While the month of March brought some showers to much of the state, California is still well into record drought territory and the severity of the economic fallout will depend heavily on how Californians conserve. As the drier months approach, energy costs are expected to rise, as reduced water availability will lead to a drop in hydroelectricity and its replacement with more expensive power sources. Less water to meet agricultural needs will cause acreage to be taken out of production, leading to higher food costs, and reduced income levels and unemployment in areas of the state where farming predominates.
California’s snowpack remains far below normal even with recent storms. The water equivalent of the state’s snowpack at 9.2 inches is only 32 percent of normal for this time of year.
For tips and suggestions about how you can help conserve water, please visit http://www.saveourh2o.org/
Invitation for Comments under the Money Transmission Act
The Department is requesting comments on proposed changes to regulations under the Money Transmission Act. The proposed regulations set forth requirements for a money transmitter license and money transmitters who are licensed by the Department of Business Oversight. The proposed changes under consideration include amendments to definitions, exemptions from the Money Transmission Act, application requirements for a license, administrative standards and procedures relating to an application for a license, tangible shareholders’ equity, consumer disclosures, and eligible securities. Accordingly, the Department is seeking comments from interested parties and parties who would be subject to the regulations. The Invitation for Comments Notice is available at this link.
The deadline to submit comments is April 26, 2014.
Please submit comments to firstname.lastname@example.org.
Commercial Bank Activity
American Security Bank, Newport Beach, to merge with and into Citizens Business Bank, Ontario
The Biltmore Bank of Arizona, Phoenix, Arizona, to merge with and into, Grandpoint Bank, Los Angeles
Community Bank of San Joaquin, Stockton, to merge with and into Bay Commercial Bank, Walnut Creek
Mission Oaks National Bank, Temecula, to merge with and into AltaPacific Bank, Santa Rosa
Purchase of Partial Business Unit
Americas United Bank, Glendale, to acquire the Lancaster branch of Silvergate Bank, La Jolla
Grandpoint Bank, Los Angeles, to acquire the banking business of Wedbush Bank, Los Angeles
Credit Union Activity
Change of Name
Los Angeles Firemen’s Credit Union, to change its name to Firefighters First Credit Union
Southern California Postal Credit Union, to change its name to PostCity Financial Credit Union
Field of Membership
One credit union received approval from DBO to add one new field of membership during February 2014.
One credit union received approval from the DBO for one bylaw amendment during February 2014.
Premium Finance Company Activity
New Premium Finance Company
US Premium Finance Holdings, Inc.
2201 Lakewood Boulevard, Long Beach, Los Angeles County
Foreign (Other State) Bank Activity
New Office Application
Reliance Trust Company of Delaware
444 South Flower Street, Los Angeles, Los Angeles County (Facility – Uninsured Trust Company)
Money Transmitter Activity
Acquisition of Control
LBC Express USA Inc., to acquire control of LBC Mundial Corporation
Voluntary Surrender of License
RCBC North America, Inc.
Commissioner of Business Oversight
Bulletin for Month ended March 2014, issued pursuant to Financial Code section 376
The Monthly Bulletin is available without charge via e-mail. To subscribe, go to: http://www.dbo.ca.gov/Resources/subscription.asp
1515 K Street, Suite 200
One Sansome Street, Suite 600
320 West 4th Street, Suite 750
1350 Front Street, Room 2034
45 Fremont Street, Suite 1700
300 S. Spring Street, Suite 15513
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Department of Business Oversight Consumer Services Office – 1(866) 275-2677