California

California Department of Financial Protection and Innovation Clothilde "Cloey" Hewlett will step down Dec. 30.

The veteran turnaround executive was hired in 2020 to salvage the troubled banking company after the Justice Department launched a far-reaching probe of its mortgage lending practices. It agreed to sell to Florida-based EverBank.

The planned Altos Bank in Los Altos cleared a big hurdle this week when state regulators approved its application to open a startup bank. Organizers are hoping for a soft opening before year-end.

The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.

A bill introduced by Sen. Dave Min would prohibit banks that invest in gunmaking from working on any aspect of state public finances, including bond sales.

Viktoria Earle, who has been with the credit union since 2013, will take over for Craig Weber in May.

The agreement between the state’s financial regulator and Meratas will subject the company to heightened regulation after years of criticism that income-share agreements have escaped scrutiny.

The high cost of living in the state's bigger markets is limiting growth and turning off buyers. CVB Financial and TriCo Bancshares found sellers in the more affordable cities of Visalia and Bakersfield.

With an agreement in hand to buy Bank of Commerce Holdings in Sacramento, the Washington company will prioritize filling in a 200-mile gap between the seller's footprint and its own.

Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.