In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry.  The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.

TSL Express’ senior editor sat down with Tim Burniston, senior advisor, Regulatory Strategy for Wolters Kluwer Compliance Solutions to discuss Wolters Kluwer’s Regulatory & Risk Management Indicator survey.  Burniston joined Wolters Kluwer in December 2011 to lead Compliance Solutions’ Risk and Compliance consulting practice. Under his leadership, the practice grew significantly in scope and has built on an international reputation for excellence. In July 2017 he was named senior advisor for regulatory strategy. 

This year’s Regulatory & Risk Management Indicator Survey was conducted between August 4 and September 6, 2021, with 391 responses received. Respondents are primarily from bank management/executive and compliance roles with strong representation from those in lending functions.