SEEING ACROSS CALIFORNIA AND
HOW WE THEN CAN MODIFY THAT OF
FORTY AS NECESSARY TO ENSURE
THAT YOUR PROVIDING THAT%
FUNCTION. TO ALL OF OUR
COMMUNITIES APPROPRIATELY
ACROSS THE STATE. THANK YOU
ASSEMBLY MEMBER- LET LET ME
START BY- JUST HIGHLIGHTING
SOME OF THE- SOME SOME OF THE-
SOLUTIONS- TO THE QUESTION
YOU'VE YOU'VE ASKED WE OF
COURSE WOULD COMMIT TO.
PROVIDING THE LEGISLATURE AN
ANNUAL REPORT ON OUR ON OUR
VARIOUS ACTIVITIES- RULEMAKING
ACTIVITIES- AS WELL AS OUR OUR
DEEPER ENGAGEMENT WITH- WITH
COMMUNITIES- AND WITH- AND WITH
NEW MARKETS-IT IS- AGAIN IT'S
MY HOPE AND EXPECTATION THAT WE
CAN- DEVELOP THAT SORT OF
MUSCLE THAT THAT. INCREASE AND
NOT IN HIT ITS- SPIRIT C. AND
FLOATING BETWEEN WHAT WE'RE
LEARNING IN THE MARKETPLACE
WHAT WE CAN THAT PROVIDE TO OUR
TO OUR- TO OUR PARTNERS AND TO
ENTER THE LEGISLATURE- THERE IS
THERE THERE WILL OF COURSE
REMAIN- THE- THAT THE CRITICAL
BUDGET OVERSIGHT THAT YOU ALL-
THE YOU ALL EXERCISE- AND- WE-
REMAIN. WE REMAIN COMMITTED AND
I THINK WE HAVE WE HAVE AN OPEN
MIND TO HEARING- OTHER OTHER
THOUGHTS AND OLUTIONS- THAT
THE LEGISLATURE WOULD HAVE
ABOUT HOW HOW TO BETTER-
PARTNER TOGETHER. THANK MISTER
DOCTOR REGULAR. THANK YOU AND
I'D LIKE TO START COMMISSIONER
ALVAREZ BY ROAD MAPPING WHERE
I'M GOING TO BE ASKING
QUESTIONS AND THEY WILL BE
UNDER THE STAFF COMMENTS NUMBER
SEVEN AND THEN NUMBER THREE.
BUT WITH PERMISSION I'D LIKE TO.
READ TO START AND ALSO TO THANK
CHAIRWOMAN. LEADERSHIP IS NOT
ABOUT BEING IN CHARGE
LEADERSHIP IS ABOUT TAKING CARE
OF THOSE IN YOUR CHARGE. THE
PROPOSAL THAT YOU BROUGHT
BEFORE YOUR COMMITTEE LAST YEAR
SHOWED REAL LEADERSHIP TO TAKE
CARE OF OUR COMMUNITIES AND
WANTED TO MAKE SURE TO START BY
THANKING YOU. FOR STARTING US
DOWN THIS PATH. WHAT I BELIEVE
THE PROPOSAL IS BEING PRESENTED
TO US TODAY. IS TO HELP
CALIFORNIA CREATE A BASELINE OF
CONSUMER PROTECTION STANDARDS.
SO THAT REGARDLESS OF WHAT
OCCURS IN NOVEMBER ELECTION WE
HAVE THE OPPORTUNITY TO SHOW
LEADERSHIP AND TO PROTECT OUR
CONSUMERS AND CHARLAMAGNE I
JUST WANT TO MAKE SURE YOU
RECEIVE THAT APPROPRIATE
RECOGNITION FOR THAT. NOW FOR
THE ADMINISTRATION. I'D REALLY
LIKE TO TRY TO UNDERSTAND.
TRANSITIONS BECAUSE I SEE WHERE
IT IS YOU'RE TRYING TO GET US
TO. BUT I'D LIKE TO UNDERSTAND
WHAT ARE YOUR EXPECTATIONS FOR
YEARS ONE TWO AND THREE AS YOU
ARE LOOKING FOR AN AGILE
FRAMEWORK. AND YOU ARE TELLING
US WE CAN REFINE THIS WITH TIME
WATER YOUR- EXPECTATIONS THAT
WILL OCCUR IN THESE FIRST FEW
YEARS. THANK YOU ASSEMBLY
MEMBER FOR THE OPPORTUNITY TO
TALK ABOUT OUR OUR TRANSITIONAL
ROADMAP- HERE'S WHAT WE- HAVE
DISCUSSED AND CONTEMPLATED AT A
AT A HIGH LEVEL. YEAR ONE WOULD
BE FOCUSED ON HIRING KEY
LEADERSHIP POSITIONS AND
STARTING TO SCALE UP SOME OF
THE CRITICAL FUNCTIONS SO. THAT
WOULD INCLUDE OF COURSE-
IDENTIFYING RECRUITING AND
RETAINING. SOME OF THE KEY
LEADERSHIP POSITIONS INCLUDING
THE- THE DEPUTY OF THE CONSUMER
FINANCIAL PROTECTION DIVISION
AS WELL AS- THE PERSON THAT
WOULD LEAD THE OFFICE OF
TECHNOLOGY AND INNOVATION-
BUILD OUT WORK WITH. NEW
LEADERSHIP TO BUILD OUT EACH OF
THOSE NEW FUNCTIONS. START TO
LEVERAGE THE MARKET MONITORING
AND ENHANCED CONSUMER- RESEARCH
AND INSIGHTS FUNCTIONS TO GET
OUR HANDS AROUND THE NEW
COVERED PERSONS AND NEW
TERRITORY- THE FINANCIAL
TECHNOLOGY AND INNOVATION
OFFICE WOULD ALSO BE ENGAGING
WITH. THOSE NEW INDUSTRIES AND
ENTREPRENEURS- TO START LAYING
THE GROUNDWORK FOR A LONG TERM
STATE WORKING RELATIONSHIP- AND
THE TARGETED CONSUMER OUTREACH
OFFICE WOULD START TO DEVELOP-
TOOLS COMMUNICATION TOOLS WEB
TOOLS. AND OTHER RESOURCES
NEEDED TO EDUCATE AND EMPOWER
CONSUMERS TO MAKE BETTER
INFORMED FINANCIAL DECISIONS-
YEAR TWO WE WOULD START TO
START DOWN THE PATH OF LOOKING
AT- AREAS RIGHT FOR REGULATION-
THE EDUCATION OFFICE WOULD
REACH OUT TO YOU CALIFORNIANS
SENIORS AND STUDENTS THROUGH
VARIOUS- EDUCATION EFFORTS. WE
WOULD CONTINUE HIRING OBVIOUSLY
NEW POSITIONS INTO THAT SECOND
YEAR AND BUILDING UP- PUTTING
MORE MORE FLESH ON THE BONE AS
IT WERE WITH RESPECT TO- SOME
OF THE FUNCTIONS. AND WE WOULD
WE WOULD EXPECT I WOULD EXPECT
TO START USING AN EXAMINING
SOME OF THE NEW PERSONS- TO
ENSURE I GET COMPLIANCE WITH
THE BASELINE LEVEL OF
EXPECTATIONS- AND SO THAT WE
CAN START TO THE DEVELOP SOME
OF THE SOME MUCH NEED. MARKET
DATA TO REPORT BACK TO UP TO
CRITICAL STAKEHOLDERS IN THE
LEGISLATURE- AND OF COURSE WE
WOULD- WE WOULD WORK ON
DEVELOPING THE REGISTRATION
PROCESS. YOUR THREE HOUR
FINALIZING REGULATIONS
IMPLEMENTING THE REGISTRATION
FRAMEWORK. YOUR THREE WOULD BE
THE THIRD WAVE OF HIRING SO-
HIRING AT FULL CAPACITY- AND WE
WOULD EXPECT TO HAVE ALL
RESOURCES ON BOARD BY THREE. I
KEPT. YEAH HIGH LEVEL OF
RECESSION YOUR ONE IS ABOUT-
HIRING LEADERSHIP AND GETTING
OUR ARMS AROUND- AROUND IN YOUR
TERRITORY YOUR TWO IS ABOUT
STARTING TO. IMPLEMENT SOME OF
THE NEW TOOLS AND GOING INTO
THE NEW TERRITORY AND DEVELOP
LEARNING IN YEAR THREE AS
ABOUT. ROUNDING OUT THE- THE
PROPOSAL AND- INTEGRATING IT
INTO AND INTO THE DEPARTMENT
BRIT BRIT MARCH. LET ME START
BY- OPINING THAT- I BELIEVE
YOU'VE HEARD FROM MULTIPLE
ASSEMBLYMEMBERS TODAY FOR THE
NEED FOR INCREASED
COMMUNICATION BETWEEN OUR TWO
BRANCHES AND- HOW THAT WILL
HELP US TO. MORE EFFECTIVELY
COLLABORATE IN THE FUTURE BUT I
WANT TO FOCUS ON YOUR COMMENTS
ABOUT YOUR TO IN WHICH OF
REGULATIONS WILL BE PROMULGATED.
SO HOW WILL THE DEPARTMENT
ENFORCE THE PROVISIONS UNDER
THIS LAW BEFORE THE REGULATIONS
ARE PROMULGATED AND- WILL THEY
BE RETROACTIVE. THANK YOU SO V.
ON ON DAY ONE THE DEPARTMENT%
WOULD HAVE THE ABILITY TO
ENFORCE- PROHIBITIONS AGAINST
ON UNFAIR DECEPTIVE AND ABUSIVE
ACTS AND PRACTICES SO THERE
WOULD BE THE AUTHORITY ON DAY
ONE TWO- YOU CAN LOOK AT
CONSUMER COMPLAINTS AND
COMMENCE. INVESTIGATIONS AS TO
AS TO THOSE BAD AXE PRACTICES-
THAT WOULD NOT BE- THAT WOULD
NOT BE RETROACTIVE AS AS AS
DRAFTED IT WOULD IT WOULD NOT.
BE LOOKING BACK WE WOULD BE
LOOKING FORWARD OF COURSE THAT-
AT BAD AXE- THAT. THEY COME UP
ON A LEADERSHIP. I WAS MOVED BY
YOUR COMMENTS ABOUT THE
VELOCITY OF CHANGE THAT WE'VE
SEEN IN THE STATE OF CALIFORNIA
AND SO I WILL JUST AGAIN AND BY
ENCOURAGING AS MUCH
COMMUNICATION AS WE CAN BETWEEN
OUR BRANCHES- AND I WILL
CONTINUE TO LOOK TOWARDS THE
LEADERSHIP OF OUR- CHAIR HERE
AND- BANKING AND FINANCE TO.
MAKE SURE THAT WE END UP AT THE
TOP THANK YOU. THANK YOU DR
ARAMBULA NEXT WE HAVE
ASSEMBLYMEMBER BARRICADE HAN.
THANK YOU MADAM CHAIR AB I WANT
TO ECHO I WANT TO START BY
ECHOING THE COMMENTS OF MY
COLLEAGUES- AND THANK YOU FOR
YOUR- INCREDIBLE WORK CARRYING
ON ON THIS. EFFORT I THINK WE
HAVE SEEN THOSE OF US TO SIT ON
YOUR COMMITTEE THE PAST YEAR
LAST- AND YOUR DESIRE TO
PROTECT CALIFORNIA'S CONSUMERS
AT ALL TURNS. AND AS WE SIXTEEN
IN LAST DECADE THE FINANCIAL
SERVICES AND OTHER MARKETS MOVE
FASTER THAN- SOMETIMES WE CAN
RESPOND AND I THINK YOUR
FORWARD LOOKING THOUGHT AROUND
THAT AND HOW WE CAN CREATE AN
AGILE. AND ENFORCEMENT
MECHANISM WAS. BRILLIANT AND-
YOU KNOW I THINK YOUR
LEADERSHIP IS PLAYING OUT IN
THIS PROPOSAL SO THANK YOU. AM
I HAVE. YOU KNOW I CONSUMER
PROTECTIONS SHOULD BE AT THE
FOREFRONT AND THE PRIORITY OF
EVERYTHING WE DO AND I THINK
THAT IS WHAT IS BEFORE US TODAY
AND I WANT TO THANK THE
ADMINISTRATION FOR MOVING THAT
FORWARD- BUT I. I SHARE THE
CONCERNS OF MY COLLEAGUES
REGARDING. SORT OF FUTURE
LOOKING- CONCERNS AROUND
OVERSIGHT AND ENSURING THAT WE
HAVE THE RIGHT BALANCE LAST
YEAR WHEN. WE WERE
CONTEMPLATING CHAIRWOMAN'S
INCREDIBLE BILL THAT LOOKED AT
PREDATORY LENDING THE
CONVERSATION IS ROBUST AROUND.
SORT OF FOCUSING ON THE FACT IT
WAS THE RIGHT THING TO DO BUT
ALSO ROBUST MARKETS AN
OPPORTUNITY TO BORROW IS
CRITICAL. AND SO HOW DO WE
BALANCE SORT OF TAKING THOSE
PREDATORY PRACTICES AWAY WHILE
ENSURING PEOPLE HAVE ACCESS TO
BORROWING. AND MY CONCERN
REMAINS THE SAME HERE WHICH IS
ALTHOUGH IT IS ALWAYS IMPORTANT
PROTECTIONS PERSON GO AFTER
UNFAIR PRACTICES WE NEED TO
LOOK AT THE MARKETING SURE
WE'RE PROTECTING ACCESS TO
CAPITAL BEING TIME. AND SO
LEGISLATIVE OVERSIGHT IS
CRITICAL IN MAKING SURE WE
RETAIN THAT BALANCE. AND SO I
WANT TO JUST BRING A QUESTION
BACK TO THING THAT CAME UP
DURING A FAMILY OR BURKE. HI
WHICH IS THE BY. WHICH IS OF
OUR MAIN SOURCES OF OVERSIGHT
FOR THE AGENCY'S AS WAS
MENTIONED AND I THINK WE AS A
LEGISLATURE HAVE SEEN THAT
WHERE WE GIVE FUNDING WITHOUT
AN OPPORTUNITY TO REVISIT IT-
NOT THAT'LL BRING UP HIGH SPEED
RAIL BUT- JUST AS AN EXAMPLE-
THAT WE THEN LOSE THE ABILITY.
TO REVISIT AND HAVE OVERSIGHT
IN THOSE. INSTANCES AND SO I
GUESS WHICH SHE MENTIONED I
WANT A LITTLE BIT MORE
CLARIFICATION OF HIS ONCE WE
APPROVE THIS EXPENDITURE. WE
CAN'T LOOK BACK AS WE DO WITH
OTHER AGENCIES IS THAT RIGHT
THE YOUR- YOUR FUNDING IS
ONGOING AND IS NOT REVISIT IN
FUTURE BUDGET. I GUESS
DEPARTMENT FINANCED IN RESPONSE
THAT IF THEY FEEL LIKE THE MORE
APPROPRIATE. HI KIMBERLY ABSENT
FROM THE DEPARTMENT OF FINANCE
YES WE'VE BUILT THIS IN AS
ONGOING FUNDING RAMPING UP OVER
THREE YEARS AS THE COMMISSIONER
NOTED. OKAY WHEN I WOULD URGE
US TO REVISIT THAT QUESTION AND
MAYBE THAT'S WHERE OVERSIGHT
WILL COME IN- BECAUSE I DO
THINK WE NEED TO LOOK. LONG AND
HARD AT HOW WE CONTINUE TO
EXERCISE OUR AUTHORITY AS A CO
EQUAL BRANCH OF GOVERNMENT AND
I DO BELIEVE THAT IS AN
IMPORTANT ASPECT THAT. THANK
YOU OUT OF HERE. THANK YOU SOME
AIRBAGS. MCCARTY. ARE THEY ON
OUR OKAY- I WANT TO TALK ABOUT
A BIT ABOUT THE PROCESS AND
THEN- DEBATE ABOUT THE POLICY
AND FIRST I'M I'M NOT ON THE
BANKING COMMITTEE I'M NOT A SUB
FOR THIS IS THE OVERSIGHT
HEARING OF SUBJECTS OF SOMEWHAT
NEW TO THIS POLICY AREA BUT-
ALL OF OUR CONSTITUENTS ARE
VERY INTEREST IN FINANCIAL
SERVICES THIS IS A BIG ISSUE
WE'VE HEARD FROM. I
STAKEHOLDERS. BUT BUT THE ISSUE
I JUST WANTED TO SAY ABOUT
BEING AT RUSHED THROUGH I THINK
THAT- A LITTLE BIT SHALLOW. FOR
REASONS WE HAD SOME BUDGET
TRAILER BILLS THAT LITERALLY
WERE PROPOSED. A COUPLE NIGHTS
BEFORE THEY WERE IN FRANCE AND
WE SAW THAT ABOUT A MONTH AGO.
WHERE THEY WEREN'T IN THE
JANUARY BUDGET THEY WEREN'T IN
THEM MAY REVISE THEY WERE. CAME
TO LIGHT SOME OF THE IDEAS JUST
SEVENTY TWO HOURS BEFORE THE
PROPOSED BE VOTED ON THIS FLOOR
SO THAT I THINK IS VERY
PROBLEMATIC AND I OBJECTED TO
THAT. BUT WHEN YOU HAVE A
PROPOSAL THAT WAS SUBMITTED IN
THE MAY REVISE OUR BEFORE THAT
IN THE JANUARY BUDGET. I DON'T
THINK THAT YOU CAN USE THE
ARGUMENT THAT THIS DIDN'T HAVE
AMPLE TIME FOR- I'VE ALSO TAKE
A LOOK AT IT AND FOR VETTING
GRANTED WE DIDN'T HAVE THEIR
VETTING THIS YEAR WE HAD AND
OTHER LEGISLATIVE YEARS BUT TO
SAY THAT IT'S- SPRUNG UPON US
AT THE ELEVENTH HOUR I THINK-
IS NOT QUITE ACCURATE SAYS. FOR
THE RECORD I WANT TO SAY THAT-
YOU KNOW OVERALL- IN THIS. COLD
ED WORLD WE SEE A REALITY THAT.
THAT PEOPLE OF AND- YOU KNOW
HOW ECONOMIC STRESS IN OUR
COMMUNITIES SOURCES ARE GETTING
HAMMERED AND WE SEE THAT LEFT
AND RIGHT. AND JUST FOR THE
PURE ECONOMICS OF JOB WAS THERE
THERE AMOUNT OF MONEY IN THERE
LIFE SAVE THAT ON BUT THERE ARE.
ANAND RESOURCES AND SOMETIMES
ON PEAK BEING IMPACTED IT IS
COMPOUNDED UPON THAT AND SELL-
CONSUMER PROTECTION IS A KEY
THING I THINK WE ALL AGREE UPON
THAT THINK LAST IS THAT THE
BALLOT. PROTECTING OUR
CONSUMERS AND SO. TAKING A STEP
BACK AND I'M NOT IN THE WEEDS
LIKE CHER LIMóN WHO HAS DONE A
GREAT JOB IN THIS FIELD FOR
LAST COUPLE YEARS PROTECTING
CONSUMERS BUT- YOU KNOW MIKE
FORTY THOUSAND FOOT LEVEL TO
SOMEONE WHOSE. YOU KNOW. SAW
WHAT HAPPENED TO MY COMMUNITY
DURING THE LAST RECESSION WHEN
I WAS THE LOCAL FISH ON THE
CITY COUNCIL ON. THE HOUSING
CRISIS AND HOW YOU KNOW
COMMUNITIES ARE
DISPROPORTIONATELY IMPACTED. IT
KNOWING THAT MORE CONSUMER
PROTECTIONS IF IT'S NOT GONNA
pIS A GOOD THING. AND I'M JUST
KIND OF AT A LOSS AS FAR AS HOW
THIS WOULD NEGATIVELY IMPACTS.
AND THROW. YOU KNOW THANK YOU
RENTS IN IN. IN THE INDUSTRY
THAT IT WHAT'S IT WHAT HARM
THEM FROM DOING THEIR BUSINESS
I MEAN IS IT MORE PAPERWORK IN
OVERSIGHT OR IS IT REALLY GOING
TO HOLD PEOPLE ACCOUNTABLE. FOR
COOPER CONSUMER PROTECTIONS IN
THIS FINANCIAL MESS INDUSTRY
ITSELF. I KNOW WE WILL HAVE
NEXT- A SERIES OF COMMENTS.
PUBLIC COMMENTS I THINK WITH.
YOU KNOW STRONG. BUT IN THE END
I I'M COM. THAT THE
COMMISSIONER. COMMISSIONER AL.
AND EVEN THE L. A. L. HAS HEARD
THE ARGUMENTS AGAINST THIS
PROPOSAL. AND I WOULD LIKE- FOR
THEM AT THIS POINT. TO YOU KNOW
BASICALLY- RESPOND AS FAR AS-
HOW YOU THINK THAT THESE
REGULATIONS. WILL NOT BE OVER
BURDENS THEM TO THE FINANCE
MINISTRY IN CALIFORNIA AND- AS
OPPOSED. TO THE FOR THE IDEA TO
PUT FORTH IS PROVIDING MORE.
CONSUMER PROTECTIONS FOR THE
PEOPLE OF CALIFORNIA RELATED TO
THEIR BANKING AND FINANCIAL
SERVICES. HOPE YOU GOT THAT
QUESTION SORRY FOR THE
ROUNDABOUT WAY ASKING IT. THANK
YOU ASSEMBLY FOR THE
OPPORTUNITY- WHEN I YOU KNOW IN
IN MY MIND I FRAME I THINK OF
ENHANCE REGULATION NOT
NECESSARILYIS- MORE BURDEN
CENTER OR MORE VOLUMINOUS BUT I
THINK OF IT AS- SMARTER
REGULATION AND- SPEAKING YOU
KNOW REPLYING IN. A BIT ON MY
PAST EXPERIENCE WITHIN. THE
BOARD OF DIRECTORS AND
EXECUTIVE ABOUT TO NAVIGATE.
FINANCIAL LOSS OR IT IS MY IT
IS MY SINCERE BELIEF AND I
DON'T THINK I'M ALONE AND IN
SAYING THIS BUT IT IS MY
SINCERE BELIEF THAT. THAT
CLEARER SMARTER REGULATION- IS
NOT AT ALL BURDEN ON BUT IS
ACTUALLY A BOON TO INDUSTRY
WHAT WHAT OPERATORS MOST OFTEN
EXPECTATIONS AND AGAIN THAT IS.
PART OF WHAT- WE HOPE TO
ACHIEVE WITH THIS PROPOSAL BY-
BY IMPOSED- BUT TRYING TO
ACHIEVE A MORE LEVEL PLAYING
FIELD. THE WHOLE TATIAN. I
THINK THAT'S THE IT'S OFTEN
BENEFICIAL TO CONSUME BUT ALSO
THAT A LOT OF IN CLEAR THAT
THAT BRINGS TO THE MORE IS A
THAT TO COMPETE SO ALSO AGAIN
I'M SOMEONE THAT WILL BE THAT
THE TWO THE TO OF PROTECTION AT
EIGHT. ARMY CHU EXCLUSIVE THEY
THEY NEEDED TO BE FACTORS
BELIEVE THAT THE AND BECAUSE-
UNDER THAT THERE ARE FEW GROWTH
ACROSS. D. PLEASE S. ON
CONSERVE PRINCE BECAUSE MAKE
SENSE IT MAY A GOOD. SENSE TO
DEVELOP A LONG RELATIONSHIPS
WITH CUSTOMERS AS OPPOSED TO
TIME TRANSACTION AND- VOEPEL
LAST THING I WOULD I WOULD SAY
THAT IS. WE AGAIN WE SEE WE SEE
TO ACHIEVE A LEVEL OF SMARTER
BYE BYE DEVELOPING FROM OF
FRANKLY WE JUST DON'T CURRENTLY
HAVE- AT AT THE STATE AT THE
STATE REGULAR LEVEL NAME.
MARKETMILE WHERE WE ARE MORE
PRICE READ OUT AND KEEP OUR
FINGERS THE PULSE OF WHAT'S
ACTUALLY CHANGING AND THE MARK.
I THINK TO DATE WE ARE WE TEND
TO BE A UP MORE ON THE
RECEIVING END THAT THAN
ANYTHING ELSE AND- AGAIN I
EIGHT IT IS HARD FOR ME TO
SPEAKTO WHAT MAKES FINANCIAL
SERVICES SO TO SOME DIFFERENT
FROM OTHER COMMERCIAL AREAS
BECAUSE I'M NOT I'M NOT EXPERT
AND OTHER COMMERCIAL AREAS- BUT
I CAN- VERY MUCH STATE AGAIN.
HOW TO CLEAR THAT THE LAST
DECADE HAS SEEN TREMENDOUS-
TREMENDOUS GROWTH AND CHANGE
RIGHT- AND CHANGE WITHIN
FINANCIAL SERVICES- ONE. I
OFTEN PEOPLE IS. UP WHEN IS
LAST TIME YOU WALKED IN A BRICK
MORTAR LOCATION TO DEPOSITOR
WITHDRAW MONEY CHANCES ARE
THAT. YOU HAVEN'T DONE THAT AS
AS OFTEN OR AS AS AS RECENTLY
AS YOU'VE USED. SOMETHING LIKE
THIS TO MOVE MONEY- SO I THINK
THERE IS- I THINK THAT THERE'S
A VERY REAL ACKNOWLEDGEMENT
THAT- BUT THE VELOCITY CHANGE
FINANCE SERVICES HAS DEBT FOR
THE- WHETHER GOOD OR BAD- IT IS
IT IS REAL. AND I THINK IT'S
GONNA PROCESS FOR A VERY LONG
TIME. THANK YOU. FIGURES
MCCARTY I WAS GOING TO ASK A
FEW QUESTIONS AND TURNED OVER
TO CHARLIE MON- MID ROBERTS
KEEP CAN YOU GIVE US A SENSE
THAT YOU TALK ABOUT YOUR RESUME
A LITTLE BIT BUT HOW MANY YEARS
HAVE YOU WORKED IN THE-
FINANCIAL SECTOR. IT WAS. GOING
ON JUST UNDER ATTACK I SPENT
JUST UNDER TWO YEARS AS AN
ENFORCEMENT TRAINING WITH THE
CALIFORNIA ATTORNEY GENERAL'S
OFFICE IS SPENT THREE YEARS AS
WHEN IT BEFORE SPENT TRAINEES
WITH THE CONSUMER FINANCIAL
PROTECTION BUREAU- AND THEY
SPEND ROUGHLY FIVE YEARS AS AS
A GENERAL COUNSEL TO THE- L. G.
COMPANY WHERE WE- YEAH I. I
HELPED THE COMPANY GROW FROM
ROUGHLY THIRTY EMPLOYEES TO-
JUST JUST UNDER SEVEN HUNDRED
EMPLOYEES. THANK YOU FIFTEEN
MINUTES SEEMS LIKE BASED ON
THOSE YEARS OF EXPERIENCE OF
QUITE A LOT OF FAMILIARITY WITH
THESE INSTITUTIONS AS WELL AS
HOW THEY ARE REGULATED THAT
PROCESS. I THINK IT'S FAIR TO
SAY YES. CAN YOU GIVE ME A
SENSE OF THE IN DOESN'T IN THAT
REALLY WELCOMES REGULATION AND
SORT OF EMBRACES- CONSUMER
PROTECTION WOULD YOU SAY. THEY
TEND TO- FIGHT THESE PROPOSALS
AS THEY'RE PRESENTED. QUITE
HONESTLY I THINK IT DEPENDS- I
THINK THERE I DO THINK THERE
ARE THERE ARE WITHIN THE
FINANCIAL SERVICES INDUSTRY I
DO THINK THAT THERE ARE- PLENTY
OF. MISSION COMMITTED COMPANIES
THAT SEE THE VALUE IN
REGULATION THAT SEE THE VALUE
PRESERVING THE INTEGRITY OF
THEIR FINANCIAL SERVICES
MARKETPLACE AND- AND SEE THEIR
ROLE AS WORKING. HAND IN HAND
AND IN PARTNERSHIP WITH- WITH
THEIR FUNCTIONAL REGULATOR- WE
HAVE THE DEPARTMENT TODAY HAS-
GREAT WORKING RELATIONSHIPS
WITH. ALL OF OUR THE LICENSEES
WE HAVE GREAT RELATIONSHIP WITH
OUR OUR TREAT ASSOCIATION THE
TRADE ASSOCIATION REPRESENTING
OUR LICENSEES- THERE ARE OF
COURSE. ALWAYS GOING TO BE.
CONCERN FOR. ANY NUMBER OF
COMPANIES IN FINANCIAL SERVICES
WHEN IT COMES TO CHANGE- THAT
BECAUSE CHANGE IS HARD BUT YOU
KNOW CHANGE IS ABOUT THE ONLY
CONSTANT IN ANYONE'S LIFE AND
MORE THAN ANYTHING I THINK IT'S
THAT IT'S THAT CHANGE
MANAGEMENT THAT IS THAT IS
DIFFICULT AND COSTLY ON- ON
COMPANIES WITHIN THE SPACE- BUT
IS ALSO MY VIEW THAT CHANGE
MANAGEMENT IS NOT- IT IS NOT
UNIQUE TO REGULATION CHANGE
MANAGEMENT IS A WAY OF LIFE.
WHEN YOU CONSIDER THE- CHANGING
PREFERENCE THE CHANGING
PREFERENCES OF A CUSTOMER AGAIN
HOW MANY MORE CUSTOMERS
ACCESSING CAPITAL THROUGH ONE
OF THESE THAN WALKING INTO
BRICK AND MORTAR THAT PRESENT
VERY PROFOUND- VERY PROFOUND
CHALLENGES. UNDERSTANDABLE
PALACE FOR COMPANIES PRODUCT IN
THE. IT'S AND THEN OF COURSE
WILL BE SOME OF AN ACTOR WITHIN
THE PRODUCTS AND SPACE OUR THAT
WILL BE ALLERGIC TO THE NAY OF
REGULATION AND WILL WILL OBJECT
TO- ANY ANY NOTION OF
REGULATION OF ANY KIND OR OR
INCREMENTAL REGULATION AND I
THINK IT'S JUST IT'S IMPORTANT
TO BE REALISTIC ABOUT THAT
THERE WILL OF COURSE ALWAYS BE
SUBSTANCE OF ACTOR. WILL OBJECT
TO REMAIN ALERT TO ANY KIND OF.
SO FOR THOSE OF ACTORS HOW DO
YOU HOW EVEN THE FIELD
OBVIOUSLY YOU HAVE. AT THAT YOU
DESCRIBE AS A FOLKS THAT WERE
WILLING TO- MORE LIKELY PARTNER
WITH THE REGULATORS IN THE U.
HAVE- SOME COMPANIES THAT SEEM
TO BE A LARGER TERM REGULATIONS
HOW DO YOU HOW DO YOU MAKE SURE
THAT EVERYONE'S PLAN BY THE
SYMBOLS. WELL I THINK IT'S
IMPORTANT TO USE. IT'S
IMPORTANT TO BRING TO BEAR ALL
OF THE- ALL OF THE TOOLS.
WITHIN A REGULATORS DISPOSAL-
AGAIN TODAY THAT THE DEPARTMENT
THE DEPARTMENT DOES NOT HAVE.
THE ABILITY TO SUPERVISE
EXAMINE- BORSIG NUMBER OF
COMPANY IN ACTORS WITHIN
FINANCIAL FINANCIAL SERVICES
ECOSYSTEM. ONE OF THE- ARE
THERE WERE A COUPLE OF- REALLY
IMPORTANT AND PROFOUND- ASPECTS
TO DODD FRANK WHEN IT WHEN IT
PASSED- ABOUT A DECADE AGO. ONE
OF THE- PROFOUND ELEMENTS OF
DODD FRANK WAS- THE WRECK IN
THE RIGHT THE RECOGNITION AND
THE NEED FOR FUNCTIONAL
REGULATION THE NOTION THAT. THE
TYPES OF PRODUCTS IN THE TYPES
OF STE COMPANIES WITHIN THE
SPACE WILL WILL ALWAYS CHANGE-
VERY VERY RAPIDLY AND SO THERE
WAS THAT THERE WAS A
RECOGNITION FOR. THE NEED TO
FUNCTIONALLY REGULATE THAT
INDUSTRY AND THEN THE SECOND I
THINK IMPORTANT INSIGHT- THAT
THAT OFFERING TAUGHT US AND
THAT WE BORROW FROM FOR THIS
PURPOSE. IS D. VAN OF HAVING
MULTIPLE TOOL TO BRING CARE TO
A TO A PROBLEM SO GOING BACK TO
YOUR OPTIONS. SEARCH IN IS THAT
ARE FOR A ALLERGIC TO. AND DOES
ONE DO AS OF RIGHT. THE ONE
BRING TO BEAR THE TOOL AND ALL
THE TOOLS RIGHT SO THAT'S EVERY
FROM FROM EXAMINE. A COMPANY'S
AND IT IS INDUSTRIES TO MAKE
SURE THAT YOU ARE. THE FINAL
LEVEL WHAT ARE THE BUSINESS
PRACTICES WHAT IS WORKING WHAT
IS NOT WORKING FOR CUT
CONSUMERS. USING YOUR
ENFORCEMENT TOOLS- IF AND WHEN
APPROPRIATE AND USING THEM IN
SUCH A WAY AS TO AS TO ENCRYPT
HAVE- GENERAL DETERRENT EFFECT
AND TO ENCOURAGE- AND TO
ENCOURAGE OTHER COMPANIES. TO
REALLY LOOK CLOSELY WITH IN-
AND ASK THEMSELVES HOW CAN WE
DO BETTER BY OUR CUSTOMERS. YOU
ALSO HAVE THE VERY IMPORTANT
TOOLS AND FUNCTIONS- OF
CONSUMER EDUCATION WE CAN'T-
THE LEGISLATURE CAN'T FIGHT
THIS FIGHT ON ITS OWN IRREGULAR
THERE CAN'T FIGHT THIS ON ITS
OWN YOU NEED- YOU NEED TO
EDUCATE AND INFORM CONSUMERS SO
THAT THEY CAN CONTINUE TO MAKE
THE BEST POSSIBLE CHOICES. IF I
NEED A LOT. SO IN IN YOUR YOU
KNOW AS- A GIVEN NUMBER YOUR
YOU SPELL I A REGULATOR AND
INVOLVED AND- OVERSIGHT OF THIS
INDUSTRY. AS YOU OBSERVE THE
LEGISLATIVE PROCESS- AND THIS
IS JUST AN OBSERVATION- DO YOU
DO YOU FEEL THAT IT'S- EASY TO
PASS- CONSUMER PROTECTION
LEGISLATION OVER DIFFICULT TO
PASS BECAUSE SOME PROTECTION
LEGISLATION. I YEAH I HAVE NO
DOUBT THAT IT IS- IT IS A
CHALLENGE FOR THE LEGISLATURE
TO- TO ADDRESS CONSUMER
PROTECTION ISSUES THROUGH
THROUGH LEGISLATION. BUT I BUT
I I'M SORRY THE GRANT. AB BUT
BUT TO BE CLEAR I OF COURSE
I'VE I'VE NEVER. I CANNOT SPEAK
TO FIRSTHAND THE- THE TYPES
CHALLENGES OR THE PROCESS SEES
THAT THE LEGISLATURE GOES
THROUGH. WELL IS THE I THINK
OUR PRECIOUS TIME YOU CAN'T BE
FIRST HAND TO MY COLLEAGUE FROM
DIEGO FIRST SHE TALK ABOUT.
THIS IS A LIKE INTO LEGISLATURE
TOGETHER TO THIS IS HER YEAR ON
THE BANKING COMMITTEE IN IN HER
A THE LEGISLATURE HAS FALLEN
SHORT IN TERMS OF CONSUMER
PROTECTION ESPECIALLY. IN THIS
PARTICULAR AREA IN FACT A THE
LAST TIME I THINK THE
LEGISLATURE DID SIGNIFICANT
CONSUMER PROTECTION IN THIS
AREA WAS. THE HOMEOWNERS BILL
OF RIGHTS IN RESPONSE TO THE
FORECLOSURE CRISIS. AND THAT
WAS A PARTICULAR CRISIS WHERE
AGAIN- WE AS A COUNTRY WE
STATE. FELL SHORT AND THEN WE
S. TAXPAYERS WERE ASKED TO BAIL
OUT THESE FINANCIAL
INSTITUTIONS SO NOT ONLY DO WE
FOR THE SHORT IN PROTECTING
CONSUMERS. WELL WE. HAD TO PAY
THE BILL. AND SO THE STATE. ARE
HIGH IN THIS PARTICULAR AREA.
BECAUSE IF WE DON'T DO IT RIGHT
IT POTENTIALLY. COMESBACK AND
HITS THE TAXPAYERS. BECAUSE
THESE INSTITUTIONS ARE. THAT'S
SINCE TWO BAKER. BECAUSE WE
NEED A FINANCIAL INDUSTRY NEED
OVER IN THIS WE DON'T HAVE THE
LUXURY DECIDE WHETHER WITH
WATER AND WE ACTUALLY NEED TO
HAVE ONE ON AND SO THIS IS THIS
IS A CONSTANT. THAT IF IT'S NOT
THANK THEN. THESE EVEN
POSITIONS NINETY PER THE AFTER
PRETTY SMALL. BECAUSE THE
BILLION IN TWENTY DOLLARS ARE
SPENT. A BILL THE INDUSTRY. ON
I AM. VERY HONORED FROM SAN
FRANCISCO WHERE THE- WORST OF
THE LEADING. THE LEADERS IN THE
FIFTH AREA IT'S A VERY INTO
THAT'S VERY EXCITED HEREBY THE
INNOVATIVE IN THIS. WOULD YOU
SEE YOUR ROLE AND OF REALLY.
PROVIDING SOME OVERSIGHT
REGULATION GUIDANCE TO THIS
PARTICULAR DISTRICT. WELL I
THINK MY ROLE THE ROLE OF THE
COMMISSIONER OF THIS DEPARTMENT
ITIT'S- IT'S MULTI FACETED AND
AGAIN RELIES ON- VARIETY OF
TOOLS AT THE DEPARTMENT'S
DISPOSAL- FIRST AND FOREMOST I
THINK I THINK MY ROLE IS TO.
PRESERVE IT TO PRESERVE THE
INTEGRITY OF THE FINANCIAL
SERVICES INDUSTRY SO THAT IT IS
SAFE FOR CONSUMERS AND
CUSTOMERS TO INTERACT WITH- AND
SO THAT IT IS IT IS VIBRANT AND
ROBUST SO THAT- CONSUMERS HAVE.
A GOOD CHOICES- AND SO IN THAT
REGARD YOU KNOW IT'S PRESERVING
THE INTEGRITY OF THE PRODUCTS
WE HAVE. HAD TO MAKE SURETHAT
CONSUME. REMAIN PROTECTED AS
WELL AS LEAD WITH WITH CRITICAL.
LIKE THE LEGISLATURE I WANT TO
MAKE SURE THAT- GOOD OUTCOME
ARE CHIEF. FOR CONSUMERS. YOU
KNOW LOOK PERSONALLY MY
PERSONAL NOTE HERE I HAVE TO
TWO YOUNG ONES AT HOME AND-
OFTEN WHAT I WHAT I THINK ABOUT
THROUGH MY DAY TO DAY IS WHAT
KIND OF- WHAT KIND OF FINANCIAL
ECOSYSTEM WHAT KIND OF
ENVIRONMENT DO I WANT THEM TO-
TO EXPERIENCE BECAUSE- IT
DIDN'T. PLENTY OF PEOPLE HAVE
ACCUSED- THE FINANCIAL SERVICES
INDUSTRY OF BEING OVERLY- A SO
TERRIFIED AND I JUST DON'T SEE
IT THAT WAY AT ALL I THINK-
FINANCIAL SYSTEMS REPLACE SUCH
A CRITICAL ROLE IN
ESTABLISHING- IN IN IN
ESTABLISHING THE BUILDING
BLOCKS THAT WE ALL NEED TO
BUILD THE KIND OF- LOTS OF WE
WANT FOR OURSELVES AND OUR
CHILDREN WHETHER THAT BE
ACHIEVING BETTER. IN OUR HEALTH
CARE OR WHAT HAVE YOU SO
CRITICAL. THE V. ABLE. ZERO THE
HARD EARNED CAPITAL OF K. AND
TO MAKE SURE THAT THERE TO
PARTY AND THAT AND VIBRANT SO
THAT SO THAT EVERYONE CAN WIN I
DON'T BELIEVE THAT WE LIVE IN
THERE ARE SOME GAMES. SO WHAT
ONE OF THE- MAYBE THE COMMENTS
THAT YOU HEARD FROM MY
COLLEAGUES- WERE CONCERNED OF
THE ROLE OF THE LEGISLATURE
VERSES THE ROLE OF THE
EXECUTIVE BRANCH- ONE OF THOSE
GOALS. HAVE PUT FORWARD TO SORT
OF BALANCE- SORT OF. CREDIT
GREATER CHECKING BALANCES
POTENTIALLY TO HAVE A SUNSET
DATE- FOR THE AGENCY IT'S VERY
COMMON WITHIN THE BUSINESS A
PROFESSION- COMMITTEE WHICH I
HAPPEN TO SIT ON- THAT. YOU
KNOW NUMBER OF AGENCIES COME
BACK FOR HOME REVIEW THE CALL
CENTER REVIEW IT'S- AN
OPPORTUNITY WERE- YOU HAVE TO
YOU'LL GET YOUR- GET YOUR
AGENCY OR YOUR DEPARTMENT OR
YOUR COMMISSION. SORT OF REVIEW
AND RE. I IS SOMETHING THAT YOU
BE TO CONSIDERING. GET THE
SHORT TIME BUT ALL THE I THE
INTO REALLY HAVE CAN LEAD TO
AND- I THINK IT'S A SOLUTION IN
THE WE ARE. I HAVE WE WOULD
LOVE TO DIAL ON MORE WE KEEPING
UP MIND TO IF I MAY I WOULD
JUST I WOULD JUST IDENTIFY- A
COROLLARY CONSIDERATION OF THAT
I THINK WOULD WOULD BE WORTH-
BEARING IN MIND AS PART OF THIS
PART OF OUR ONGOING
CONVERSATION. AND IS THERE
THANK. SUCH A PIECE OF INITIAL
THAT THAT THIS PRINT IF INTO.
HI ORDER TO IMPLEMENT IT RELY
ON. THE A BILL TO ATTRACT AND
RETAIN- TOP TALENT- AND SO THE
ONE CRITICAL OBSERVATION I
WOULD MAKE THERE IS IF THERE IS.
IF THERE IS- IF THERE IS A
MATCH. THAT UNDERMINES THE
ABILITY TO- TO ATTRACT AND
RETAIN TOP TALENT THEN I WOULD
FEAR THAT- I WOULD FEAR THAT
THE SUCCESS OF THE PROPOSAL
STARTS TO WOBBLE BUT I THINK I
A DO THINK THAT THAT THAT THAT
IS PROBABLY. SOMETHING THAT IS
SOLVABLE I CAN BE THEY COULD BE
MARRIED UP WITH- WITH THE IDEA
YOU'VE YOU'VE PUT FORTH. I
THINK THAT'SFOR A I THINK THIS
TIRE STATE GOVERNMENT
SACRAMENTO HAS A CHALLENGE
WITH- ATTRACTING TOP TALENT TO.
AS PART OF THE STATE I THINK
IT'S NOT STUNT- I ISSUE FOR
YOUR PARTICULAR AGENCY. HAVING
SAID THAT A NUMBER OF OTHER
AGAINST COMMISSION'S. DIVISIONS
DEPARTMENTS- GO THROUGH THIS
PROCESS WITHOUT ANY PARTICULAR
ISSUE- AND AGAIN I THINK GIVEN.
GIVEN WHERE THIS PROPOSAL IS IN
THIS PARTICULAR DATE AND TIME I
THINK IT'S SOMETHING THAT WE
WOULD ALMOST CERTAINLY ACTUALLY
NEED TO HAVE. IN ORDER FOR US
TO BE SUPPORTER OF MOVING
ANYTHING- ANYTHING FOR I THINK
YOU DO- YOU REALLY SHOULD
SHOULD CONSIDER IT AND SORT OF
WHAT WOULD BE- WHAT WOULD BE
THE WAY TO. YEAR MAKE A WORK
HAVING SAID THAT THE FIRST
REVIEW OCCURS WE HEAR A IN THE
TO. OR COMMISSIONS THAT THEY
ARE NOT WORRIED ABOUT- BEING ON
THE CHOPPING BLOCK OR YOU SEE
A- YOU SEE A TURNING OF
EMPLOYEES IN FACT YOU KNOW WE
HAVE THE SENSOR VIEWS VERY
REGULARLY- EVERY YEAR. AND WE
PROBABLY HERE OR ABOUT ANY
NEGATIVE PARTICULARLY IMPACTS
THE STAFF SO I THINK. I IT
WOULD BE GOOD FOR YOU TO.
CONSULT YOUR- WHO HAVE TO GO.
THROUGH THE PROCESS. THAT YOU
VERY MUCH OF THE TURN OF NOW TO
THE CHIRLA. THANK YOU CAN TANK
I HAVE A COUPLE QUESTIONS SOME.
ON THE FIRST PLAY A AT I'LL
SOME MET THEIR WAS MEANT ABOUT
A LOT OF THE REQUIREMENTS IN
THE TRAILER BILL ARE YOU
SENSUALLY ALREADY COVERED UNDER
EXISTING STATE OR FEDERAL LAW.%
I THINK SOME EXAMPLE THAT MIGHT
HELP FOR US TO UNDERSTAND THE
PRACTICAL IMPLICATIONS. CAN YOU
SEE EXAMPLES OF CONSUMER
COMPLAINTS THAT YOU RECEIVED
BUT YOU CANNOT ACT ON AND THEN
CAN YOU SHOW US HOW THAT WOULD
CHANGE IF THIS PROPOSAL
APPROVED. YEAH ABSOLUTELY- SO
IN IN REVIEWING AND REVIEWING
THE VARIOUS TYPES OF COMPLAINTS
THAT WE RECEIVED SINCE MARCH-
ARE THERE ARE THERE ARE A GOOD
NUMBER OF COMPLAINTS- SPANNING
ALL SORTS OF PRODUCT CATEGORIES
AND SERVICES- HI THERE OF
COURSE- COMPLAINTS AND CONTACTS
ABOUT ABOUT. MORTGAGE AND
MORTGAGE RELATED ISSUES BUT
THERE WERE ALSO A NUMBER OF
COMPLAINTS ABOUT- PERSONAL LOAN
PRODUCTS THAT ARE CURRENTLY
WITH THEIR PURVIEW- ABOUT
REFUNDS OWED FOR PRODUCTS FOR
ONLINE TYPE PRODUCTS TO BE
DON'T THE WE DON'T. ABOUT ABOUT
DEBT OR OR CRY REPAIR TYPE
SERVICES THAT WE CURRENTLY
TOUCH AND I THINK THOSE ARE ALL
THE ARE ALL ACT ILUSTRE EXAMPLE
OF THE TYPES. AT THE TIME OF
PRODUCTS. THAT WE- CAN'T
CURRENTLY REACH WE DON'T KERN
HAVE OVERSIGHT OVER FOR EXAMPLE
THAT RESOLUTION A CREDIT REPAIR
PRODUCTS- WE DON'T CURRENTLY
HAVE SUPERVISORY AUTHORITY-
WITH RESPECT TO HAVE VARIOUS
ASSET RECOVERY- COMPANIES THAT
COLLECTION COMPANIES OR WHAT
HAVE YOU. AND THOSE ARE THOSE
ARE SOME EXAMPLES OF PRECISELY
THE TYPES OF. ATTICS AND
SERVICES THAT WOULD COME WITHIN
COME WITHIN THE AMBIT OF THE
DEPARTMENT- SHOULD SHOULD THE
PROPOSAL- YOU KNOW WITH
IMPLEMENTATION OF THE PROPOSAL.
THANK YOU- THE NEXT QUESTION IS
GIVEN THE CURRENT ECONOMIC
SITUATION THERE ARE MANY
PRODUCTS OR SERVICES THAT D. E.
B. O. IN PARTICULAR MIGHT BE
CAN ABOUT SO CAN YOU SHARE WHAT
THOSE PRODUCTS- MIGHT BE THAT
YOU'RE CONCERNED ABOUT
REGULATING. CAN WE LOOK TO THE
CONSEQUENCES OF THE LAST
DOWNTURN IN FORM OUR
EXPECTATION OF WHAT MIGHT BE
COMING DOWN THE ROAD. THANK YOU
ALL ALL ALL STAR WITH THE LAST
PART YOUR I CERTAINLY BELIEVE
THAT WE CAN. I THINK THE LAST
DOWNTURN IS INSTRUCTIVE ABOUT-
WHAT WE MAY EXPECT- AGAIN WELL
I THINK IT IS IT'S ALWAYS
DIFFICULT TO- TO IDENTIFY WITH
PRECISION THE TYPES OF PRODUCTS
OF THE TYPES OF SCHEMES THAT
ARE LIKELY TO FLOURISH BUT AT
ONE CAN. EVEN WE CAN GENERALIZE
AROUND THE TYPES OF- ACTIVITY
THAT THAT HAS STARTED TO EMERGE
IT WILL LIKELY EMERGE AS AS
THIS DOWNTURN PROCESS SO-
SPECIFICALLY YOU KNOW WE START
WITH. WE START BY LOOKING AT
THOSE CONSUMERS THAT ARE
EXPERIENCING FINANCIAL
HARDSHIPS TODAY THE TYPES OF
ACTIVITIES- THAT ARE LIKELY-
THAT ARE LIKELY TO TARGET THOSE
AT THOSE CONSUMERS ARE THE
TYPES OF ACTIVITIES THAT
PROMISE- SOME FORM OF RELIEF IN
EXCHANGE FOR A FEE WHETHER IT'S
SOME OF FROM FROM THE DEBT
THEY'RE CARRYING IN EXCHANGE
FOR RELIEF- SOME FORM OF RELIEF
FROM- FROM MARS ON THEIR CREDIT
REPORT IN EXCHANGE FOR RELIEF-
OR- YOU KNOW SOME. OTHER SOME
OTHER TYPE OF ACTIVITY AIMED AT
AGAIN TAKING- I TO TAKE THE ALL.
OF THE CONSUMER WHETHER THROUGH
SOME COLLECTION ACTIVE OR
THROUGH SOME THROUGH SOME.
EXCHANGE FOR SERVICE AND THAT
IS WHERE WE START TO SEE A LOT
OF I PURCHASED IF YOUR BECAUSE
SO MANY OF THE REPRESENTATION.
WHAT IN OR OR THEY GO. I
BELIEVE DAMAGING PARTICULAR
WITH RESPECT. I FRANKLY THE
COMMUNITIES OF AND A LG AND
HIGH INCOME INCOME COMMUNITIES.
THANK YOU AND I JUST WANT TO A
FEW COME A DAY. HEARD YOU KNOW
THE COMMENTS THAT MIGHT
COLLEAGUES HAVE BEEN AND I WANT
POINT OUT COUPLE THING ONE.
WHILE I IN. A PROPOSAL AND
TWENTY NINETEEN REGARDING THIS
ISSUE- IT ALWAYS CLEAR FROM THE
BEGINNING THAT THIS ISSUE COULD
NOT BE A STAND ALONE POLICY
ISSUE. THERE IS A BUDGET AT
THAT IT WOULD MAKE THIS A
PARTICULAR POLICY REAL SO IT
WAS ALWAYS GOING TO HAVE TO GO
THROUGH SOME KIND OF A BUDGET
PROCESS. SO WE UNDERSTOOD THAT
IT WASN'T GOING TO BE A PURE
POLICY BILL AND WE WERE ALWAYS
NEED A BUDGET PROCESS TO GO TO
SO I'M GONNA. RECOGNIZED I
THINK. NOT A WILL THERE'S JUST
THAT WORK THERE'S NOT A WAY TO
MAKE THEM HI UNLESS WE GO A
BUDGET. AND THERE'S A LOT OF
COMMENTS THE TIME OF THIS I
JUST YOU KNOW ROOM FOLKS THAT
WE INTRODUCED A BILL N
pMARCH TWENTY EIGHT AND MARCH.
AT WE INITIALLY THIS YEAR HAD
A- HEARINGS GOT. EIGHTEENTH WE
KNOW THAT TODAY'S. YOU KNOW
AUGUST SIX BUT MARCH EIGHTEENTH
WE HAD A HEARING SCHEDULED
ABOUT THIS AND LIFE CHANGED
OUTSIDE OF OUR CONTROL- WE'VE I
WANTED TO HAVE A CONVERSATION
ABOUT THIS. BUT WE KNOW THAT
AND YOU KNOW HAVING WORKED ON
THIS IN TWENTY NINETEEN AND
ALSO SEEN THE FIRST TRAILER
BILL LANGUAGE IN JANUARY OF
TWENTY TWENTY- A REDRAFT IN MAY.
I THINK. IT LEGITIMATE I REASON
TO BELIEVE THAT THESE PER DOCK.
AT BEEN AVAILABLE FOR SOME
INPUT. FOR SOMETIME WE JUST.
REGRET BECAUSE OF THIS. HAVE
NOT ABLE TO THE HEARINGS THAT
WE ALL WANTED TO HAPPEN THAT WE
WILL SCHEDULE. AT HOUSE I WOULD
SAY THAT AT. THE EIGHTY SOLVE
FOR. I AM AND WE IF THE STAFF
HAVE. BEEN ENGAGED THIS YEAR.
LICENSEES A THINK WE SHOULD
ACKNOWLEDGE THAT THE
ADMINISTRATION HAS ALREADY EXAM.
IT LICENSEES FROM MOST OF THE
BILL- THERE IS ONE SECTION THAT
IT'S STILL THERE AND THAT'S THE
SECTION FOR YOU DATA. WHICH IS
FOR THE PROHIBITION OF UNFAIR
DECEPTIVE AND ABUSIVE ACTS AND
PRACTICES. AND ENFORCEMENT
THERE OF AND SO I THINK IT'S
YOU KNOW AGAIN SHOWS THAT THE
AMENDMENTS AND THE CHANGES SHOW
THAT THE CONVERSATION HAS BEEN
HAPPENING- IN CERTAINLY- WE
ALSO NEED TO ASK OURSELVES DO.
FOR EXEMPTION KNOWING THAT.
YEAH UNFAIR TO DEVELOP ACTS AND
PRACTICES IS A PART OF THE
FEDERAL LAW I'M SO THIS WOULD
ALLOW STATES TO ADD A STATE
AGENCY AT TO ONLINE TO THE
FEDERAL TO THE FEDERAL LAW AND
TO ALSO BE SURE AND THAT WE
HAVE SOME WAY IN OUR STATE- TO
PRESERVE WHAT I THINK IS REALLY
IMPORTANT- IN THE END I THINK
THAT ALL OF THESE AT. ANY TIME
T. FOR ANY FINANCIAL AND CAN BE
OF AND IF CONSUMERS ARE TREATED
FAIRLY. AT THE BY LINE ONE. AND
SO I THINK THE GOAL IS CREE AN
THAT HELP ENHANCE THE
TRADITIONS DO THE RIGHT THAT
ADAM AND LOOK AT TRENDS THAT
MAY BE HAPPY PERHAPS ON THE
STATE REGIONAL BUT THIS THE
GOAL IS NOT AND I GOT TO THE
GOAL IS TO DO RIGHT FOR
CONSUMERS CAN BEND MEANS THE
SYSTEM IS WHAT. SO I THINK
THAT'S A IMPORTANT MISSION BELL
BUT A LOT ABOUT THE FIFTH I
HAVE TO REMIND FOLKS THAT
THERE'S ABOUT FORTY MILLION
PEOPLE IN THE STATE OF
CALIFORNIA SO ONE MORE
ENFORCEMENT POSITION OR A
MILLION. IS GOING THAT BREAK
I'M- ACT THAT YOU KNOW I IT'S
MUCH. YES I WAS WALKING THE
BILL AND SOME WHO WORK HERE IN
THE BUILDING. STOP ME AND SAY
IT I KNOW YOU ON I THINK YOU
AND FINANCE CHAIR AT ISSUES CAN
YOU PLEASE GIVE ME SOME ADVICE
ABOUT IT TURNS OUT TO BE A
LICENSEE CONCERN- HAVE A
CONCERN WITH CINCY AND HOW THEY
QUE FAISAIT AND I REMEMBER MY
DID. HUMILITY BUT THE BASE. OUR
TEAM TO FIX THE- AND DON'T
THINK EVERY LOOKING GO AFTER
THEY JUST WANT TO HOW TO FIX A
FINANCIAL PROBLEM PROBLEM WITH
THE PRODUCT THAT THEY HAVE-
INSTILL YOU KNOW IT'S- THIS IS.
IF THIS ISN'T YOU KNOW
HAPPENING ONA REGULAR BASIS
AND THEY DON'T KNOW WHO TO TURN
TO I THINK IT'S OUR
RESPONSIBILITY TO HELP THEM.
FIND SOMEONE I DON'T. BELIEVE
THE FACT THAT WE HAVE HAD I'D-
END. SHE THAT WENT TO THE- SO
IT'S PART OF THE FIRST INCREASE.
THAT WE'VE SEEN AS AFFORD DBS
IN TERMS CONCERN THAT HAVE BEEN.
AND I THINK HEN WE'RE C. A 40%
INCREASE THAT AT THE STATE
LEVEL OF CONCERNS AND
COMPLAINTS THE FIFTH CENT
INCREASE. AT THE FEDERAL WE
HAVE TO RECOGNIZE THAT WE NEED
TO TRY TO DO SOMETHING TO HELP
OUR CONSTITUENTS- AND FINALLY
YOU KNOW I KNOW THAT THERE'S
BEEN AT COMMENTS MADE IN TERMS.
OF THE SUN SETTING- OF THE
ABILITY TO ENFORCE BUT WE HAVE
GOT TO KEEP BASED IN. AUTHORITY
INTACT AND THAT IS ABSOLUTELY.
IMPORTANT AGAIN. THE GOAL IS
NOT THEY WERE ALL GET ENFORCED.
YOU KNOW. YES SIR AMOUNT I AM I
THINK THAT THEY HAS TO BE THE A-
TO IT FOR A TO OUR KIDS. THAT
THESE ARE IMPORTANT. CRISIS OR
NOT- THAT WE WANT TO FIGURE OUT
A WAY THAT THEY CAN SEE YOU
KNOW BETTER BENEFIT FROM THE
FINANCIAL SERVICES AT IT DOES
NOT BENEFIT OUR STATE. AT TO
SEE A WORLD WHERE OUR FINANCIAL
SERVICES COLLAPSE EITHER AND
THAT IS A CONCERN TO THE GOAL
ISN'T TO WE GO AFTER. AN TO
MAKE SURE THE WORKING WELL WITH
ARKANSAS I KNOW THAT CALLS OF A
LOT ABOUT LEGISLATIVE
OVERSIGHT- AND I WANT TO REMIND
FOLKS THAT WE STILL HAVE THE
ABILITY TO RUN BILLS AND DIRECT
ON SPECIFIC ISSUES. CERTAINLY
THERE WAS REFERENCE MADE IN
THIS COMMITTEE ABOUT A DEBT
COLLECTION BILL THAT'S COMING
THROUGH THE PROCESS WHICH I
THINK IS AN EXAMPLE- OF OUR
ABILITY TO KEEP INFLUENCE. AT
THE WORK DVL IN THIS MODEL OR
IN ANOTHER MODEL SO- WANT TO
THANK EVERYONE FOR YOUR PATH
YOUR NAME ALL THE PANELISTS FOR
YOUR INFORMATION FOR THE
FEEDBACK. I WANT TO THANK OUR
CALL FOR AT GOOD IN THE
DIALOGUE I APPRECIATE THAT
WE'VE ACKNOWLEDGED THAT THIS
ISN'T A PART. ISSUE WANT THING
THINK. THE TWINS. AS WE HAVE
REASONS ASK THE QUESTION THAT
WE'VE AND I THINK THAT'S- TO IT.
DISCUSSIONS THANK YOU. THANK
YOU I DID HAVE ONE FOLLOW UP
QUESTION. I KNOW THATWE ARE
STILL WAITING TO GET THE-
ACTUAL TRAILER BILL LANGUAGE
WHEN DO YOU ANTICIPATE BEING
ABLE TO RELEASE THAT. WELL THAT
THE TRAILER BILL LANGUAGE IS-
THAT THERE'S TRAILER BILL
LANGUAGE CURRENTLY AVAILABLE
HAS ON THE DEPARTMENT OF
FINANCE WEBSITE- WHEN WAS THAT
TRAILER BILL AS OF. JULY TWENTY
NINTH. THAT THAT THE TRAILER
BILL LANGUAGE ON THE WEBSITE
WAS AMENDED AS OF JULY TWENTY
NINTH. THAT'S CORRECT. YEAH WE
I THINK WE'RE STILL WAITING FOR
ADDITIONAL CHANGES WHEN WILL WE
BE ABLE TO SEE THOSE ADDITIONAL
CHANGES APART. WE ARE WE WILL
ENDEAVOR THAT- REFERRED AS AS
QUICKLY AS POSSIBLE WE ARE WE
CONTINUE TO WORK WITH
STAKEHOLDERS WILL HAVE- WE HAVE
A NUMBER OF CONVERSATIONS
HAPPENING EARLY PART OF NEXT
WEEK'S- WE CAN- I CAN.
REVERTING TO YOUR OFFICE
ASSEMBLY WEBSITE WITH MORE
PRECISE TIMING. YEAH I DON'T
THINK THAT'S A REALLY GOOD
ANSWER SO ON I MEAN IT'S AUGUST
EIGHTH LEGISLATION NEEDS TO GET
PASSED BY THE END OF THIS
MONTH. AND YOU DON'T HAVE A- A
FULLY FORMED. BILL. SO CAN WE
GET IT BY WEDNESDAY. ASSEMBLY
MEMBER I AGAIN I APPRECIATE THE
TIME THAT THE TIME CONSTRAINTS-
BUT AS I SAY WE CONTINUE TO BE
WITH- STAKEHOLDERS INTO INTO
EARLY NEXT WEEK- AND SO- IT'S
HARD TO- IT'S HARD TO COMMIT TO
IT TO WEDNESDAY WITHOUT KNOWING
WHAT WHAT IT ALL CONVERSATIONS
ARE GOING TO YIELD EARLY. EARLY
NEXT WEEK. AND SPECIFICALLY THE
STAKEHOLDER MEETINGS AT WORK
THAT WE WILL BE HAVING EARLY
PART OF NEXT WEEK WILL- WILL BE.
THE INTENTION IS TO ADDRESS.
OUTSTANDING MEMBER CONCERNS
ABOUT- WHAT CURRENTLY APPEARS
AND THE TRAILER BILL TALKS ARE
LEGISLATORS INVOLVED OR
LEGISLATIVE STAFF INVOLVED IN A
STAKEHOLDERS MEETING. ADAM
LOOKED CLEAR STAFF HAS BEEN
INVOLVED CONVERSATIONS THROUGH
THROUGH THIS WEEK AND- I
BELIEVE I BELIEVE THERE ARE
THERE ARE SOME FOLLOWING
CONVERSATIONS SLATED FOR- FOR
NEXT WEEK INCLUDING. THE STAFF
TO SO WE CAN WITH THE LANGUAGE.
BECAUSE WE BECAUSE WE ACTUALLY
HAVE A DEADLINE SOUNDS LIKE YOU
DON'T YOU DON'T HAVE ONE SO.
YOU NEED TO. GIVE US. LANGUAGE
SO WE CAN. IF YOU WANT US TO
MEET OUR DEADLINE YOU HAVE TO
GIVE US LANGUAGE. YOU'RE TAKING
THIS IS KIMBERLY REPRESENTING
THE DEPARTMENT OF FINANCE IN
TALKING WITH THE BUDGET STAFF.
THEY'VE ASKED FOR. AUGUST THAT
IS THE WE'RE WORKING TOWARD
ACCORDING A FEW DAYS FOR LET
COUNSEL TO THAT AROUND.
APOLOGIZE FOR MY- IAGO
SEVENTEENTH IS THE DAY WERE
HEARING THE BILL THAT'S NOT
GOING TO BE. YEAH HOW HOW DRUG
I MEAN. THAT'S WE'RE GONNA HAVE
A COMMITTEE TO HEAR ALL THE
BILLS. I DON'T KNOW HOW WE CAN
HEAR THAT BILLING COMMITTEE IF
IT'S IN PRINT THAT. SO THAT TO
ME THAT'S THAT'S FINE IF THAT'S
THE DATE THAT YOU CHOOSE BUT
THAT MEANS THAT IN OUR
COMMITTEE HEARING WE'RE NOT
GONNA BE HEARING THAT. PIECE OF
LEGISLATION. OKAY WE WILL BE
ABLE REMOVED BECAUSE WE WERE
SUPPOSED TO HAVE THAT REPORT.
WE'RE SUPPOSED TO HAVE THAT
HEARING NEXT NEXT MONDAY ON
AUGUST TENTH. OKAY WE WILL GET
A DATE AND- CONNECT WITH YOUR
OFFICE AFTER THE HEARING OF
THAT'S ALRIGHT BEFORE THANK YOU.
OKAY GREAT I THINK AT THIS
POINT WE WILL GO TO PUBLIC
COMMENT. WE HAVE PUBLIC COMMENT
TO HAVE ANYBODY- UPSTAIRS. I
BELIEVE- BY CHURN FORTUNE IS TO
GO TO THANK YOU MISLI KNOWN-
SEE ANY MEMBER PUBLIC UPSTAIRS.
DO WE HAVE ANY MEMBER OF THE
PUBLIC AT ANY OF THE REMOTE
TESTIMONY STATIONS. HEARING
NOVEMBER THE PUBLIC AT THE
REMOTE TESTIMONY STATIONS. CAN
WE- HEAR FROM THE PUBLIC
DIALING IN. OPERATOR DO YOU
HAVE- MEMBERS OF THE PUBLIC TO
SPEAK ON THIS ISSUE.
INDETERMINATE CLARIFYING THAT
SB NINE ZERO EIGHT CORRECT. ARE
YOU ABLE TO HEAR ME WITH TERMAN.
YOU HEAR ME. HI WE'RE NOT
ASKING FOR PUBLIC COMMENT ON
THE BILL JUST A PUBLIC
TESTIMONY ON ON THE HEARING
OKAY. PERFECT IF ANYONE WOULD
LIKE TO SPEAK ON THIS AT THE
MOMENT PLEASE PRESS ONE THEN
ZERO. ONCE AGAIN LADIES AND
GENTLEMEN IF YOU WISH TO MAKE A
COMMENT AT THIS MOMENT PLEASE
PRESS ONE THEN ZERO NOW AN
OPERATOR WILL GIVE YOU YOUR
NUMBER. PLATE SHOULD BACK INTO
THE QUEUE. THANK YOU- GERMAN.
THANK YOU OFFER TO HOW MANY
PEOPLE DO WE HAVE IN THE QUEUE.
RIGHT NOW MISTER CHAIRMAN WE
HAVE TWENTY THREE OKAY VERY
GOOD. I'M GONNA ASK EVERYBODY
TO KEEP THEIR TESTIMONY TWO ONE
MINUTE. PLEASE BEGIN THANK YOU
MISTER CHAIRMAN AND I FIRST
LINE COMES FROM LINE NUMBER
TWENTY NINE YOUR LINE IS OPEN.
PLEASE GO AHEAD. AFTERNOON MY
NAME THIRTY GIPSON BROKE ON
CONTACT A GROUP WHICH IS A
CALIFORNIA BASED ADVERTISING
COMPANY. I WANT TO ADDRESS
THAT- WE ARE IN AGREEMENT WITH-
EXPANDING PROTECTIONS FOR
CONSUMERS IN CALIFORNIA HOWEVER
WE ARE CONCERNED ABOUT THE
DEATH OF FORTY DOLLARS. GOT
WITH HEARING. THANKS. I
UNDERSTAND THAT DOUBLES PIECE
OF. WE BELIEVE THAT WASH FOR
DIRECTION FOR HOWEVER THEY TO
RATHER THAN. RELYING ON THE
LOWER. FRAMEWORKS AND FOR LAW
THAT REGULAR OUR INDUSTRY. YOU
HAVE A CO REPLACED THE VERY
SPECIFIC RULES WITH VERY ONE.
MANY COULD ARGUE THAT AND IS
UNFAIR AND WORDS USED IF THEY
JUST DONT HAPPEN TO LIKE. WE
BELIEVE THAT IT WOULD STATED
THAT YOUR FEDERAL. BACK GOVERN
WHAT DID YOU DOUBT. AND THAT IS
TRUE HOWEVER THAT THE PEOPLE
THEMSELVES HAVE ACKNOWLEDGED
THAT YOU DONT NEED TO BE
CLARIFIED AND BETTER DEFINED.
SO IT'S BY NO MEANS IS
SOMETHING THAT SHOULD BE
EMULATED UNDER STATE LAW. I IF
THE FEDERAL REGULATORS ALREADY
GIVE YOU DOCTOR THOUGHT HE SAID
THANK YOU VERY MUCH REALLY
THANK THE QUESTION. THANK YOU
VERY MUCH IF YOU COULD PLEASE
WRAP UP YOUR- AND 'D LIKE TO
COMMENT. ON THE LINE OF NUMBER
FORTY SIX YOUR LINE IS OPEN.
ASSEMBLY MEMBERS HASN'T DONE
VERY WELL FOR PEOPLE DIED IN
TURN FOR THE CONSUMER ACTIVITY
PROJECT ADJUSTED NUMBER HE
CENTER THE PARTICIPATION OF SAN
FRANCISCO. HE SAID WELL INCOME
FAMILIES THIS LOOK AT YOU HAVE
GOT RELATED PROBLEMS MANY OF
WHOM ARE MONOLINGUAL. IF YOU
ARE ALREADY VULNERABLE TO SMALL
SHIPS MAKING A CHANGE OCCURRED
IN NINETEEN BACK WITH THE
IMPACT ON THE SERVICE. AND
GETTING INDUSTRY FOR MANY OF
OUR CLIENTS ARE EMPLOYED. BY
THE INADEQUACIES OF THE
UNEMPLOYMENT WOMAN FOR OUR
CLIENT IS SUFFERING SEVERELY
WITH. MUCH MORE DAMAGE TO CALM.
TWENTY ONE JESSICA BY. CRITICAL
ANALYTICS UP TO GET HOW GREATER
CONTROL PROTECTION. GET SMART.
THANK YOU FOR THE PASSAGE THE
DNC I PROPOSED THANK YOU. THANK
YOU. I NUMBER FIFTY EIGHT YOUR
IS OPEN PLEASE GO AHEAD. GET
MORE CARE. PARA TRITON OF
CONSUMER DURING THE- IN
CALIFORNIA. WE APPRECIATE IT
SEVEN NINE ASSEMBLY WOMAN WITH
AND STRONG SUPPORT PROGRESSIVE
POLICY TO CURB THAT PROTECT
THEM FROM AND FOR ALL COME.
ESPECIALLY THOSE THAT ARE MOST
BONTA COMMUNITIES AS HEARD
TODAY SESSION WITH TOO SHARP
RISE TO CONSUMER COMPLAINTS.
THE STATE AND FEDERAL. BECAUSE
THIS IN AN APPLICATION RESPONSE
TO LEVEL. THE LENGTH TAX WILL
BE SIGNIFICANT HARM. I KNOW
THAT A STRONG YEP I BE. READ ON
THROUGH BACK FROM TAKING A OF
THE CONSUMER AND SMALL. MOST
IMPACT BY THE CURRENT THAT OF.
THANK YOU. THANK YOU. I NEVER
SAID THREE YOUR LINE IS A
PLEASE GO AHEAD. GOOD MORNING
MR CHAIRMAN MEMBERS OF BURRELL
EXPECT DIRECTOR OF THE COULD
COULD CAL. THANK YOU FOR MUCH
FOR TAKE ON THE OF THE OF TIME
THIS MORE TO SOME OF THE G. OF
THE PROPOSED BUT YOU DO ALL THE
OTHER PURCHASE. BUT IT IS VERY.
THIS YEAR THAT A STRONG
CONSUMER PROTECTIONS. THAT
GIVES THE FINANCIAL REGULATE IN
THIS PPO THE- TO RESOURCES IT
NEEDS PASSES AT PEOPLE AT THE
HARMED AS WE- AND AS WE KNOW
FROM HIS. WHEN ECONOMIC GET BAD.
THE SHARES ARTISTS COME OUT OF
THE WOODWORK. WE ARE PER OF AN
A- BECAUSE- OF CA. AND SMALL
AND MEDIUM SO BUSINESS ORDER
THEY- THAT SUPPORTERS FOR. IN
THIS. ONE HA. THANK YOU VERY
MUCH. THANK YOU. I'M FORTY
EIGHT YOUR LINE IS OPEN. BUT I
THINK YOU SHOULD AND MARK. WE
ALSO INSTALL SUPPORT OF THE
PROPOSED AND INTO OF DOING IT
NOW UNFORTUNATELY WE ARE BY YOU
KNOW HOW MANY CAMINO
PARTICULARLY MARGINAL CAN. LOW
INCOME AND COMMUNITY COLOR
NEVER FULLY FROM A ONE CRISIS
WELL I WORK THROUGH AND
REMEMBER VERY VERY ON HOW IN
OUT READY WITH LOW ON THAT THIS
AND WHEN DO YOU TO MANY CA UP
DOWN THE- SO HERE WE ARE. ON
THE TRUCK BUSH AND ECONOMIC CRY
WHERE THELMA PEOPLE PROTECT IN
THE MONTH OF ALL. AS BAD TEMPER
ON A POINT BENEFITS OF RUN OUT
OF. I CAN IN MANY CASES THE
BILL DOES NOT CURRENTLY HAVE
THE GENERAL MATTER THE SUBJECT
MATTER JURISDICTION LARGE
SWATHS OF THE FINANCIAL
SERVICES ST ON MILLION OF FOLKS
ARE POLITICS BRINGS GREATER
HARM IF YOU DO NOT ACT HOW. FOR
ALL THESE WE ARE. THE MOST PART
OF YOUR BUDGET THANK YOU VERY
MUCH THANK YOU. I KNOW SEVENTY
FOUR YOUR LONG IS OPEN PLEASE
GO AHEAD. THANK YOU TO CHECK
HAD BERMAN FROM THE CALIFORNIA
LOW INCOME CONSUMER OCEAN WE
ARE LEGAL SEARCH PROVIDERS THE
PEOPLE THAT LOAN CALIFORNIANS
TURN TO WHEN THEY HAVE PROBLEMS
WITH FINANCIAL INSTITUTIONS AND
CANNOT SOLVE THIS PROBLEM ALONE
OUR CLIENTS ARE SUFFERING
ALREADY. WE HAVE LENDERS
OFFERING TRIPLE DIGIT. WERE
ALREADY LOOKING WAY TO GET A
CALIFORNIA TO REPENT AND ACT
TRIP TAKE. THEY TOOK ALIVE
CURRENTLY THE THAT NOTHING WILL
HAPPEN TO THEM IF THEY FOR
DRIVE CAL. BOUGHT DURING THE
LAST FINANCIAL CRISIS MINDERS
WERE ABLE TO OUR OUTRAGE NINA
LONG KNOWN. NOW AT THAT
MORTGAGE CAL BASICALLY THE
BLACK MUCH. BAR AND LYFT OURS
WITHIN. RACIAL WEALTH GAP. IF
WE CAN DO SOMETHING TO HELP GET
THROUGH THE- QUITE WHICH PUT
NEED TO DO. TO THE FBI. AN OFF
PEOPLE DISPLAY DEFECT. WE CAN
GET BETTER AND DID ALL THAT WE
COULD. BE RESPECTFUL YOUR
EUROPE'S. FOR THIS TRAILER BILL.
I KNOW FORTY. THE LINE OPEN
PLEASE GO AHEAD. MY NAME IS
STEPHANIE CAL WITH PUBLIC
COUNCIL THANK YOU LOS ANGELES
THE NATION'S LAW. THEN WE HA HA.
APRIL WHICH WILL PROVIDE
COMPUTER PRETTY FOR TO YOU. MY
TEAM FEDERAL WEARING A BLACK
LEFT BEHIND BY CREDIT LENDERS
AND FOR WITH THE CROWN ALIVE
INCOME COMMUNITIES LOCKED TO
COLOR GOOD FOR THE CONSUMER.
THE RACIAL JOKES. MY FOR
EXAMPLE BUT WE BECOME THE PAPER
FOR BUT STILL WITH THE LOT OF
COMPANIES TO MAKE HUGE AND OF
MONEY OFF THE BACK OF ALL TO
TWO. DESTROYED A LOT AT THE
GENERAL WEALTH THE MANDATE IT
TOOK ME IN TO GET TYPE OF THE
PAGE HE. HOW WHAT'S HAPPENING.
IN THE CURRENT I THINK THE BOAT
OFFICE. THE TIME. NOW WHAT
COUNCIL THANK YOU TO COME TO I.
IT DOCTOR YOU CAN THE NAY IN
SECOND HUGE STEP FORWARD FOR
COMPLETE THE PROJECT. NUMBER
THIS ALL STATE. FOUNDER BOARD
CHAIR AND FORMER CEO OF EIGHT
YEARS OF BENEFICIAL STATE BANK.
A COMMUNITY DEVELOPMENT
FINANCIAL INSTITUTION WITH
BRANCHES ACROSS CALIFORNIA
OREGON AND WASHINGTON. MOST
RECENTLY WERE PROVIDED ALL
BUSINESSES PROFIT. HUNDRED THE
PAGE THAT PER LONG SUPPORTING
OVER EIGHTEEN THOUSAND SMALL
BUSINESS EMPLOYEES FIFTY PP
LOAN RECIPIENTS WERE 21% WOMEN
OWNED IN 14% PEOPLE OF COLOR.
WE ARE HERE TO SPEAK IN SUPPORT
OF A- CALIFORNIA FIRST
FINANCIAL SERVICES REGULATOR
YOU MAY HEAR FROM OTHER
INDUSTRY STAKEHOLDERS THE FALSE
NARRATIVE THAT THE PROPOSED B.
B. O. REVAMPS ONLY CREATES MORE
COMPLEX REGULAR. BUT THIS IS
BANK. SOMEONE ON THE BACK OVER
A DAY. CO FOUNDED ON THE EVEN
THE GREAT RISK. COMPLIANT AND
GOOD FAITH BANKS AND FINANCIAL
SERVICES SHOULD WELCOME. BOTH
THE AYE WHEN PREDATORY
PRACTICES IN PRODUCT
PROLIFERATE THE MARKET. OFFER
HONORABLE WAUGH STRUGGLE TO
COMPETE THIS IN TURN- YOUR MIND
TO BILL DO YOU HAVE ANY. THE
FINANCIAL.HOLD THE PROPOSAL TO
THE PART AND INNOVATION WE NEED
EARLY IN COLLABORATION TO
PROTECT YOUR CONSTITUENTS I GET
CREDIT TOWARD FINANCIAL
PRODUCTS SERVICES DURING THAT
TIME THANK YOU. I NUMBER FORTY
ONE YOUR LINE IS OPEN PLEASE GO
AHEAD. HELLO THIS IS CLARK AND
I'M THE FOUNDER OF THE
INVESTING WOMEN ENTREPRENEURS
INITIATIVE AND WE WORK TO
SIGNIFICANTLY INCREASE
RESOURCES AND CAPITAL FOR
WOMEN. OWNED BUSINESSES AND
ORGANIZATIONS THAT. FEDERAL
RESERVE STUDIES THAT 33% SMALL
BUSINESSES MOSTLY MINORITY AND
WOMEN OWNED HAVE MIGRATED
ONLINE LENDERS AND THIS LEAVES
THEM ESPECIALLY OPEN THE
PREDATORY PRACTICES DURING THIS
ECONOMIC CRISIS. THEY WERE
ASKING YOU TO ENABLE THE
DEPARTMENT OF FINANCIAL
PROTECTION IN THAT INVASION
HOLY COVER SMALL BUSINESSES BY
SUPPORTING THIS TRAILER ABOUT
THANKS THANK YOU. MY NUMBER
THIRTY NINE YOUR LINE IS OPEN
PLEASE GO AHEAD. HI MY NAME IS
LOUIS GET BACK ON THE DIRECTOR
OF PUBLIC POLICY BUT LENDING
CLUB THE LARGEST MARKETPLACE
LENDING FINTECH COMPANY A
CONSULTING NUMBER FIFTY SIX
BILLION DOLLARS FINANCING WITH
THE COMMISSION BOB BUT- AND AS
A MEMBER OF ANY. I REALLY WANT
TO ECHO THE COMMISSIONER ALL
COULD BE BUILT TO CREATE A
LEVEL PLAYING FIELD IT IS BAD
FOR CALIFORNIANS AND IT'S BAD
FOR INNOVATION. YEAH AFTER
HAVING TO COMPETE AGAINST
COMPANIES THAT ARE FINDING
ADVANTAGE IN UNFAIR AND
DECEPTIVE ACTS. AFTER PASSING
LAND. THE AS COMMANDING LOCKED.
SENATE BILL TWELVE THIRTY FIVE
OVERWHELMING I. VOTE SEVENTY
TWO THREE HOUSE IT WOULD BE A-
CAL. BACK. I THINK SMALL. OKAY
YOUR CONGRESS UPON HELP
LEADERSHIP WITH A LOT MORE
AFTER CAL SPEAK THIRTY
IRRESPONSIBLE NOT THAT LENDERS
HAVE LAW RECENT FIGHT AND IT
INTO THE AND MOST NEED AND THAT
NEVER BEEN A COP WHEN LAWMAKERS
BEEN SHOWING WELL DIFFERENT
SMALL BUSINESSES SO I URGE YOU
TO ME FOR BECAUSE BILL
INCLUDING MOBILE PROTECT BUT IT.
I NUMBER FIFTEEN YOUR LINE OPN
ONE FIVE PLEASE GOING. THANK
YOU CHAIRMAN HERE CAME FOR YOUR
LEADERSHIP ON CONCERNS IT'S
IMPORTANT CONSUMER AND SMALL
BUSINESS PROTECTION MY NAME
IT'S BE PICKED ON FROM CAMEO
THE STATE WIDE NETWORK OF
ENTREPRENEURIAL TRAINING
PROGRAM. AND MICHAEL LANDERS TO
SERVE SMALL BUSINESSES THAT
COOKING CAPITAL ANOTHER
BUSINESS SERVICES I WITH THE
MISSION TO THIRTY UNDERSERVED
POPULATION OF OUR STATE LEVEL.
IT DO YOU THINK EVERY COUNTY IN
THE STATE OF YOUR WE ARE
SERVING CLIENTS IN ALL OF YOUR
DISTRICTS WE ALONG WITH OUR
COALITION MEMBERS TO INCLUDE
RESPONSIBLE FOR PRIVATE THAT
YOU JUST LET'S FOR THE CREATION
OF THE DEPARTMENT OF FINANCIAL
PROTECTION IN AN ENCOURAGE YOU
TO PICK NINE SMALL BUSINESS
OWNER. THE ISSUES THAT MISTER
TALKED ABOUT WITH THE CONSUMERS
APPLY SMALL BUSINESS. AND YET
THEY'RE NOT REGULATED ALMOST AT
ALL I'M NOT VISIT PREDATORY
WITH SMALL BUSINESS LENDERS
DEBT COLLECTION TAKING THE LAST
DOLLAR EXCEPT. AND AS YOU'VE
READ IN THE NEWS OUR SMALL
BUSINESSES ARE FACING I'M
PRETTY PRESIDENTE CHALLENGING
AND DEFICIT GEN. THAT IN
ANTICIPATION OF BEING ALLOWED
TO PARTICIPATE TO BIG EASY
ALTERNATIVE LENDERS. THANK YOU
THANK YOU. I NUMBER TEN YOUR
LINE IS OPEN PLEASE GO AHEAD.
MY NAME IS LISA TURNER I JOIN
YOU ON BEHALF OF MULTI FUNDING
WHICH IS A BUSINESS LOAN
ADVISORY COMPANY FOCUSING ON
SMALL TO MIDDLE MARKET CLIENTS.
I PERSONALLY HAVE BEEN AND
BENDING OVER THIRTY YEARS
SPECIALIZING IN SMALL BUSINESS
ADMINISTRATION LOANS IN BETTER
TIMES I HAVE WITNESSED FIRST
HAND THE VERY POSITIVE. NON
PREDATORY. SMALLER OWNED BY
CONSUMERS WHICH YOU HAVE
DISCUSSED THIS MORNING I ECHOED
THE OTHER COMMENTS YEAH THAT
CAN SUIT AND SMALL BUSINESSES
HAVE NEVER BEEN MORE VULNERABLE
TO PREDATORY LENDING PRACTICES
SMALL BUSINESSES NEED AND
DESERVE. ACTION AS WELL BURKE
AKTIF COMMUNITY CANNOT WAIT ANY
LONGER AND WE STRONGLY URGE
VERY SWIFT ACTION LEADS TO
ENSURE THAT THE DEPARTMENT OF
FINANCIAL PROTECTION AND
INNOVATION COVERS ALL
BUSINESSES FULLY ANNEXED LET'S.
IN THE TRAY UP THE BILL THANK
YOU FOR YOUR TIME THANK YOU. I
NUMBER NINETEEN YOUR LINE IS
OPEN PLEASE GO AHEAD. GOOD
MORNING MY NAME IS DRIVING A
LITTLE THE GENERAL COUNSEL OF
THE INVESTMENT MANAGEMENT.
INSTITUTIONAL IMPACT INVESTMENT
MANAGER HAT PROVIDES CAPITAL
TO RESPONSIBLE LENDING TO
UNDERSERVED BUSINESSES AND
CALIFORNIA. UNITED STATES I
BELIEVE THAT SMALL BUSINESSES
AS WELL AS CONTAINERS THIRTY
PROTECTED PREDATORY LENDING
PRACTICES I RESPECTFULLY URGE
YOU TO ENSURE THAT THE
DEPARTMENT OF FINANCIAL
PROTECTION IN INFLATION OTHER
SMALL. BILLION EXPLICITLY IN
THE TRI BILL THANK YOU. THANK
YOU. NUMBER FIFTY SEVEN YOUR
LINE IS OPEN PLEASE GO AHEAD.
SH WE DON'T GET ON THEM AT THE
CONSUMER FEDERATION OF AMERICA
NATIONAL ASSOCIATION OF MORE
THAN TWO HUNDRED FIFTY
NONPROFIT CONSUMER ORGANIZATION
WE STRONGLY SUPPORT THE
PROPOSAL TO REVAMP THE DVL AND
CREATE THAT THE FBI. BECAUSE
THE NINETEEN PANDEMIC AND DOING
FINANCIAL HAVE CALLED
UNPRECEDENTED PRESIDENT DID
UNEMPLOYMENT NUMBERS AMERICANS
ARE STRUGGLING TO MAKE ENDS
MEET THAT HASN'T STOPPED.
FINANCIAL ACT. BLUNDERED
TRAFFIC IS. DIRECTLY AND- LEVEL.
MEETING A THAT TO CAN FINANCIAL
FOR. BUT THE MISSION AND THE TO
VIGOROUSLY AND CONSISTENTLY
PROTECT CONSUMERS AND SMALL
BUSINESSES. MATHIS CONSUMER
FOCUSED MISSION DRIVEN AGENCIES
URGENTLY NEEDED TO PROVIDE
COMPREHENSIVE OVERSIGHT OF THE
FINANCIAL INDUSTRY PROTECT
MOTORS CALIFORNIANS FROM
ABUSIVE FINANCIAL PRACTICES AND
COMMUNITY STRUGGLING THERE ARE.
FINANCIAL WE STRONGLY THE
BUDGET TRAILER BILL AND URGED
LEGISLATURE TO TAKE THAT
CRITICAL APART THEIR NOTHING
THREE YOUR LINE IS OPEN PLEASE
GO AHEAD. THIS IS MEGAN FROM
THE CENTER FOR CONSUMER ONE
ECONOMIC JUSTICE AT UC BERKELEY
WE STRONGLY SUPPORT THE P. S.
P. I. ESPECIALLY AT THIS
CRITICAL MOMENT THE DMV I WOULD
NEEDED BEFORE THE PANDEMIC BUT
NOW IT IS ABSOLUTELY NECESSARY
THE LAST FINANCIAL CRISIS IN
TWO THOUSAND EIGHT WHICH WILL
MILD BY. SEN AND WHAT WHAT MUCH
WHAT. FORECLOSURES THAT AND LET
YOU KNOW FAMILY WEALTH IS NOW
ONE EIGHT OF MEDIAN WHITE WELL.
MEDIAN BLACK MAN WEALTH IS
INTENT CALIFORNIANS ARE ALREADY
BEING HARMED BY PREDATORY
LENDERS AGGRESSIVE DEBT
COLLECTORS AND FRAUD. AND NOT
JUST STAND BY AND LET THAT
HAPPEN AGAIN WE STRONGLY URGE
YOUR SUPPORT OF THIS URGENT AND
TIMELY BELL THANK YOU. THANK
YOU. MY NUMBER TWENTY ONE YOUR
LINE IS OPEN PLEASE GO AHEAD.
HI MY NAME IS HIM THAT THOUGH
CALLING FROM COMPETITION TO
FUND WAY LEADING NONPROFIT
COMMUNITY DEVELOPMENT FINANCIAL
INSTITUTION- WE GET OUT- TO LOW
INCOME MINORITY WOMEN AND GOING
ON ACROSS THE STATE- CUTTING
ENERGY TO SUPPORT THIS BILL TO
BE PROTECTION. BOB WHICH STRONG
ENFORCEMENT MEASURES ADEQUATELY
FUND WE CONDUCTED A STUDY IF HE
GETS BACK WHAT WE FINANCE-
HELLO. A LOT. YEAH FOLLOW UP
WITH THEM APR HI 90% THANK YOU.
THANK YOU. NUMBER FORTY TWO
YOUR LINE IS OPEN PLEASE GO
AHEAD. HI MY NAME IS STACY
SANCHEZ I'M A LOAN OFFICER WITH
CD THREE SMALL BUSINESS FINANCE
MORE MISSION BASED LENDER ONE
OF THE NATION'S LARGEST SBA
SMALL BUSINESS ADMINISTRATION
LENDERS. I SMALL BUSINESSES DR
WITH ADVANCES DISGUISED AS THE
LONE ADVANCES ARE NOT COVERED
UNDER THE FINANCE LENDER LAW.
AND I SEE MALL BUSINESSES
DROWNING IN DEBT THAT THEY
DON'T UNDERSTAND PETER WELL HE
DID SMALL BUSINESSES WHO ARE
VULNERABLE TO PREDATORS LENDING.
LENDING PRACTICES. I'M SURE.
FINANCE PROTECTION AND IN
COVERED MALL THIS FULLY AND
EXPLICITLY. MY NUMBER FIFTY TWO
YOUR LINE IS OPEN PLEASE GO
AHEAD. HELLO MY NAME IS NANCY
SWIFT I REPRESENT BOTH THE
STATE WIDE NETWORK OF FOURTEEN
WOMEN'S BUSINESS CENTERS AND A
NETWORK OF VITA SITES PROVIDING
FREE TAX PREPARATION FOR LOW
INCOME WAGE EARNERS ALL BEING
COMMUNITIES OF COLOR LOW INCOME
AND RURAL CONSUMERS SMALL
BUSINESS OWNERS. CONSUMERS AND
SMALL BUSINESSES HAVE NEVER
BEEN MORE VULNERABLE TO
PREDATORY LENDING PRACTICES.
OUR COMMUNITY NOT WORKED IN
OTHER YEARS ESPECIALLY GIVEN
THE CURRENT MARKET AND CURRENT
GREAT. YOUR CAN YOU CALL READ
FOLLOW CAL LEGACY ON SMALL
BUSINESS PROTECTIONS AND PASSED
LEGISLATION NOW IS THE TIME TO
CONTINUE OUR LEADERSHIP. WE
URGE YOU TO ENSURE THE
DEPARTMENT OF FINANCIAL
PROTECTION AND INNOVATION.
COVERED SMALL BUSINESSES SOLELY
AND EXPLICITLY THE TRAILER BILL
THANK YOU. THANK YOU. I NUMBER
EIGHTY THREE YOUR LINE IS OPEN
PLEASE GO AHEAD. SHARE VICE
CHAIR NUMBER CATALINA SANCHEZ
THE CORBIN AND TIGHTER ON
BEHALF OF THE NATIONAL CONSUMER
LAW CENTER AN ORGANIZATION THAT
WORKS FOR ECONOMIC JUSTICE. FOR
PROTECTION OF THE POWERFUL THE
VERY ECONOMIC DEVELOPMENT AND
RECOVERY TOOL THAT WILL HELP
YOU CALIFORNIANS IN THEIR HOMES
IN THEIR CAR. TO WORK ABLE TO
BETTER IN OUR LOCAL BUSINESS
AND COMMUNITY. NCLB THEN VERY
STRONG SUPPORT AND WE URGE YOU
ALL TO VOTE FOR THE DEFECT
ALTHOUGH WHEN A COMPANY FOR YOU
AGAIN THANK YOUNG. Q. NUMBER
NINETY TWO YOUR LINE IS OPEN
PLEASE GO AHEAD. HELLO MY NAME
IS KAYLA NEON AND A LAW STUDENT
AT UC DAVIS SCHOOL. OF TWENTY
TO ADDRESS EXPANDING BE PPO
SUPPORTING THIS BODY DOESN'T
NEED TO WORRY ABOUT CEDING ITS
POWER IT'S DELEGATING ITS
AUTHORITY TO AN AGENCY THAT CAN
RESPOND NORMALLY TO EQUALLY AS
JOB CREATORS. THE LEGISLATURE
MAINTAIN CONTROL OF ITS
CHEMICAL POWER THE ABILITY TO
PASS. THERE'S NO REASON WHY IT
CAN'T CONTINUE ON MAKING THE
RESPECT TO THE PPL. I NEW
TWENTY PRODUCTS THAT CAN DESK
PEOPLE TRAPPED INSIDE. THAT
ALSO ARE NOT INNOVATIVE. STATE
UNEQUIVOCALLY CAN'T ALLOW
BUSINESSES TO PRODUCT INCLUDING
FINANCIAL INSTITUTIONS
ESPECIALLY AGAINST COMMUNITIES
OF COLOR AND LOW INCOME
COMMUNITIES THAT STILL HAVEN'T
RECOVERED FROM THE GREAT
RECESSION. AND WITH THAT I'D
URGE YOU TO SUPPORT THIS REAL
YOUR- THANK YOU. OPEN PLEASE GO
AHEAD. MR CHAIRMAN MEMBERS
KEVIN GOAL TO CALIFORNIA
BANKERS ASSOCIATION WE
APPRECIATE THE PROPOSED
DEPARTMENT EMPHASIS ON
INNOVATION AND HOPE THAT THESE
EFFORTS WILL PROMOTE THE
SUCCESS OF IT LIKELY. CATALYST
REPEATING GROW THE NUMBER OF
LICENSEES PARTICULARLY GIVEN
CONSOLIDATION IN THE BANKING
INDUSTRY WE APPLAUD THE
GOVERNOR'S DESIRED PROVIDE
REGULATORY FRAMEWORK PROVISION
REGULATED ENTITIES THAT ARE
OFTEN DENTAL PRODUCTS OR
SERVICES IF DONE CORRECTLY CAN
APPROACH TO ENSURE GREATER
CONSUMER PROTECTION AND LEVEL
THE PLAYING FIELD AMONG THOSE.
MENTAL ISSUES. YES EVEN MY
RESPECTFULLY BUT THIS PROPOSAL
SCOPING. THE FOCUS ONLY ON OUR-
AND ENTITIES FOCUSING ON ON
REGULATE IT WILL BE A
SUBSTANTIAL UNDERTAKING IN AND
OF ITSELF REQUIRING DEDICATION
OF SIGNIFICANT DEPARTMENT
RESOURCES. TO FURTHER OUR
REQUEST THE LIGHT IN THESE BIG
THE PROPOSAL BANKS ARE ALREADY
SUBJECT TO LIFE AND DINNER TO
PROVIDE BY MULTIPLE REGULATORS.
IN ADDITION WHAT PROVISIONS
EXISTING. GRANT REGULATED WITH
IMPORTANT AUTHORITY FOR THE
REASONS STATED WE REQUIRE LIKE
THE USED THE EXAMPLE SHOULD THE
PROPOSED MOVE FORWARD THANK YOU.
THANK. NUMBER FOUR ONE OPEN
PLEASE GO AHEAD. THE CHAIR
MEMBER DID IS ROB WILSON WITH
THE K. CREDIT UNION LEAGUE I
APPRECIATE THE OPPORTUNITY TO
SHARE YOUR COMMENTS WITH YOU-
WE ECHO THE COMMENTS WERE JUST
STATED I WOULD FEEL THAT THE
PROPOSAL SHOULD FOCUS ON.
UNLESS YOU'VE BEEN ON PLATED
AGUIAR-CURRY HOLDEN ARE BY
MEMBERS DRUGS FOR QUITE YOU.
FOR MORE THAN HAVE THOSE CALM.
ALL FIND OF KIND OF COMMITTEE
SO APPRECIATE HI. THANK YOU.
THANK YOU. NUMBER EIGHTY FIVE
YOUR LINE IS OPEN PLEASE GO
AHEAD. GOOD MORNING- THIS IS
ADAMANT ADAMANT ON EXECUTIVE
DIRECTOR FOR AND BOUGHT HER A
COMMUNITY DEVELOPMENT
CORPORATION THOUGHT BOARD
MEMBER CRIMEA- ARE THERE ANY
PATIENT- SUPPORT ON A SMALL
PICNIC IS. WHERE BUSINESS
DEVELOPMENT. IS AN APPLE
MICROLOANS AND FINANCING- WE
ARE A PART WORKING AND RURAL
COMMUNITY IN FACT BECAUSE
MONTEREY COMMITTEE TO COUNTY.
COUNTY COMMUNITY- FOR A LONG
TIME IT HAS HAPPENED COVERAGE
AND ASIAN NOT AT TERRY AND
REGULATED BEAR THAT IS. I'M
DABNEY'S ARE PEOPLE THAT'S WHY
I ENDED THAT CONSUMER BACK YOU
KNOW COMMUNITY IN THE SMALL.
ARE IN A VERY VERY ABOUT.
POSITION NOVEL COULD BATTERY
LANDING. I NOW ALL THE EQUITY
HAVE A WITH TODAY IN OUR
COMMUNITY AND CAN WAIT ANGELES
WAY ON A YEAR FOR. EACH TO BE
THAT I'M I. DO ARE TO ENSURE
THAT ENOUGH TO PROTECTIONS AND
ANOTHER ASIAN POVERTY I
MOLFETTA. AND UP EARLY AND WAY
WAIT AND TRAILER. THANK YOU FOR
THE OPPORTUNITY THANK YOU.
NUMBER NINETY SIX YOUR LINE IS
OPEN PLEASE GO AHEAD. WE'RE
GLAD SAY NUMBER HALF OF THE
CALIFORNIA COMMUNITY BANKING
NETWORK WE APPRECIATE THE NEED
FOR STRONG COULD TO PROTECTIONS
ALL THE GOVERNOR'S APARTMENTS
DESIRE TO INNOVATION WHILE
PROTECTING CONSUMERS. WHETHER
STATE OR FEDERALLY CHARTERED
CHARTERED COMMUNITY BANK ARE
ALREADY HIGHLY REGULATED AND-
LIKE THE CALIFORNIA THANK YOU
SIR. CREDIT UNION LEAGUE BEFORE
US WE WOULD- ASK THAT THE M.
YEAH BUT THE WORD BE FOCUSED ON
AND NEW CAR. AND NOT ON THE
BANKS WHO ARE WORKING HARD
SERVE OUR- AND RESPOND TO THE
CRISIS CURRENTLY THANK YOU.
THANK YOU. I NUMBER NINETY
SEVEN YOUR LINE IS OPEN PLEASE
GO AHEAD. MISTER MEMBERS RANDY
PERRY ON BEHALF OF COMMUNITY
CHOICE FINANCIAL CURRENTLY
CHECK CASHING IS REGULATED BY
THE DOJ WHEN- THE OTHER BIT OF
SMALL BUSINESS OWNERS SMALL-
DOLLAR NINETY COMPANIES WERE
MOVED OVER TO DENY DVO CHECK
OUT SHE WAS LIKE WITH THE DOJ.
UNDER THIS PROPOSED COURT
RECORDS CALL US BACK THE DATE
CASUAL NOW WE DO REYES BY BOTH
AGENCIES SO COMPANIES LIKE MINE
DO- BOTH- PAYDAY LOANS AND A
SMALL PART OF BUSINESS CHECK
CASHING. WELL NOW HOW TO BE
DULY REGULATED AND PAID A
DOUBLE FREEZE WE THINK THAT'S
WRONG WE TAKE THAT HI THERE.
DOJ SHOW IT RETAIN. YEAH I
REGULATION OR CHECK CASHING OR
IF THIS PROPOSAL SHOULD EXAM-
OUR OUR AND THIS PROPOSAL
JUMPED DOWN OR THAT- DPO THE
NEW DPO TAKEOVER CHECK CASHING.
SO IT SHOULD BE AN EITHER OR
NOT A DEAL BREAKER. INDUSTRY
THANKS. THANK YOU. NUMBER
SEVENTY TWO YOUR LINE IS OPEN
PLEASE GO AHEAD. HI MY NAME IS
QUALITY ON BEHALF THE
CALIFORNIA PUBLIC INTEREST
RESEARCH GROUP WE STRONGLY
SUPPORT THE T. S. P. PROPOSAL-
ADDED BEEN MENTIONED THERE HAS
BEEN AN UNPRECEDENTED SURGE IN
CONSUMER CONTRACTS PREDATORY
LENDING AND LENDING FINANCIAL
SCAMS WITH THE COPA NINETEEN
OUT. AND EXTRICATED THE ECONOMY
AND- LIKE TO RETURN TO CREATE A
VIRUS LEVEL TREATMENT THREE
YEARS THAT MEANS IF WE FAIL TO
ESTABLISH THE RIGOROUS CONSUMER
PROTECTION NEEDED TO STATE PARK
CALIFORNIANS NOW. WE WILL BE
PROLONGED THIS CRISIS AND LEAD
MORE PEOPLE IN DESPERATE
SITUATION. WE URGE YOU TO
SUPPORT THE T. S. P. I. ALL
THANK YOU VERY MUCH. THANK YOU.
I'M YOUR LINE IS OPEN PLEASE GO
AHEAD. SURE THING CHIRLA
MONNING MEMBERS THIS IS RICHARD
CORDRAY I WAS THE FIRST
DIRECTOR OF THE FEDERAL
CONSUMER FINANCIAL PROTECTION
BUREAU. RESPECTFULLY WITH THIS
URGENCY FROM WORKING FOR THE
LAST ECONOMIC CRISIS I SEE TO
SUPPORT THIS BILL DVO DISTRICT
IN THE STATE'S FINANCIAL
OVERSIGHT. I'D YOUR
CONSTITUENTS WITHOUT USING
GENERAL FUND THE PROTECTION
THEY NEED TO PREVENT PREDATORS
FROM SWINDLING THEM WHEN THEY
CAN LEAST AFFORD IT. THIS
MEASURES DESIGNED TO PROTECT
TUMOR SMALL BUSINESSES
NONPROFITS AND FAMILY FARMS
WE'RE HEARING SAY MANY THIS IS
CRYING OUT FOR MORE OVERSIGHT
UNLIKE. THE BUSINESSES THAT
CURRENTLY CAN UNDERCUT THEM IN
THE MARKETPLACE. TIME IS OF THE
ESSENCE OF CALIFORNIA FAILED TO
ACT IMMEDIATELY WE NEED MORE
POLICE HOMES AND LIFE SAVINGS
THERE QUITE. CAP DISTRICT.
ANYONE EVER. AND FAMILY HAVE
RESORT. I HAVE NO OTHER CHOICE
BUT FOR THE ON BUDGETARY
RESOURCE CHECKING MEMBER RIGHT
NOW MANY SCRIPT BUSINESS AND TO
GET RICH BY MAKING YOUR
CONSTITUENTS OR PLEASE DON'T
LET THAT HAPPEN BEFORE HAPPEN
AGAIN THANK YOU. YOU. NINE ONE
ONE YOUR LINE IS OPEN PLEASE GO
AHEAD. GOOD MORNING MY NAME'S
HIS INJURE MASON ON THE GENERAL
COUNSEL WE'LL FINANCIAL GROUP
WE DO BUSINESS IN CALIFORNIA'S
LANDMARK AND WE ARE LICENSED
ENTITY LEARN MORE DOES NOT RATE
THE AVERAGE RATE PATIENT. DO
OBJECT TO REGULATIONS SUCH AS
WHAT THE GROUND RULES ARE
CLEARLY DELINEATED IT IS TEN
YEARS AFTER THE C. FIND. A
LEVEL PLAYING FIELD MEANS THAT
THE RULES ARTICULATED AT THE
BEGINNING OF THE GAME. AS IT IS
RIGHT NOW WE STILL DON'T HAVE A
FINALIZED PROPOSAL. SO THERE IS
A FINALIZED PROPOSAL AND THE
FULL OPPORTUNITY FOR ALL
STAKEHOLDERS TO COMMENT WE
OPPOSE THIS BILL. THANK YOU.
THANK YOU. NINETY ONE OH FIVE
YOUR. LINE IS OPEN PLEASE GO
AHEAD. THE MORNING MR CHAIRMAN
TO THE COMMITTEE THIS IS JOHN
MOFFETT ON BEHALF OF THE
CALIFORNIA FINANCIAL SERVICE
PROVIDERS ASSOCIATION- PARDON
MY NUMBER COMPANIES ARE SMALL
DOLLAR LENDERS CURRENTLY DOING
BUSINESS IN THE STATE OF
CALIFORNIA. I WOULD ROBUST
OVERSIGHT BY. E. L. UNDER THEIR
BECAUSE- DURING REGULAR
AUTHORITY. WE HAVE SIGNIFICANT
CONCERNS AS COMMUNICATED IN OUR
LETTER TO THE LEGISLATURE ABOUT
THE PROPOSAL THAT. IS BEFORE
THE- THE CAN BE TODAY-
SPECIFICALLY THE BROAD GRANT OF
AUTHORITY- THAT INTERACTS WITH
THE VIOS EXISTING AUTHORITY AND-
OVERSIGHT. EXISTING LICENSE.
THE SIGNET DEATHS. MANY OF THE
TERMS IN THE IN THE PROPOSAL
INCLUDING COVERED PERSON
COVERED FINANCIAL IN SERVICES.
AND THAT IS ECHOED BY MANY
OTHERS THE LACK OF DEFINITION.
ON GAP AND WHAT THAT MEANS HOW
IT WILL BE APPLIED ON A GOING
FORWARD BASIS LASTLY WE ARE
CONCERNED ABOUT THE TIMING AND
THE- MANNER IN WHICH THIS
PROPOSAL AND GIVEN THE FOR
MANY. MOVING THROUGH THE
LEGISLATIVE PROCESS WE BELIEVE
THAT TO PROVIDE GRANT OF A THE
BY THE LEGISLATURE TO THIS
EXECUTIVE BRANCH BODY THANK
YOU. IN SOME. THANK YOU. ONE OH
SIX YOUR LINE IS OPEN PLEASE GO
AHEAD. FIRST FINE GAEL IT WORK
ON BEHALF OF SUMMER STEPHENS
THE SAN DIEGO COUNTY DISTRICT
ATTORNEY OUR OFFICE HAS A
STRONG TRADITION OF LEADERSHIP
IN ENFORCING CALIFORNIA
CONSUMER PROTECTION STATUTES.
THIS IS A PRUDENT AND NEEDED
NEXT STEP TO PROTECT CONSUMERS
DURING THIS CRISIS AFTER
HOWEVER WE WANT TO EAT NOTHING
IN THIS PROPOSAL WILL LIMIT ANY
DISTRICT ATTORNEY FOR CITY
ATTORNEY. TO AT 488% A BIT BACK.
I THINK THE PART IT IS IN
ADDITION TO RATHER THAN IN
REPLACEMENT OF THE CONTINUING
LAW ENFORCEMENT ACTIONS BY.
LOCAL PROSECUTORS UNDER THE
STATE OR PROTECTION LAWS
ADDRESSING THE FINANCIAL MARKET
PLACE THANK YOU. THANK YOU. I'M
ONE OH SEVEN YOUR LINE IS OPEN
PLEASE GO AHEAD. DAVID ARNOLD
ONLINE LENDERS ALLIANCE- AND WE
WISH TO KEEP THIS BILL STAY
WHERE IT IS- ARE CONCERNED
THERE WERE THREE WEEKS OUT WE
HAVE TO KEEP IT IN THE FINAL
WHICH BE DONE PRIOR. HE RUSHED
THROUGH AND AT WHAT WE HAVE
SEEN WE'RE VERY CONCERNED THAT
A NUMBER OF A NUMBER THAT IT'LL
PROBLEMS WITH KEY TERMS WHICH-
UNCLEAR AT WHO WE KNEW WE
COVERED WOULD BE. FINALLY WE DO
BELIEVE THAT IT'S CLEAR
USURPATION OF LEGISLATIVE
OVERSIGHT THANK YOU. THANK YOU.
NUMBER ONE ELEVEN YOUR LINE IS
OPEN PLEASE GO AHEAD. MISTER
CHAIR MEMBERS OF THE COMMITTEE
RANDY POLLOCK ON BEHALF OF THE
CONSUMER DATA INDUSTRY
ASSOCIATION. THE ASSOCIATION IS
CONCERNED THAT THE BILL
COVERAGE OF CONSUMER REPORTING
ACTIVITIES HAS BEEN CONSISTENT
WITH FEDERAL LAW THE FAIR
CREDIT REPORTING ACT BOTH IN
SCOPE BUT THEN. LETTER TO THE
COMMITTEE AND ALSO TO THE
DEPARTMENT WE LOOK FORWARD TO
WORKING WITH THEM OVER TIME
RIGHT OUR TEACHER. THANK PERSON.
CAN YOU DOUBLE CHECK AND MAKE
SURE THAT- THERE NO OTHER
CALLERS ON. LADIES AND
GENTLEMEN IF YOU WISH TO MAKE A
COMMENT PLEASE PRESS ONE ZERO.
ONCE AGAIN IF YOU WISH TO MAKE
A COMMENT PLEASE PRESS ONE TO
THEIR OWN NOW. THE CHAIRMAN WE
DO HAVE A FEW PEOPLE QUEUING UP.
ONE MOMENT AS WE GATHER THEIR
NUMBER. MY NUMBER ONE TEN YOUR
LINE IS OPEN PLEASE GO AHEAD.
SHARE AD THIS IS GREG HE'S WITH
STRATEGIES THREE SIXTY I'M
CALLING ON BEHALF OF GUEST OF A
GUEST OF FINANCIAL WHICH MAKES
THAT DOG AVAILABLE. THROUGH ITS
BENEFITS MANAGEMENT AB ONE.
THANK YOU AND- I'M GOING TO
STEP WITH THIS AS THE CAN NOTED
A WORLD CLASS FINANCIAL
REGULATOR IMMEASURABLE
CLASSICAL AT THE PROPOSED
PROCEEDS WE- MEMBERS ALSO
STRONGLY CONSIDER THE OF. TO
FINANCIAL BY PRODUCE UNSERVED
OR UNDER THE ENTITIES BANKING
SERVICES REGULATION NOT UP WITH
THE TIMES AND IT'S ONLY BECAUSE-
HOW SOME PEOPLE CAN INTERACT
WITH IT. YOUR TO DO ENGAGE I'M
A PROTECTION FORCE MECHANISMS
HELP PREVENT PUBLICATION. ALSO
HAS NOT BEEN TO ENJOY IN
PATHWAYS BUT APPROPRIATE. ARE
PROVIDE. AFTER THE UNSERVED AND
UNDERSERVED THE CHANCE TO
OVERCOME THE DARK OBSTACLES IN
THEIR BILL TO PARTICIPATE IN
THE ECONOMY. THANK YOU. NINE
YOUR LINE IS ALL PLEASE GO
AHEAD. HELLO NAME AS IT HAPPENS
ANGELA AND I'M CALLING ON
BEHALF OF THE CALIFORNIA
MORTGAGE BANKERS ASSOCIATION IS
MEMBERSHIP MAKES UP A
SIGNIFICANT PORTION OF THE
DEPARTMENT OF BUSINESS
OVERSIGHT. MORTGAGE WITH BLACKS.
WE RESPECTFULLY HAVE REAL COME
IT'S POSES POTENTIAL IMPACT
GIVEN THE ABSENCE OF A SHOWING
THAT THERE IS A DEFICIENCY IN
OUR EXISTING LIGHT TRUCKS.
SPECIAL CHALLENGING TIMES WHEN
Y. BLUNDERS AND ARE WORKING
HARD TO HELP EXPERIENCING
PUBLIC RELATED FINANCIAL
DIFFICULTIES. THE PROPOSAL
MOVES FORWARD IT SHOULD FOCUS
ON ON REGULATED ENTITIES AND
NOT ON PARTNER BUSINESS
OVERSIGHTS LICENSEES THAT
ALREADY OPERATE UNDER A ROBUST
REGULATORY. THANK YOU. I NUMBER
NINETY NINE YOUR LINE IS OPEN
PLEASE GO AHEAD. MY NAME IS
BIANCA BLACK. AND OPERATIONS
AND CAL FOR SMALL BUSINESS
MAJORITY A RESEARCH AND
EDUCATION ORGANIZATION FOUNDED
AND RUN BACK MORE BUSINESS
OWNERS. WELL UP MEMBER OF THE
RESPONSIBLE ONE IN COALITION
THE BREAD AND BUTTER SMALL
BUSINESS MAJORITY WORK INCLUDES
EVEN AFTER AND FINANCIAL. THE
RECORD. THE FIRST THE COLOR AND
BUSINESS. WE URGE YOU TO
GUARANTEE THAT THE OF
PROTECTION IN AND IF THEY
COVERED FULLY ANNEX. MALTA'S
AND IN THE TRAILER BILL
LANGUAGE THANK RIGHT. MY NUMBER
ONE OH NINE YOUR LINE IS OPEN
PLEASE GO AHEAD. MISTER CHAIR
MEMBERS GOT GOVERNOR BEHALF
TWENTY FINANCIAL SERVICES
ASSOCIATION. WE ARE LICENSED BY
THE TV TODAY HAS OTHER MEMBERS
HAVE. WE DO REQUEST THAT THIS
PROPOSAL IF IT DOESN'T ALREADY.
EXEMPT EXISTING LICENSEE.
APPEARED WITH. THE THING LAW
INCLUDING STACKING. SO GET WE
SHARE THE HOPE THE CAN THAT WE
CAN WORK THIS OF THE CAR DAYS
THANK THANK YOU. NINE ONE FIFTY
TWO YOUR LINE IN PLEASE GO
AHEAD. MY NUMBER ONE FIVE TO
YOUR LINE IS OPEN. THE TERM
THAT WAS OUR LAST PERSON. I'M
SORRY OPPORTUNITIES AND AGAIN
THERE'S NOBODY ELSE THAT WOULD
NOT. YES ABOUT OUR LOT OKAY
THANK YOU VERY MUCH. I SEE NO
OTHER PUBLIC COMMENT HERE OR IN
OUR REMOTE STATIONS- WE WILL
ADDRESS. THERE.