On December 19, 2024, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that may have an impact on financial  institutions and require action in 2025.  This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations, and products) that are expected to undergo changes next year.  These areas include consumer and mortgage lending, banking operations, corporate governance and commercial lending. 

 

 

California’s Unclaimed Property Law requires financial institutions to follow a two-step reporting process for unclaimed property. The Holder Notice Report is due annually by November 1st and includes a complete listing of a holder’s unclaimed property that is currently reportable. The property will not be remitted until the separate Holder Remit Report is filed the following year in June. We will discuss practice tips and reminders from the California State Controller’s Office to ensure your reports are approved and to avoid future interest assessments. The presentation will also outline the timelines for the escheat of deposit accounts, safe deposit box contents and financial institution-issued instruments. We also will address the legal notices required to be provided to customers at account opening and again prior to the reporting process.