Calif. legislators propose government-owned banks | FSB examines leveraged-loan market | Bill on marijuana banking has good prospects, lawmaker says
March 13, 2019
Risk Management and Insurance
Calif. legislators propose government-owned banks
California governmental entities would be able to open their own banks under a bill introduced by state Assemblymen Miguel Santiago and David Chiu, both Democrats. Currently, the only state-owned bank in the US is in North Dakota.
The Sacramento Bee (Calif.) (tiered subscription model) (3/11) 
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FSB examines leveraged-loan market
The Financial Stability Board has begun a review of the $1.4 trillion market for leveraged loans as concerns grow that corporate debt could undermine global financial stability.
Financial Times (subscription required) (3/7),  Business Insider (3/7) 
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Government Regulation
Bills aim to broaden use of 529 education savings plans
US lawmakers have introduced a number of bills intended to expand how funds held in tax-advantaged 529 education savings plans can be used. Proposals include allowing the funds to be used for home schooling and apprenticeships and to pay for educational expenses beyond tuition.
InvestmentNews (tiered subscription model) (3/9) 
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Citi reportedly weighs activity with marijuana firms
Citigroup is exploring business with marijuana companies or clients in other sectors who want loans to invest in the fast-growing industry, sources say. The marijuana industry is estimated to be worth $75 billion by 2030, but banks' involvement remains problematic because marijuana is illegal under federal law.
Business Insider (3/11) 
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Bank of America pledges $50M to help women-led businesses
The Bank of America has expanded its partnership with the Tory Burch Foundation, pledging another $50 million to create loan opportunities for women-led businesses. "If an entrepreneur receives a loan through our capital program, it will help her access capital later," says Burch.
Bloomberg (tiered subscription model) (3/7) 
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News from Aon
WEBINAR: 2019 Wage & Hour Outlook
Wage & Hour claims represent over 90% of the employment class actions filed every year, and the Department of Labor has noted that over 80% of employers are in violation to some degree. 2018 represented one of the highest levels of Fair Labor Standards Act (FLSA) case filings, but more importantly, state laws and court doctrine at the federal and state levels are changing so rapidly in this space that it is virtually impossible for employers to keep up.

With this in mind, join leaders from Aon, Markel and Jackson Lewis to discuss how these constantly changing rules, increasing claims frequency and severity, and the 2019 Wage & Hour insurance marketplace trends may impact your company; as well as proactive steps you can take to help address this exposure. Register here.
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Women's Growing Economic Power: New Opportunities, Critical Needs
With projected spending power of $18 trillion, women are an increasingly powerful force in today's global economy. Some studies have found that if women enter -- and stay -- in the U.S. workforce at the same rate as Norway, the U.S. economy could grow by $1.6 trillion. Even as their financial power strengthens and their role in the workforce expands, female workers face retirement savings challenges that their male counterparts do not. In the U.S. for example, only three in 10 U.S. women workers are financially on track to retire by the age of 67. How Are Employers Addressing the Female Retirement Savings Gap? Read more.
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The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations.

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