Bill Text: CA AB1841 | 2021-2022 | Regular Session | Amended
Bill Title: Financial institutions: economic abuse training.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-19 - In committee: Held under submission. [AB1841 Detail]
Download: California-2021-AB1841-Amended.html
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Amended
IN
Assembly
April 05, 2022 |
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Amended
IN
Assembly
March 28, 2022 |
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 1841
| Introduced by Assembly Member Grayson |
February 07, 2022 |
An act to add Section 381.5 to the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
AB 1841, as amended, Grayson.
Financial institutions: economic abuse training.
Existing law establishes the Department of Financial Protection and Innovation in the Business, Consumer Services, and Housing Agency, headed by the Commissioner of Financial Protection and Innovation. Under existing law, the commissioner and the department are charged with oversight and enforcement of various laws and financial institutions, including banks, trust companies, credit unions, finance lenders, and residential mortgage lenders.
Existing law, the California Consumer Financial Protection Law, authorizes the commissioner, among other things, to develop and implement outreach and education programs to underserved consumers and communities.
This bill would require the department, on or before January 1, 2025, to develop, implement, and administer a voluntary online training program for
officers and employees of financial institutions on institutions, as defined, regarding the economic abuse of victims of domestic violence. The bill would require the online economic abuse training to include, among other components, instruction on the nexus between domestic violence and financial insecurity, and instruction on how to report and respond to economic abuse. The bill would require the department to work with survivors of domestic violence, nonprofit organizations, community groups, and other stakeholders in developing the training required by these provisions. provisions, and would require the department to
make available on its internet website the training program in its entirety in a format of the department’s choosing along with any other materials it deems relevant for the purposes of public education about the economic abuse of victims of domestic violence.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 381.5 is added to the Financial Code, to read:381.5.
(a) On or before January 1, 2025, the department shall develop, implement, and administer a voluntary online training program for officers and employees of financial institutions(b) The online economic abuse training shall include, but not be limited to, all of the following:
(1) Instruction on the nexus between domestic violence and financial insecurity.
(2) Instruction on the prevalence and impacts of economic abuse as it relates to domestic violence and a survivor’s employment and credit history.
(3) Discussion regarding the heightened need to protect the privacy and respect the integrity of each individual survivor customer of the financial institution.
(4) Discussion regarding the heightened need to respect the autonomy and agency of each individual survivor customer, including the survivor customer’s decision whether or not to inform law enforcement of the economic abuse.
(5) Instruction on how to identify
suspected economic abuse, including red flags and specific guidance on proper responses once a financial institution reasonably suspects economic abuse is occurring or has occurred.
(6) Instruction on how to report and respond to economic abuse.
(c) The department shall work with survivors of domestic violence, nonprofit organizations, community groups, and other stakeholders in developing the online training required by this section.
(d) This section does not require financial institutions participating in the voluntary online training to become mandatory reporters of domestic violence.
(e) The department shall make available on its internet website the training program in its entirety in a format of the department’s choosing along with any other materials it deems relevant for the purposes of public education about the economic abuse of victims of domestic violence.
(f) As used in this section, “financial institution” means all of the following:
(1) A depository institution, as defined in Section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1813(c)).
(2) An institution-affiliated party, as defined in Section 3(u) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1813(u)).
(3) A federal credit union or state credit union, as defined in Section 101 of the Federal Credit Union Act (12 U.S.C. Sec. 1752),
including, but not limited to, an institution-affiliated party of a credit union, as defined in Section 206(r) of the Federal Credit Union Act (12 U.S.C. Sec. 1786(r)).
